[Archived] Meeting With The Club.

[MCMC1875]

Mike Cheston: "The owners are very private people."

They bought a Premiership football club and hold parties with Akon and Paris Hilton for 4,000 people.

 

"We cannot Skype the owners due to the distance."

"Not sure of Suhail's last name, we  just know him as Suhail."

"Suhail's role? I'd have to check but something like management consultant."

How stupid do they think we are, peddling this stuff? Amazed nobody walked out.

[RV Blue]

1 hour ago, Paul said:

You are quite correct. While these are very worrying loans - and for me the only important point from last night - the description used on Twitter is highly irresponsible. 

Pay Day loan may be a useful comparison but only when it's used in the correct context. This tweet does not achieve this but it's now all over Twitter. 

Yep, as I said before it is deliberately misleading. There is enough sticks to beat the club with without lying, lying is just counter productive.

[RV Blue]

Just now, mark1875 said:

I'm pretty sure people are aware that we have not actually just phoned Wonga and applied for credit. Never the less this is the business equivalent of a payday loan.

Pretty sure you are massively overestimating the intelligence of your average Rovers fan. Businesses use high interest short-term loans all the time.

[Miller11]

Just now, RV Blue said:

Pretty sure you are massively overestimating the intelligence of your average Rovers fan. Businesses use high interest short-term loans all the time.

But we are becoming reliant on them to meet day to day liabilities. We are also securing borrowings against future revenues, again this is something plenty of businesses do all the time, but when it's something as volatile as football gate receipts it can't be compared to other businesses. 

Also, when you look at other clubs with similar securitisation agreements it's generally done as part of a long term strategy. Finances are used to invest in infrastructure not to keep the wolves from the door! One other exception to this is Rangers... that worked out well for them!

The associated costs make it absolute madness. Its akin to an individual "payday loan cycling" and it's an absolutely ridiculous state of affairs.

[1864roverite]

It seems it is the last straw that has broken the camels back !

I didn't go, I did read the live updates via the internet and saw the various tweets throughout the evening.

It really is a cluster F**K of a club courtesy of the owners, they are culpable in every which way you look at it and UNTIL they have the balls to come out and admit it, make good their promises to the fans, to the legacy of Jack Walker and to the name of BRFC they will not EVER have any kind of respect from any supporter of the club.

Cheston appears to be well out of his depth especially for a man in the role he is supposed to be performing, he should know each and everyone who is employed at Ewood and the job they are there to perform.

Senior appears to know what he is doing.

Thank god to TM and I hope he can succeed and void relegation this season.

Coar? I wont say what I would like to. He remains as silent as ever and I believe he has a lot on his shoulders, BLAME being one of the weights on him, SHAME being another.

I am not renewing my season ticket, I simply cannot be bothered. I have better things to do rather than watch utter dross and waste my money on rubbish and I could not watch another 6 months like we saw under the inept Coyle and co. I will attend the odd game but as I said I enjoy other things at the weekend nowadays.

 

VENKYS OUT

[RV Blue]

Just now, Miller11 said:

But we are becoming reliant on them to meet day to day liabilities. We are also securing borrowings against future revenues, again this is something plenty of businesses do all the time, but when it's something as volatile as football gate receipts it can't be compared to other businesses. 

Also, when you look at other clubs with similar securitisation agreements it's generally done as part of a long term strategy. Finances are used to invest in infrastructure not to keep the wolves from the door! One other exception to this is Rangers... that worked out well for them!

The associated costs make it absolute madness. Its akin to an individual "payday loan cycling" and it's an absolutely ridiculous state of affairs.

As I said earlier, it is worrying. What it isn't though, is a payday loan. Payday loans have interest rates in the thousands, these loans don't.

[nathan_rovers1]

What I find absolutely disgraceful about this is something very simple.

If you think about this logically and as a business, I am from the belief & background that when things are not going well/ or not going to plan, the owner steps up and takes charge, you step in and address the issues head on whilst detailing a plan of how you are going to address these.  

To me, they have treated everyone involved with Blackburn Rovers with utter contempt, whether that be supporters, player and staff- not forgetting that many of the latter rely on us staying up to simply keep their jobs and put food on the table at night.

[47er]

1 hour ago, Paul said:

 

Pay Day loan may be a useful comparison but only when it's used in the correct context. This tweet does not achieve this but it's now all over Twitter. 

Good, being a bit precious aren't you?

[MCMC1875]

47 minutes ago, mark1875 said:

I'm pretty sure people are aware that we have not actually just phoned Wonga and applied for credit. Never the less this is the business equivalent of a payday loan.

They're borrowing at extortionate interest rates to pay bills today with the promise of paying it back on pay day (when the money comes in).

This is no different than a member of the public getting a high interest payday loan on a regular basis cos they're in financial turmoil and need cash quickly to pay the bills.

God help us if season ticket sales decline further than the recent trend, considering we've already spent the cash that we ain't even received yet. 

More to the point, Imagine what a difference to the squad the couple of million quid we've thrown on interest payments could have made.

 

Spot on this.

£120m in debt.

4th lowest ticket income in league.

Borrowing against declining future season ticket sales at 8% interest.

Zero investment from owners.

The club is in grave danger of going bust and some on here still can't/won't accept it.

[Miller11]

Just now, RV Blue said:

As I said earlier, it is worrying. What it isn't though, is a payday loan. Payday loans have interest rates in the thousands, these loans don't.

No, it's not a payday loan, as they are marketed at individuals. Likening what we are doing isn't a stretch though. I come across instances in my work, when we see individuals doing what Rovers as a club are doing, we have a duty to signpost them to free independent financial advice.

While the APR isn't in the thousands, its higher than that of a decent credit card!

Our billionaire owners have caused this and allow it to continue. Would you allow your child (we are their baby after all) to borrow from Wonga to pay their utility bills if you had millions of pounds sat in the bank? Particularly after you deprived them of the majority of your income due to negligence and arrogance?

[K-Hod]

30 minutes ago, RV Blue said:

As I said earlier, it is worrying. What it isn't though, is a payday loan. Payday loans have interest rates in the thousands, these loans don't.

The club is going down the pan, there is evidence of this which you're ignoring and getting in a daft tizz over a silly definition.

Ultimately, we're borrowing money on the regs to meet our regular obligations. That is unsustainable and simply cannot continue.

That terrifies me and it should you and everyone else as well.

It sounds like this meeting was controlled and not really THAT open. Radio Lancs are complicit in this charade. Traitors, that lot.

We've no money for signings, we've got to borrow other clubs players and tread water while every other club moves forward.

When you stand still and everyone else moves forward, it doesn't end well as you end up going down.

Venky's Out.

[RV Blue]

Just now, Miller11 said:

No, it's not a payday loan, as they are marketed at individuals. Likening what we are doing isn't a stretch though. I come across instances in my work, when we see individuals doing what Rovers as a club are doing, we have a duty to signpost them to free independent financial advice.

While the APR isn't in the thousands, its higher than that of a decent credit card!

Our billionaire owners have caused this and allow it to continue. Would you allow your child (we are their baby after all) to borrow from Wonga to pay their utility bills if you had millions of pounds sat in the bank? Particularly after you deprived them of the majority of your income due to negligence and arrogance?

Likening them to payday loans is different from saying our Financial Director confirmed we are using payday loans!

[MCMC1875]

Tony Mowbray "We'll look for loans in the Summer"

There won't be any spending.

[RV Blue]

Just now, K-Hod said:

The club is going down the pan, there is evidence of this which you're ignoring over a definition. We're borrowing money on the regs to meet our regular obligations.

That terrifies me and it should you and everyone else as well.

It sounds like this meeting was controlled and not really THAT open. Radio Lancs are complicit in this charade. Traitors, that lot.

We've no money for signings, we've got to borrow other clubs players and tread water while every other club moves forward.

When you stand still and everyone else moves forward, it doesn't end well.

Venky's Out.

Did you not read the first sentence of the quote you posted? "It is worrying."

[Lancaster Rover]

58 minutes ago, chaddyrovers said:

Money isn't needed to be made good signings. Look at Grayson at Preston. Perfect example.

Mowbray will decide what positions he wants signings to be made and the type of signings. What I mean by that He wants a good passing midfielder or a winger with pace.

We all know who to blame(Pune) but I aint going to keep going on about it each and every day cos its gets boring and adds nothing to the messageboard.

Since Senior joined we have seen Doyle and Rankin Costello sign pro contracts. On Mahoney, His contract should have been sorted 18 months ago. I understand that Coyle kept promising him a new contract and nothing happened. Coyle brought in players to play in the same position as him to further push him back. we all know Coyle didn't have a clue.

I don't know whether Mahoney will sign a new contract here But I could see him playing a key role under Mowbray in the next 2 years if he signs. I think he should put money aside and Focus on playing and developing. The money will be there if he keep developing. I think Mowbray will get him to sign here

I will be renewing my season ticket. Happy it will be sort before the season ends. it doesn't matter what division we are in, I am Blackburn Rovers fan.

can you say why you came away quite optimistic please?

 

you talk about Grayson using free signings, that's not really the full story is it. McGeady's wages are eye watering, they paid release fees for Barkhuizen, nothing in football finance is as black and white as a free transfer or a transfer with a fee.

Grayson has definitely spent money, Preston have put a sizeable outlay into wages since being back in the championship.

[Athlete]

10 hours ago, Parsonblue said:

I thought Senior came across extremely well and Mowbray was different class.  Glad to hear Senior say that Mowbray must be in favour of any new signings and that both will work together with Tommy Johnson and his team in identifying targets.  At least they seem to have a plan and sensible not to select targets until we know the division we are in next season.  The planning around season tickets seems very sensible.  A number of Championship clubs have been selling 2017/18 season tickets for some weeks already.  Felt sorry for Cheston but I thought he did his best to explain the financial situation in terms of accessing short term loans.  I must admit that I came away quite optimistic having listened to Senior and Mowbray.  Only time will tell if they can deliver but with Venkys clearly not going anywhere, they seem to offer the best chance we have had for some time of moving forward in the right direction.

C'mom even you know which direction we'll go under Venkys.. 

Looks like your being taken in by senior 

[OJRovers]

Just now, Lancaster Rover said:

you talk about Grayson using free signings, that's not really the full story is it. McGeady's wages are eye watering, they paid release fees for Barkhuizen, nothing in football finance is as black and white as a free transfer or a transfer with a fee.

Grayson has definitely spent money, Preston have put a sizeable outlay into wages since being back in the championship.

Preston's wages will be way lower than Rovers.

[Lancaster Rover]

Just now, OJRovers said:

Preston's wages will be way lower than Rovers.

I'm not disputing that, we do however have historical high earners and pay offs thrown in. My point is that to make out Grayson has spent nothing and they are getting by on little investment is misguided at best.

[Athlete]

5 minutes ago, MCMC1875 said:

Tony Mowbray "We'll look for loans in the Summer"

There won't be any spending.

How long will TM last.. Remember he's been in similar testing circumstances at Coventry and we all know what happened 

Cuts and further cuts 

Senior cheston Pasha Burnley Bob venkys out 

[SIMON GARNERS 194]

9 hours ago, Pete1981 said:

Mark Fish‏ @MarkF1875

Following

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Mike cheston admitting rovers use pay day loans at high interest rates to manage the cash flow.

What a ruddy shambles.

[den]

1 hour ago, MCMC1875 said:

Mike Cheston: "The owners are very private people."

They bought a Premiership football club and hold parties with Akon and Paris Hilton for 4,000 people.

 

"We cannot Skype the owners due to the distance."

"Not sure of Suhail's last name, we  just know him as Suhail."

"Suhail's role? I'd have to check but something like management consultant."

How stupid do they think we are, peddling this stuff? Amazed nobody walked out.

Yes, but the fans can see what's happening. That's good and only revs up the pressure on them to improve.

[DE.]

Just now, den said:

Yes, but the fans can see what's happening. 

Some, but far from all.

[tomphil]

37 minutes ago, MCMC1875 said:

Spot on this.

£120m in debt.

4th lowest ticket income in league.

Borrowing against declining future season ticket sales at 8% interest.

Zero investment from owners.

The club is in grave danger of going bust and some on here still can't/won't accept it.

Yep let's deflect the attention to a supporter who's used the term payday loan instead of emergency loan , for crying out loud some on here will do anything to miss the actual point.

To be honest emergency loan sounds worse does it not, alarm bells straight away. Concept is the same as soon as cash comes in from ST sales or player sales the loan will need squaring or we'll start running into probs with the payments. It was parachute instalments borrowed against last time then probably playing assets, I was told it was one of these loans due in that saw TC swiftly bounced out the door from under everyones noses. Now they are borrowing against ever decreasing ST sales. Next it'll be fixed assets, then what.......

They've been playing Russian roulette with this clubs finances since they walked through the door and now we've no income or playing assets we need their money more than ever before but as predicted 2 years ago now there are no parachutes or players they've stopped putting big cash in. Strange that eh ?   Yet some still think they were pouring it down the hole rather than lending into the club and taking it back or interest on it by stealth for tax purposes.

Nothing to lend their (banks) money against now because there is nothing to get it back from so the drawbridge is up. Con artists !

[A cup of beans]

22 hours ago, J*B said:

Just record the entire bloody thing on an iPhone. 

Chaddy did

On the short term loans, pretty terrifying. Sets me on edge.

Only on BRFCC could fans want to deflect the issue and debate terminology when the club is playing with fire.

[Gav]

Nothing to see here, same old sh1t different season.

We're dining on the titanic, it's only a matter of time until fat Barry looks over the side, the ship lists badly to the side, and down we go.

Lets hope a few liars and thieves go down with us.