Venkys London Ltd accounts

[Guest]

1 hour ago, Mattyblue said:

With the moving of the gantry the Riverside is no longer seen on TV...

Twas seen on TV though, I was in Spain and watching the game on Sky before kick off, Venkys was on display for all of the build up as the commentators stood faced away from the Riverside stand.

[Mattyblue]

I’m speaking generally, it isn’t a stand that is seen week on week.

The RFS branding wouldn’t have been removed for 20 minutes of Sky chat if they were still a paid up sponsor...

[JHRover]

2 hours ago, Mattyblue said:

Apropos of nothing, but did anyone else notice the increased advertising presence of our long absent owners at Ewood on Saturday?

The RFS stand is no more by the looks of it, seems to now be the Venky’s Riverside.

Same with the advertising around the scoreboard. 

Of course most other club’s would be doing this for some kind of commercial gain...

The fact that RFS can be removed all of a sudden mid season after having been there all season to date tells me they were probably getting free advertising and haven't paid for those signs this season. 

[tomphil]

They looked like a made up company anyway.

[Herbie6590]

6 hours ago, Mattyblue said:

Apropos of nothing, but did anyone else notice the increased advertising presence of our long absent owners at Ewood on Saturday?

The RFS stand is no more by the looks of it, seems to now be the Venky’s Riverside.

Same with the advertising around the scoreboard. 

Of course most other club’s would be doing this for some kind of commercial gain...

Ask Newcastle fans about branding in their stadium ?

[lraC]

On 21/10/2019 at 13:06, 47er said:

We were bound to be relegated when Venkys sacked Sam. No "due" about it.

It was almost as if it was deliberate. Rather strange too that the manager at the time, had a bonus written into his contract that was still paid, had we been relegated to the third tier. I mean who would have thought of that, when we were tenth in the prem?

[MCMC1875]

FOV

[Mattyblue]

Interview with Michael Appleton in today’s Times. Touches on Rovers...

’It was a mess. I was there two months, never met Shebby Singh. Yet, I turn up one day to find an envelope on my desk, just saying my services are no longer required due to poor results. It was a shock. We were still in a healthy position on the league (18th), which was my remit, I was reducing the wage bill. We had 18 players injured’.

 

Really has been a decade horribilis...

Edited November 4, 2019 by Mattyblue

[Stuart]

Appleton was caught in the boardroom crossfire in my view. The fact we employed him and he had never met Singh confirms it really.

What a set up that was.

Thank goodness the manager now gets to recommend the chief exec and not the other way around!

[chaddyrovers]

42 minutes ago, Mattyblue said:

Interview with Michael Appleton in today’s Times. Touches on Rovers...

’It was a mess. I was there two months, never met Shebby Singh. Yet, I turn up one day to find an envelope on my desk, just saying my services are no longer required due to poor results. It was a shock. We were still in a healthy position on the league (18th), which was my remit, I was reducing the wage bill. We had 18 players injured’.

 

Really has been a decade horribilis...

That season the club was mess and run so poorly. Far too infighting between Shebby, Shaw and Agnew. Owners didnt have a clue. 5 managers in one season in Kean, Black, Berg, Bowyer and Appleton. 

[SIMON GARNERS 194]

"We were still in a healthy position in the league(18th)" 

People need to engage Brain before opening Mouth.

[lraC]

That season it would have been a shock for us to have been relegated, as we had just come down from the prem and were favourites for promotion. The place was chaotic and how we managed to stay up, was a minor miracle. It just goes to show, how proper stable ownership is required, otherwise the inevitable happens and of course eventually did.

I would love to think things have improved, but sadly they haven't. Despite the good feeling that the last few minutes on Saturday gave us, the bigger picture is till very messy. 

[davulsukur]

On 07/08/2019 at 15:29, PLJPB said:

For anyone interested, below are all the cash injections into Venky's London Limited made since it was set up as the parent company vehicle to purchase Blackburn Rovers Football Club.

It starts with the initial £35.6m which off memory was £24m to pay to the Walker trust plus another £11m to cover the overdraft at the time and shows regular payments to keep the club afloat to a current grand total of £174.7m.

My understanding is that all of this cash has subsequently been loaned from VLL to BRFC at a zero interest rate.

	£ Issue	£ Cumulative
04/05/2011	35,610,000	35,610,000
26/09/2011	3,460,000	39,070,000
10/04/2012	125,000	39,195,000
21/01/2013	24,388,000	63,583,000
12/05/2014	21,039,575	84,622,575
14/10/2014	15,912,500	100,535,075
31/07/2015	22,337,500	122,872,575
19/03/2016	1,085,000	123,957,575
09/09/2016	2,100,000	126,057,575
28/02/2017	666,000	126,723,575
17/05/2017	5,794,156	132,517,731
29/09/2017	6,653,000	139,170,731
11/01/2018	4,700,000	143,870,731
22/03/2018	3,625,000	147,495,731
25/07/2018	4,750,000	152,245,731
16/11/2018	4,812,500	157,058,231
28/02/2019	6,550,000	163,608,231
28/03/2019	1,500,000	165,108,231
01/08/2019	9,625,000	174,733,231

I assume this means our debt to Venkys stands at an eye watering £175m??

[Dreams of 1995]

Just now, davulsukur said:

I assume this means our debt to Venkys stands at an eye watering £175m??

Indeed. Many of which will be "payable upon departure", so in effect the purchase cost of the club will be £175m + the actual value of club. Unless of course they write off their debts.

Edited November 4, 2019 by Dreams of 1995

[jim mk2]

I wonder why the owners carry on. What are they getting out of it? 

[davulsukur]

Just now, Dreams of 1995 said:

Indeed. Many of which will be "payable upon departure", so in effect the purchase cost of the club will be £175m + the actual value of club. Unless of course they write off their debts.

Thanks.

Then we must surely be entering endgame sooner rather than later.

I mean how many more sessons can we really have left? £175m is surely too much already? 

No one will buy us and wipe that debt off, no one.

Literally our only hope is promotion and a couple of seasons of prem money to bring this figure down to reasonable levels.

We're absolute fucked.

[Sparks Rover]

4 minutes ago, Dreams of 1995 said:

Indeed. Many of which will be "payable upon departure", so in effect the purchase cost of the club will be £175m + the actual value of club. Unless of course they write off their debts.

They will need to write this off if they want to sell the business 

[Mashed Potatoes]

Just now, Sparks Rover said:

They will need to write this off if they want to sell the business 

Correct.

Those numbers above show the negative cash flow in the club after taking in to account revenues, expenses and transfer dealings.2018-19 shows a negative cash flow of £17.6m which I would think is about £9m on transfers and the balance of £8.6m operating loss. For 2019-20 we currently have transfer expenditure of about £1.6m net so operating loss will be £8m budgeted ?

[tomphil]

Oversea's 'asset' on the company books or just money spent from spare funds like we all pay our leisure activities, who knows ?

A season in the Prem plus parachute money might see loans going back the other way. They might get half of it back that way over a number of years whilst still keeping the club solvent.  We'd probably end up in lge 1 again or worse though with no investment to get back but they might bugger off then ?

Thing is there never seems any real drive to get there so it obviously doesn't concern them. I mean come on 15 million on 3 forwards in 12 months with the intention seeming to be tie that money up then maybe get it back with a cherry on top in a year or two ?

Some clubs would build a promotion challenging side on that kind of money and this wage budget.  Is that cash separate investment from somewhere just for investment purposes ?

It still remains one of if not the oddest set ups in the EFL.

[JHRover]

Owners who were worried or bothered by these sort of losses would be doing more than this lot are. They would be hands on or at least pay big bucks to get top level expertise into the boardroom and let them get on with running it on their behalf.

They persist with a structure built on personal relationships and trust over performance and target attainment. The top dogs make no effort to get a grip on things over here. Baby steps by agreeing to appoint a CEO but he's the managers mate so not exactly as it seems on the outside.

They have their way of doing things and arent going to change. In all probability the way they do things will not work in our game as they are too slow and reactive. So they need to realise that until they change their ways and operate differently as most other professional clubs operate then they are going to carry on this way losing money.

Notice how other foreign owners havent persisted with ways of operating that they want, they've learned sometimes the hard way to do what is best for the club, not themselves.

 

[Amo]

Don't most foreign owners bugger off once the novelty wears off?

 

[Amo]

When you consider that Venky's and Ali Syed (who sunk Racing Santander) were the only serious bidders we had for the club (when we were an established, well-run Premier League set-up), it doesn't bode well for a future takeover does it? Granted, there wasn't quite the obscene amounts of money there is now. If only we hadn't become such a white elephant to those entrusted with Jack's legacy.

[JHRover]

10 minutes ago, Amo said:

When you consider that Venky's and Ali Syed (who sunk Racing Santander) were the only serious bidders we had for the club (when we were an established, well-run Premier League set-up), it doesn't bode well for a future takeover does it? Granted, there wasn't quite the obscene amounts of money there is now. If only we hadn't become such a white elephant to those entrusted with Jack's legacy.

It is almost inconceivable that within the last decade the only two serious bidders for an established Premier League club available at a relatively low price were Venkys and Ali Syed. 

That alone tells me that something was amiss with the whole thing.

We can forget any notions of the Walker Trust wanting right by the club or giving a stuff. They wanted the money asap and were prepared to offload the club to the first chancers that offered the cash.

Remember when Radio 5 outed Ali Syed as a fraudster? Some reporter at the BBC quickly worked out what Syed was whilst the Trust were allowing him and his cronies access to Ewood Park. Can only imagine what would have happened if that BBC report hadn't been done. I'm sure they have handed the lot over to him and we'd have been central to an epic swindle.

I don't believe that the sale of the club was transparent or done for the clubs best interests. When you look at the efforts the likes of Whelan at Wigan went to sell them on to foreign owners whilst in the Championship and Wolves under Steve Morgan to Fosun we can see there is a chance of new ownership if homework is done and efforts made to protect the club 

 

[AAK]

5 hours ago, Mattyblue said:

Interview with Michael Appleton in today’s Times. Touches on Rovers...

’It was a mess. I was there two months, never met Shebby Singh. Yet, I turn up one day to find an envelope on my desk, just saying my services are no longer required due to poor results. It was a shock. We were still in a healthy position on the league (18th), which was my remit, I was reducing the wage bill. We had 18 players injured’.

 

Really has been a decade horribilis...

The bit about being 18th and then saying it was his remit is worrying, what so after all the money they had spent that summer they were happy with around 18th place, wtf! Considering we were 12th when he took over and not far off the play offs.

Edited November 4, 2019 by AAK

[davulsukur]

When people start talking about the trust and you see Vinjay is online...