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

[joey_big_nose]

I can't really see how Venkys could raise money quickly through property sales. It takes a long time to complete a major property sale, any buyer would face potential legal challenges and a lot of negative press, and frankly real estate in Blackburn is hardly a booming market.

Based on Brian Potters excellent analysis I expect further loans secured against Venkys Indian assets to sustain the balance sheet, though I am not sure what the Tax Raids impact will be. Might change the picture somewhat.

[tomphil]

They've topped out on the loans against land and allegedly there are ownership issues on the land as well. Don' t forget they have various other businesses funded in the same way so there is only so far you can go with that. Fact they stopped converting large amounts of share capital a while back and now only drip in the odd million at a time back that up somewhat.

Very tricky situation could develop.

[Irishrover213]

2 hours ago, preston blue said:

I expect Balaji and Venkatash are secreting 100 rupee notes up their anus in order to pay off the prison guards to allow them to watch Rovers on Sky TV when serving their jail sentences.

They will need all the prison 'comforts' they can afford.

I can imagine they have been bought and sold twice over by their new "colleagues"

[47er]

One scenario we haven"t mentioned much is failure to pay players wages.If that happens (and they must be a big component of the 10M needed to run the club) the players' contracts have been broken and they are free to simply walk away and join a new club if they can find one.

We might then be unable to fulfil our fixtures and we would automatically be out of the league in mid-season!

Anyone prepared for that situation? Any prospective new owners would have a week, or even less if there's a mid-week fixture, to find the capital, get all the paperwork done and put out any sort of team. Failing that BRFC would automatically cease to exist.Extreme scenario but hardly impossible with this lot?

Presumably efforts would then concentrate on setting up a new, non-league club and starting again.

Real Rovers anyone?

[toogs]

Just now, 47er said:

One scenario we haven"t mentioned much is failure to pay players wages.If that happens (and they must be a big component of the 10M needed to run the club) the players' contracts have been broken and they are free to simply walk away and join a new club if they can find one.

We might then be unable to fulfil our fixtures and we would automatically be out of the league in mid-season!

Anyone prepared for that situation? Any prospective new owners would have a week, or even less if there's a mid-week fixture, to find the capital, get all the paperwork done and put out any sort of team. Failing that BRFC would automatically cease to exist.Extreme scenario but hardly impossible with this lot?

Presumably efforts would then concentrate on setting up a new, non-league club and starting again.

Real Rovers anyone?

I would have stuck with the walker trust, but some fans pushed and pushed and pushed. 

[47er]

10 hours ago, toogs said:

I would have stuck with the walker trust, but some fans pushed and pushed and pushed. 

You would have stuck with The Walker Trust but the problem was, they wouldn't stick with you.The Club was for sale for years before Venkys turned up and under-funded.

That's why we lost Hughes as manager and thats why many wanted them to go. We would have gone down eventually with the Trust in charge. 

The manner of the sale should tell you everything you needed to know about The Walker Trust.

[PAFELL]

On ‎12‎/‎05‎/‎2017 at 09:49, Craigman said:

Sakal Times‏ @sakaltimes  12m12 minutes ago

More

#Breaking: Income tax officials conduct raid on properties of Venky's group: Sources

 

 

Could this be the start of us claiming our club back?

Venkys own property outside of India - wondering if UK tax officials will raid them?

[toogs]

Just now, 47er said:

You would have stuck with The Walker Trust but the problem was, they wouldn't stick with you.The Club was for sale for years before Venues turned up and under-funded.

That's why we lost Hughes as manager and thats why many wanted them to go. We would have gone down eventually with the Trust in charge. 

The manner of the sale should tell you everything you needed to know about The Walker Trust.

Turned out well hasnt it. 

A couple more years of trust ownership and the landscape changed significantly and maybe the trust would have changed their mind. But no, some fans new best and arent prepared to admit they were wrong. 

[47er]

Obviously its turned out very badly.But that is at least partly the Walker Trust who sold to them.

You are not suggesting they sold to Venkys merely because some fans wanted them out are you?

I would have preferred them to own us indefinitely provided they were prepared to fund the club properly.

I note you've totally ignored the points I made above! How would you get them to stay on if they were determined to leave?

They left us not the other way round.

[Dunnfc]

9 minutes ago, 47er said:

You would have stuck with The Walker Trust but the problem was, they wouldn't stick with you.The Club was for sale for years before Venues turned up and under-funded.

That's why we lost Hughes as manager and thats why many wanted them to go. We would have gone down eventually with the Trust in charge. 

The manner of the sale should tell you everything you needed to know about The Walker Trust.

After Jerome brought the Venkys to the attention of the Walkers and old board, I believe it was then John Williams whom actually recommended that Venkys were "preferred" buyers by those on the board and as such it all got rubber stamped, at the time there was another party also in talks with the board but John and co. thought the Venkys were the better bet.

[AllRoverAsia]

13 minutes ago, Dunnfc said:

After Jerome brought the Venkys to the attention of the Walkers and old board, I believe it was then John Williams whom actually recommended that Venkys were "preferred" buyers by those on the board and as such it all got rubber stamped, at the time there was another party also in talks with the board but John and co. thought the Venkys were the better bet.

How do you know it was JW who recommended the Vs? Or is it your opinion.

Who was the other party?

[USABlue]

15 hours ago, philipl said:

If you listened to the BBC Radio Lancs programme, you would know you would have been correct had we scored 3 more goals last season.

 

 

Or had Duffy not scored any own goals.

[philipl]

7 hours ago, tomphil said:

They've topped out on the loans against land and allegedly there are ownership issues on the land as well. Don' t forget they have various other businesses funded in the same way so there is only so far you can go with that. Fact they stopped converting large amounts of share capital a while back and now only drip in the odd million at a time back that up somewhat.

Very tricky situation could develop.

My view too.

[philipl]

2 hours ago, USABlue said:

Or had Duffy not scored any own goals.

That hurts so much.

There is circumstantial that everything since Anderson appeared is tantamount to sabotage but what you refer to looked like deliberate sabotage visible to all on the football field. Just a reminder that his second yellow card was for DELIBERATE handball. 

[philipl]

5 hours ago, Dunnfc said:

After Jerome brought the Venkys to the attention of the Walkers and old board, I believe it was then John Williams whom actually recommended that Venkys were "preferred" buyers by those on the board and as such it all got rubber stamped, at the time there was another party also in talks with the board but John and co. thought the Venkys were the better bet.

What you write is true but very superficial. The circumstances around all this are mired in the most awful mess.

The law suits brought by members of the Walker Family (which were eventually lost) against the Trust- those complaints were already made by then

Rumours of extensive threats and intimidation

The fact that people like Keen and Agnew were already on the inside at Ewood

[McClarky]

Let's hope this is cataclysmic. Probably not but let's hope anyway. Anything bad for the Venkys is good for BRFC in my view.

[rigger]

8 hours ago, toogs said:

Turned out well hasnt it. 

A couple more years of trust ownership and the landscape changed significantly and maybe the trust would have changed their mind. But no, some fans new best and arent prepared to admit they were wrong. 

I think the trust had more than enough problems with Flybe.

[Dunnfc]

2 hours ago, philipl said:

What you write is true but very superficial. The circumstances around all this are mired in the most awful mess.

The law suits brought by members of the Walker Family (which were eventually lost) against the Trust- those complaints were already made by then

Rumours of extensive threats and intimidation

The fact that people like Keen and Agnew were already on the inside at Ewood

Given Kean's and Agnew's links to Anderson then you can quite well imagine they were on the phone to Jerome informing him to be quick and about the other deal on the table, which was then when Venky's, Huber (Kentaro) all formed the Crescendo & VHPL agreement in Brunei and with Venky's stumping up the seed capital for the purchase.

I had heard John Williams actually had the final say with Fred Walker who was ill at the time and suggested to him that the board preferred Venkys. From that moment it was all stamped and sold to Venkys. You seem to be alluding to much more Phillip?

I'd like John Williams to actually come out and say his bit to be honest but I know he won't, still I've recently wrote to him at WBA to shed light on this.

 

[Pedro]

8 hours ago, Dunnfc said:

After Jerome brought the Venkys to the attention of the Walkers and old board, I believe it was then John Williams whom actually recommended that Venkys were "preferred" buyers by those on the board and as such it all got rubber stamped, at the time there was another party also in talks with the board but John and co. thought the Venkys were the better bet.

I think we only ever had dreamers or shysters interested in us. 

[MCMC1875]

8 hours ago, AllRoverAsia said:

How do you know it was JW who recommended the Vs? Or is it your opinion.

Who was the other party?

Doing time now.

[AllRoverAsia]

Just now, MCMC1875 said:

Doing time now.

I thought it was him being alluded to. Ali had bad boy stamped on his forehead and I think another Essex boy intro?

[Dunnfc]

Just now, MCMC1875 said:

Doing time now.

Your talking about Ahsan Ali Syed.

Just now, Pedro said:

I think we only ever had dreamers or shysters interested in us. 

There was an Australian group whom were putting a bid together, i know some articles said they even tabled 25 million but that is slightly wide of the mark if i recall correctly. Fans of Big Sam, a business contact i think set it up.

[Hasta]

7 hours ago, USABlue said:

Or had Duffy not scored any own goals.

Or even had we not conceded 3 goals in the first 20 minutes of the season.

[Paul]

I realise this may p1ss off people (apologies for the phrase but it's appropriate) but I'll post it anyway. 

I received a message from an Indian friend today. He was aware of Venky's but not, until today, of the depths they have taken us to. 

He simply apologised for their actions. This means a lot to me.

[Stuart]

Just now, Paul said:

I realise this may p1ss off people (apologies for the phrase but it's appropriate) but I'll post it anyway. 

I received a message from an Indian friend today. He was aware of Venky's but not, until today, of the depths they have taken us to. 

He simply apologised for their actions. This means a lot to me.

Just goes to show the lack of any damage to their reputation in India.