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[Archived] BRFCS Podcast #69: Venkys London Ltd 2013 Accounts

Guest Wen Y Hu

By Guest Wen Y Hu
in Football Messageboard Archive

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Stuart World Cup

Stuart

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Very patronising Stuart. I am probably more qualified than anybody on this MB or the Trust when it comes to analysing company accounts. Journos and the like are not known for their financial acumen.

Very arrogant Allan, and also originally rather patronising to those 'panicking' (as though it is foolish - even at this stage - to do so).

However, in all seriousness, I look forward to reading your appraisal of the group finances and putting us all at ease.

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Leonard Venkhater World Cup

Leonard Venkhater

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Very patronising Stuart. I am probably more qualified than anybody on this MB or the Trust when it comes to analysing company accounts. Journos and the like are not known for their financial acumen.

OMG! Have you made a study of all our CV.'s?!

I would be grateful if you could find time to apply your skills to the accounts, then publish your analysis on this MB to further my understanding of how bad this really is...

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awhom111 Premier League

awhom111

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I do think that people do not always focus on the most important things from the accounts.

-Even if there were no Financial Fairplay, we are bleeding plenty of cash. That makes us a pretty poor investment opportunity and at some point one or more members of the family is bound to get fed up with it and try some kind of drastic solution.

-Can we reduce our expenses enough if we do not get promoted this year just to avoid making this gap even wider next season with reduced parachute payments?

-With Financial Fairplay could we field a competitive Championship squad for as long as it takes to shed bad contracts?

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Stuart World Cup

Stuart

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I do think that people do not always focus on the most important things from the accounts.

-Even if there were no Financial Fairplay, we are bleeding plenty of cash. That makes us a pretty poor investment opportunity and at some point one or more members of the family is bound to get fed up with it and try some kind of drastic solution.

-Can we reduce our expenses enough if we do not get promoted this year just to avoid making this gap even wider next season with reduced parachute payments?

-With Financial Fairplay could we field a competitive Championship squad for as long as it takes to shed bad contracts?

With the bit in bold you've just touched on why foreign owners flounder when it come to football club ownership.
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patrickvalery Champions League

patrickvalery

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-Even if there were no Financial Fairplay, we are bleeding plenty of cash. That makes us a pretty poor investment opportunity and at some point one or more members of the family is bound to get fed up with it and try some kind of drastic solution.

Ah but they can't do anything unless they all agree on it. They are a perfect example of how a family unit should operate.

So while the club sinks deeper and deeper, Madame Desai will sit and watch her fathers empire disappear, her loving husband will still be picking the last of the snowball out of his hair, Venkatesh will nervously sit and do as he's told while Barry will be sat in his bedroom with his mate Akon playing football manager, shirt undone, boobs hanging out, smoking fags rolled in his last few rupees shouting "I'm an Indian Ron Atkinson mother fecker!!".

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Amo World Cup

Amo

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Ah but they can't do anything unless they all agree on it. They are a perfect example of how a family unit should operate.

So while the club sinks deeper and deeper, Madame Desai will sit and watch her fathers empire disappear, her loving husband will still be picking the last of the snowball out of his hair, Venkatesh will nervously sit and do as he's told while Barry will be sat in his bedroom with his mate Akon playing football manager, shirt undone, boobs hanging out, smoking fags rolled in his last few rupees shouting "I'm an Indian Ron Atkinson mother fecker!!".

Amazingly, I don't think that's far from the truth.

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rovers11 Champions League

rovers11

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I do think that people do not always focus on the most important things from the accounts.

-Even if there were no Financial Fairplay, we are bleeding plenty of cash. That makes us a pretty poor investment opportunity and at some point one or more members of the family is bound to get fed up with it and try some kind of drastic solution.

-Can we reduce our expenses enough if we do not get promoted this year just to avoid making this gap even wider next season with reduced parachute payments?

-With Financial Fairplay could we field a competitive Championship squad for as long as it takes to shed bad contracts?

You raise some very good points.

Losing money like this is unsustainable. I think Venkys started off by seeing Rovers as an investment opportunity but now realise its not. Personally, I don't think Venkys are that bothered about losing money on Rovers. Nothing over the past 2 years has suggested they are. Massive contracts to players, signed umpteen players, sacked umpteen managers, given massive pay offs. The real problem is that they have more money than sense and are therefore not very prudent with it. That will be a problem IF FFP comes into force.

We won't get promoted this season so have to plan as if we won't. Our expenditure will have come down this season, don't have to pay off loads of managers (hopefully), no players were brought in on massive contracts (apart from DJ) and some high earners were paid off so the wage bill will be lower. We also had a net profit in the transfer market and didn't break our transfer record again!

Rhodes, Hanley and Dann are our most saleable assets and could bring in £10m-£17m plus shift their wages which probably total £4m per year. Other high earners will have to go like Etuhu and Best but we wouldn't miss them.

Centre halves are replacable (particulary Dann who is massively overrated!). That would leave us with Kilgallon and Songoo plus a couple of good youth team CH. We could also get one in on loan. Rhodes would be the hardest to replace but I often think he is the contributor to our bad performances at times. He just cannot hold the ball up and bring others into play. We couldn't replace his goals with one striker but we could spread the goals out more with a decent hold up player.

Part of be think Venkys may ignore the FFP in the summer, spend big, and hope for promotion and take a transfer embargo in Jan. Also, they are taking advice from a specialist about the FFP according to Kamy so wouldn't surprise me if they explored ways around it. Other clubs will. I genuinely believe venkys want this club back in the prem and will back us financially to do so. They have, of course, put us in this position but I applaud them for putting cash in to try and get us back to the prem.

In saying all that, does anyone think FIFA have checked all the legalities of the FFP before announcing they were going to implement it? I reckon another 'Bosman'. I'm not a lawyer but surely it's the sane argument, it's restricting the free flow of labour and impeding earning potential?

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Parsonblue

Parsonblue

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I think the FFP which is already running in the Football League is different to the one that FIFA are looking to introduce. The Football League one was devised by the League and agreed by all the clubs in the Football League. Leagues One and Two have seen it in operation for a couple of years now. It's only now that it's arrived at the Championship that one or two Chairmen are starting to get cold feet and want to revisit it. One suspects that one or two of those thought they would be in the Premier League by now and have avoided it.

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rovers11 Champions League

rovers11

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I think the FFP which is already running in the Football League is different to the one that FIFA are looking to introduce. The Football League one was devised by the League and agreed by all the clubs in the Football League. Leagues One and Two have seen it in operation for a couple of years now. It's only now that it's arrived at the Championship that one or two Chairmen are starting to get cold feet and want to revisit it. One suspects that one or two of those thought they would be in the Premier League by now and have avoided it.

Thanks for clearing that up, Parsonblue. Surely if FFP is deemed 'illegal' it can't run in any league regardless of whether it's a FIFA rule or a football league rule? For example, the football league couldn't say they don't want to comply with the Bosman ruling. Similarly, they surely couldn't just say they don't want to take any notice of the illegality of FFP if indeed it is deemed illegal.

The teams that have been relegated from the prem won't want it (I.e us, Bolton, Wigan, QPR, Middlesborough, Reading, Wolves) and ambitious clubs like Leicester, Forest, Watford, Leeds, etc. That's half the league.

You could end up with half a dozen teams with transfer embargos. Just don't see how it can work.

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Paul World Cup

Paul

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I know Wen has been very busy with work over the last few weeks. Add to this the international breaks and that several of the usual contributors haven't been available and it's just force of circumstance. Getting everyone together at the same time over at least two time zones is tricky!!

The podcasts remain very much on the agenda and will return shortly.

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