[Archived] 40 Venky's Premises raided by Indian Tax Officials

[MarkBRFC]

The only thing I would say, is don't expect any information any time soon.

This thread will have over a hundred pages before we know if anything has come from all this.

[Lancaster Rover]

8 minutes ago, Giant said:

This isn't speculation, but if we are liquidated I think we are no longer eligible to play in the football league.

Yep, liquidation forces a club to reform no less than 3 divisions below the level they currently play at. Look down the leagues and you see a lot of historical league clubs who've had to follow that path.

[TBTF]

52 minutes ago, MarkBRFC said:

I don't think Matthewman at Seneca is a new thing though, sure I read that he's been there a few years now.

More likely that Seneca work for or invest for The walker family in some capacity and he oversees that bit on behalf of the family. Didn't battersby say last year they were acting on behalf of an overseas investment group ? I get the impression they can access large sums of investment cash from their business sources and it isn't a case of the 2 ians buying it or Seneca buying it as some have suggested on here. 

Ian B also said on the radio interview ''there is nothing in the offing'' and that was last Tuesday night by which time weren't the KPMG already in at the Club.?? Seems a bit unlikely that they are there on Seneca's accounts if I am calling this right.

[Bigdoggsteel]

Just now, Lancaster Rover said:

Yep, liquidation forces a club to reform no less than 3 divisions below the level they currently play at. Look down the leagues and you see a lot of historical league clubs who've had to follow that path.

That would not be good 

[Lancaster Rover]

and that is purely based on said league admitting you, years ago Barrow had to re-start in the North West Counties as none of the member clubs in the leagues above would admit them.

[Irishrover213]

24 minutes ago, Giant said:

This isn't speculation, but if we are liquidated I think we are no longer eligible to play in the football league.

We would either be relegated to league 2 or start in the conference. Isn't that what happened to rangers in Scotland different country I know but I'd say same rules apply 

[Leonard Venkhater]

Just now, TBTF said:

 

Ian B also said on the radio interview ''there is nothing in the offing'' 

I was thinking that he had to say that....I am sure they have irons in the fire....and are biding their time!?

[tomphil]

In no way do I know if it's true or not but have seen and heard a few times in various places that Mathewman was a driving force in wanting rid of the club. If so can't see him wanting it back anytime soon.

[Claytons Left Boot]

1 hour ago, sympatheticclaret said:

It would appear that the Walker Trust is heavily involved in the Northcote Group, could it be they're planning to retake control of the Club, perhaps with a view to turning the club around and selling it again when profitable ??

Very much doubt it. As has been said, if they had held on to us for just a little while longer and until the Sky/tv monies really kicked in, they could have taken a profit from us for the foreseeable future. They missed a trick there.

Anyway, I think you like us. It's much more fun on here than on Clarets Mad. It's also much more fun in the 3rd Division. Stress, drama, intrigue, who dun its, we've got it all. Much better than supporting a well run PL club.

I'll tell you what, flog your Clarets season ticket and throw away that claret and blue scarf thingy. We'll chip in and buy you a proper halved shirt.  No need to tell anyone, we'll keep schtum, no one will know. Well, except us. Do it...you know you want to.

[TBTF]

3 minutes ago, tomphil said:

In no way do I know if it's true or not but have seen and heard a few times in various places that Mathewman was a driving force in wanting rid of the club. If so can't see him wanting it back anytime soon.

yes Tomphil-i think the matthewman connection to Seneca is a case of 2&2 =5 as far as Rovers is concerned but then again what do I know?

We are probably all completely wrong and about to get some bullsh1t statement like last week's about being committed to getting us back in the PL. Seems they think the Northern PL is the land of milk and honey!

 

[Brian-Potter]

1 hour ago, den said:

NYLTAM.?

LynMat - Lynda Matthewman, Jack Walkers daughter.

[sympatheticclaret]

Just now, Claytons Left Boot said:

Very much doubt it. As has been said, if they had held on to us for just a little while longer and until the Sky/tv monies really kicked in, they could have taken a profit from us for the foreseeable future. They missed a trick there.

Anyway, I think you like us. It's much more fun on here than on Clarets Mad. It's also much more fun in the 3rd Division. Stress, drama, intrigue, who dun its, we've got it all. Much better than supporting a well run PL club.

I'll tell you what, flog your Clarets season ticket and throw away that claret and blue scarf thingy. We'll chip in and buy you a proper halved shirt.  No need to tell anyone, we'll keep schtum, no one will know. Well, except us. Do it...you know you want to.

I refer the honorable gentleman to my initial post, which kicked off the " Won't sell to locals " thread...

As I said, Football fans all suffer the same disease, we just have different strains ! "... Thanks, but I've been innoculated against " Roveritis " !!

But I still wish you the best of luck getting rid of the Venkys "....

[lraC]

27 minutes ago, Irishrover213 said:

We would either be relegated to league 2 or start in the conference. Isn't that what happened to rangers in Scotland different country I know but I'd say same rules apply 

I remember Swindon were demoted two Divisions many years ago, for financial irregularities. Not to sure if those problem, bare any resemblance to Rovers current issue. If I remember correctly, that had just been promoted to the old first division and immediately went down to the third. That would put us in the conference next season, if the same rules still apply.

[Brian-Potter]

I don't for one minute think the Walkers are the intersted party (if indeed there is one) I was merely thinking of possible scenarios, and as many have stated every theory on this thread is pure speculation and based upon little fact. 

Whether the Walker Trust would be indirectly involved as one of a consortium of investors is more plausible, still unlikely but possible.

They were indeed very keen to offload us in 2010, but take into account that since then they have parted company with their advisors / trustees which resulted in the Walker Trust taking legal action against their advisors in Jersey Courts for what, put in basic terms was giving them bad advice.

One thing is for sure, with Venkys at he helm anything is possible!

 

[Claytons Left Boot]

Just now, sympatheticclaret said:

I refer the honorable gentleman to my initial post, which kicked off the " Won't sell to locals " thread...

Yes, I read it a few days ago. I also worked with IB, roughly mid 70s to mid 80s.

[47er]

2 hours ago, Parsonblue said:

Clearly something is going on but as this is the Rao family you can't tell one way or the other. 

Unfortunately, this will put everything on hold for another few weeks with the future of the manager and next season's playing resources left up in the air.   

 

 

Got to agree here. Speed is essential if we are to put out a competitive team but that will be the last thing on their mind(for a change).

[Bigdoggsteel]

Just now, Brian-Potter said:

I don't for one minute think the Walkers are the intersted party (if indeed there is one) I was merely thinking of possible scenarios, and as many have stated every theory on this thread is pure speculation and based upon little fact. 

Whether the Walker Trust would be indirectly involved as one of a consortium of investors is more plausible, still unlikely but possible.

They were indeed very keen to offload us in 2010, but take into account that since then they have parted company with their advisors / trustees which resulted in the Walker Trust taking legal action against their advisors in Jersey Courts for what, put in basic terms was giving them bad advice.

One thing is for sure, with Venkys at he helm anything is possible!

 

Well put it this way, if the club is run properly we should stroll out of this division. Our turnover would blow everyone else out of the water. So for the trust,or anyone else,  we might not be a a bad investment if venkys basically just give the club away. They would be getting something back for free, which they sold for 25million 7 years ago.  

I don't think it is the walkers trust. Just saying. Actually not sure I would want them back after they sold to venkys in the first place 

[Leonard Venkhater]

47 minutes ago, tomphil said:

In no way do I know if it's true or not but have seen and heard a few times in various places that Mathewman was a driving force in wanting rid of the club. If so can't see him wanting it back anytime soon.

I heard a new one the other day about the Walkers being subject to threats/pressure to sell!

When I mentioned it to someone else, he said he had heard the same ages ago.The post truth is out there...

As I write this, I imagine red ink in the margin saying" Watch more TV!"

[tomphil]

Not condoning it but it's not surprising if they've had threats although a few of them still live locally and run local businesses so it can't have been that bad.

[sympatheticclaret]

Just now, Claytons Left Boot said:

Yes, I read it a few days ago. I also worked with IB, roughly mid 70s to mid 80s.

Were you both riding a Black Horse at the time ?

[Brian-Potter]

Is the rumour that they sold because of threats / pressure at the time? I heard that there was a view from their advisors at the time that a sale was the best option, but then by the sounds of it most of the advise they were being given then was suspect. 

If they have received threats then that is totally unacceptable. If it is since the sale and because of what has happened under Venkys remember they sold the club in good faith that it was to be passed on to a competent owner, as I understand there was a prescribed term in the deed of trust that implied that any sale could only be considered if such a sale would put the club in a stronger position than it would be under the stewardship of the trustees. Now that clearly has not ended up being the case, but the trustees themselves could only act upon the advice and information provided to them at the time of sale.

I am not for one minute saying the Walkers are behind any bid but highlighting that there is as much evidence to support this theory as there is any other (in fact there is technically more as we know the Matthewman / Seneca link, KPMG / Walker Trust link and the Walker Family / BRFC link are all fact)

If as stated they had received threats then there is no chance they're involved at any level. I know if I was in their shoes I certainly wouldn't.

 

[JHRover]

Just now, Brian-Potter said:

If it's true that they've been threatened then that is totally unacceptable. Despite what has happened under Venkys they sold the club in good faith that it was to be passed on to a competent owner, as I understand there was a prescribed term in the deed of trust that implied that any sale could only be considered if such a sale would put the club in a stronger position than it would be under the stewardship of the trustees. Now that clearly has not ended up being the case, but the trustees themselves could only act upon the advice and information provided to them at the time of sale.

I am not for one minute saying the Walkers are behind any bid but highlighting that there is as much evidence to support this theory as there is any other (in fact there is technically more as we know the Matthewman / Seneca link, KPMG / Walker Trust link and the Walker Family / BRFC link are all fact)

If as stated they had received threats then there is no chance they're involved at any level. I know if I was there I certainly wouldn't.

 

I'm sorry but I can't agree. Whatever 'due diligence' took place on Venkys prior to the takeover there must have been concerns about their suitability to own this club.

No doubt their advisors confirmed Venkys had the cash and weren't criminals. Other than that what exactly could have suggested they were appropriate buyers for this club?

I wouldn't want them back involved at this club. There's a question as to whether they themselves were 'fit and proper' owners having handed the place lock, stock and barrel to Venkys and then disappeared without a care in the world.

The trustees have blood on their hands. They failed in their duty and passed the club into the hands of unfit people. They were the only ones who could have stopped this happening and yet they allowed Venkys and their friends into the building and signed it all over to them.

Never forget, these people invited Ahsan Ali Syed into the building and let him go through the books. They were seriously considering selling it to him!

Ask yourself this. Would Jack Walker be pleased with their behaviour, would he have just shrugged his shoulders and said fair enough they tried but couldn't have known, or would he be absolutely disgusted at what has been allowed to happen? I bet the latter.

 

[Brian-Potter]

Just now, JHRover said:

I'm sorry but I can't agree. Whatever 'due diligence' took place on Venkys prior to the takeover there must have been concerns about their suitability to own this club.

No doubt their advisors confirmed Venkys had the cash and weren't criminals. Other than that what exactly could have suggested they were appropriate buyers for this club?

I wouldn't want them back involved at this club. There's a question as to whether they themselves were 'fit and proper' owners having handed the place lock, stock and barrel to Venkys and then disappeared without a care in the world.

The trustees have blood on their hands. They failed in their duty and passed the club into the hands of unfit people. They were the only ones who could have stopped this happening and yet they allowed Venkys and their friends into the building and signed it all over to them.

Never forget, these people invited Ahsan Ali Syed into the building and let him go through the books. They were seriously considering selling it to him!

Ask yourself this. Would Jack Walker be pleased with their behaviour, would he have just shrugged his shoulders and said fair enough they tried but couldn't have known, or would he be absolutely disgusted at what has been allowed to happen? I bet the latter.

 

With regards to the prescribed element of the deed of trust mentioned I know that it existed, I am not prepared to say how. This is a legally prescribed term and therefore in turn means that Venkys provided sufficient evidence to the Trusts advisors that this clause was being adhered to. They would have only acted upon the information and advice provided to them at the time. I'm not saying there wasn't a section of them that wanted out and the sale at the time suited them.

Are the Walker family concerned at what has happened since? I have no idea? Morally you would expect so but none of us know.

The one awful thing about this is it has destroyed all Jack did for the club and not for one minute would I think he'd tolerate what has happened, I expect he'd be saying to his family "get in there and get it sorted"

Are the Walkers to blame for what's happened? No, I'm sorry but I don't agree with that view, they have to shoulder some responsibly for the hands In which the club ended up, but the only people responsible for our situation is Venkys.

[Claytons Left Boot]

17 minutes ago, sympatheticclaret said:

Were you both riding a Black Horse at the time ?

Afraid not but another of what was described at the time as one of the 'big four.'

[DE.]

8 minutes ago, Brian-Potter said:

Is the rumour that they sold because of threats / pressure at the time? I heard that there was a view from their advisors at the time that a sale was the best option, but then by the sounds of it most of the advise they were being given then was suspect. 

The Trust had wanted to sell Rovers for a long time before it finally happened. I highly doubt it was anything to do with being threatened. Funding for the club dried up 3-4 years before we were sold. Our net transfer spend in Allardyce's final full season was minus £7m. The taps had been turned off at Ewood for some time, so as far as I can tell a sale was something the Trust were interested in for a long time before it actually happened.