Venkys London Ltd accounts

[tomphil]

10 hours ago, lraC said:

That all sounds a bit willie vanalli or Boney M to me. 

Ma Venky

[RoverCanada]

Swiss Ramble did a review of Rovers' 21-22 accounts. He's switched to a substack subscription now, but you can sign up for a free 7-day trial if you want to take a look: https://swissramble.substack.com/p/blackburn-rovers-finances-202122

Key summary:

I haven't had time to skim through the latest accounts, but doesn't seem to be any real surprises. Operating loss continues around £20m/yr (before sales). Income up with matchday returning, although broadcast revenue a bit lower (I think from bringing forward some revenues during Covid), and no longer have our pandemic insurance claim included.

Impossible to know how we stand on FFP given the weird two-year averaging and extra exemptions for Covid (plus the usual exemptions for academy and community spend, etc.), but safe to assume we have some wiggle room.

2022-23 operating losses will likely look a touch rosier given a couple cup runs, league attendance up about 7% (unsure of the source here, haven't tallied it myself), and the wage bill was likely slashed a bit more, but probably still a £10-17m-ish loss with no Armstrong/STC sales (Venky's London accounts surprisingly suggested Magloire+Stergiakis netted us £462k, but still relative peanuts)

Edited May 9, 2023 by RoverCanada

[superniko]

1 hour ago, RoverCanada said:

Swiss Ramble did a review of Rovers' 21-22 accounts. He's switched to a substack subscription now, but you can sign up for a free 7-day trial if you want to take a look: https://swissramble.substack.com/p/blackburn-rovers-finances-202122

Key summary:

I haven't had time to skim through the latest accounts, but doesn't seem to be any real surprises. Operating loss continues around £20m/yr (before sales). Income up with matchday returning, although broadcast revenue a bit lower (I think from bringing forward some revenues during Covid), and no longer have our pandemic insurance claim included.

Impossible to know how we stand on FFP given the weird two-year averaging and extra exemptions for Covid (plus the usual exemptions for academy and community spend, etc.), but safe to assume we have some wiggle room.

2022-23 operating losses will likely look a touch rosier given a couple cup runs, league attendance up about 7% (unsure of the source here, haven't tallied it myself), and the wage bill was likely slashed a bit more, but probably still a £10-17m-ish loss with no Armstrong/STC sales (Venky's London accounts surprisingly suggested Magloire+Stergiakis netted us £462k, but still relative peanuts)

Looks absolutely fine for FFP. I think it is about £35m you get over a rolling 3 year period, so we have a decent bit of room in that there. Obviously no player sales last year nor-training ground so it could potentially be £15m loss in 22/23 (a bit off-set with extra revenue from Sky / Cup Run etc.). 

Either way, there shouldn't be any issues next year. The Wages/Turnover still needs to come down further mind you. Be interesting to see where it is once the latest crop of senior players have left.

Not sure how much extra we get from the new TV deal in the future, but realistically that should bring us down to around a £5m-£10m or so loss a year if run correctly. Albeit lots of caveats around match day income not decreasing because of it and not changing spending because of it.

Edited May 9, 2023 by superniko

[tomphil]

Wasn't the training ground money not due till this summer or something ?

[Mashed Potatoes]

3 minutes ago, tomphil said:

Wasn't the training ground money not due till this summer or something ?

I think that the Venkys London accounts have a March year end and the football club has a June year end. Because the training ground sale took place in June 2021 (I think) it meant the sale features in different years for the 2 sets of accounts.

[tomphil]

24 minutes ago, Mashed Potatoes said:

I think that the Venkys London accounts have a March year end and the football club has a June year end. Because the training ground sale took place in June 2021 (I think) it meant the sale features in different years for the 2 sets of accounts.

Ok, cheers 👍

[Crimpshrine]

https://find-and-update.company-information.service.gov.uk/company/13452736/filing-history

[philipl]

Another £7.5m in shares, not debt.

[chaddyrovers]

isn't this the company that we sold our Training ground to?

[roversfan99]

Rich Sharpe reckons its to do with the rent on it.

[Mashed Potatoes]

2 hours ago, philipl said:

Another £7.5m in shares, not debt.

The debt comes on to the football club.

[tomphil]

3rd year on the bounce there has been a share issue at the same time in June.

Difference this time is it's from the company set up to own the training ground instead of the usual issue from Venkys London limited.

[wilsdenrover]

13 hours ago, roversfan99 said:

Rich Sharpe reckons its to do with the rent on it.

Where does he get rent of £356,000 from? - I can only see a figure of £273,827 mention in the Venkys London Ltd accounts.

[Roving Mick]

Venky's Losing The Plot

[Ben-2000]

How long until the stadium goes the same way as the training ground?

[simongarnerisgod]

Just now, Ben-2000 said:

How long until the stadium goes the same way as the training ground?

they can`t touch the ground,it`s registered as a community asset,at least it was when i last heard about it

[wilsdenrover]

41 minutes ago, simongarnerisgod said:

they can`t touch the ground,it`s registered as a community asset,at least it was when i last heard about it

Expires 21st September - hopefully someone’s on the case…

https://www.blackburn.gov.uk/land-and-property/community-right-bid-assets-community-value/assets-community-value-list

Edited June 11, 2023 by wilsdenrover

[Mattyblue]

I believe the Rovers Trust, sorry We ARE The Rovers are renewing it as we speak.

[Ben-2000]

Assets of community value

The Community Right to bid (Localism Act 2011: part 5, chapter 3, sub-section 87 – 108) aims to give local communities early warning of the sale of land and buildings identified as having community value and a fair chance to make a bid to buy the property on the open market if the property owner decides to sell.

 

That's all well & good but would who would be in a position to put in a bid?

...and if they did it doesn't have to be accepted if there is a higher one, which of course there would be in order to fulfill their aim.

[wilsdenrover]

5 minutes ago, Ben-2000 said:

Assets of community value

The Community Right to bid (Localism Act 2011: part 5, chapter 3, sub-section 87 – 108) aims to give local communities early warning of the sale of land and buildings identified as having community value and a fair chance to make a bid to buy the property on the open market if the property owner decides to sell.

 

That's all well & good but would who would be in a position to put in a bid?

...and if they did it doesn't have to be accepted if there is a higher one, which of course there would be in order to fulfill their aim.

I guess it stops them selling ‘on the sly’

[tomphil]

Sold the training ground but now saddled with an extra £300k plus debt per year.

[CD_93]

https://twitter.com/KieranMaguire/status/1668968836278697985

Quote

After announcing £7.5m of fresh shares last week, the Venky’s, owners of Blackburn #Rovers, increase shares in their holding company by a further £1.5 million

 

Edited June 14, 2023 by CD_93

[MarkBRFC]

Who are all those directors?

[RoverCanada]

Just now, MarkBRFC said:

Who are all those directors?

Ha, was wondering myself. Looks like Maguire mistakenly added a photo of Raith Rovers' directors, which was in a previous tweet (https://twitter.com/KieranMaguire/status/1668967479018700807)

 

[LeftWinger]

1 minute ago, MarkBRFC said:

Who are all those directors?

Not sure if it's a mistake? They're all Raith Rovers directors?