Venkys London Ltd accounts

[Gordon Gekko]

Looking on the Jersey Financial Services Commission Registry, the entity was registered back in 2011 (as seen below) so I wouldn’t worry too much about it. I reckon it’s to do with that mansion they bought back in the day.

 

[tomphil]

Who lives in the thing ?

[Norbert Rassragr]

Lord Lucan, Shaergar and Jimmy Hoffa.

[DavidMailsTightPerm]

17 hours ago, Norbert Rassragr said:

Lord Lucan, Shaergar and Jimmy Hoffa.

And Ronaldinho 😁

[KentExile]

I wonder if this administrative error was caused by the same person who couldn't use a fax machine in January?

https://www.lancashiretelegraph.co.uk/sport/23620502.administrative-error-behind-blackburn-rovers-director-announcements/

[Craigman]

More shares allotted. £21.6Million

https://twitter.com/KieranMaguire/status/1674293166952857602?s=20

Edited June 29, 2023 by Craigman

[alex l]

For those of who don't have knowledge of shares etc, what does this mean on a practical level? More debt or not? More spending power potentially (although that seems peculiar given the shares allotment)?

[wilsdenrover]

5 minutes ago, alex l said:

For those of who don't have knowledge of shares etc, what does this mean on a practical level? More debt or not? More spending power potentially (although that seems peculiar given the shares allotment)?

It’s to add equity to the club (not debt).

In our case, this is usually done to comply with the FFP regulations as the money owners can contribute has to be in the form of equity.

 

[alex l]

7 minutes ago, wilsdenrover said:

It’s to add equity to the club (not debt).

In our case, this is usually done to comply with the FFP regulations as the money owners can contribute has to be in the form of equity.

 

So a way for the owners to keep injecting funds to keep us solvent, whilst remaining within what is allowed under the FFP rules? Otherwise we'd likely be under some form of sanction?

[Mashed Potatoes]

24 minutes ago, alex l said:

For those of who don't have knowledge of shares etc, what does this mean on a practical level? More debt or not? More spending power potentially (although that seems peculiar given the shares allotment)?

It means less debt as what was debt owed by the club to Venkys London Ltd is converted in to shares.

[wilsdenrover]

5 minutes ago, alex l said:

So a way for the owners to keep injecting funds to keep us solvent, whilst remaining within what is allowed under the FFP rules? Otherwise we'd likely be under some form of sanction?

Under FFP you can lose £5 million a season but this rises to £13 million with owner ‘contributions’.

This is assessed over a three year period so essentially you can lose £15 million (or £39 million) over this period.

Owner contributions must be in the form equity, which ‘on paper’ increases the value of the club (they’re clearly not going to get all their money back!).

I don’t know if this is the reason for this injection but it’s why they usually do it.

 

Edited June 29, 2023 by wilsdenrover

[Paul Mani]

Is that £21.6m or 21.6m shares? If it’s the latter, what does that equate to in ££

Edited June 29, 2023 by Paul Mani

[J*B]

4 minutes ago, Paul Mani said:

Is that £21.6m or 21.6m shares? If it’s the latter, what does that equate to in ££

Same thing, each share is £1

[islander200]

1 hour ago, J*B said:

Same thing, each share is £1

And the £7.5 million of shares the did earlier this month so to keep us on track with ffp they have had to inject 29.1 million into the club?

[MarkBRFC]

There will be some crowing about how amazing venkys are on social media right about now.

Yet they won't authorise £2m for a new pitch.

Edited June 29, 2023 by MarkBRFC

[tomphil]

Hypothetically i wonder if the club could buy the training ground back then sell it again to another set up company in a few seasons ?

[KentExile]

Just now, tomphil said:

Hypothetically i wonder if the club could buy the training ground back then sell it again to another set up company in a few seasons ?

Pretty sure that loophole is now closed, which is why we did it when we did (last chance to do so)

[Butty]

At least we have honourable owners…. 😂

[tomphil]

15 minutes ago, KentExile said:

Pretty sure that loophole is now closed, which is why we did it when we did (last chance to do so)

It might be the academy site next then !

[tomphil]

2 minutes ago, Butty said:

At least we have honourable owners…. 😂

A lot never seem capable of separating the difference between financial obligations as owners and just giving the club money because it's the honourable thing to do.

[Mattyblue]

Badly advised 🚨 

[KentExile]

24 minutes ago, tomphil said:

It might be the academy site next then !

By 'that loophole', I meant selling club infrastructure to subsidiary companies.

As I said, I'm not 100% on this (I'm sure someone will be along shortly to either confirm this or tell me I'm wrong though) , but if that loophole has been closed, we cannot sell further sites to other Venky owned corporations

[K-Hod]

48 minutes ago, Butty said:

At least we have honourable owners…. 😂

Round of applause for them doing the bare minimum 🥴.

[frosty]

1 hour ago, Butty said:

At least we have honourable owners…. 😂

Pass me the sick bucket.

[Mike E]

They’ll beat the shite out of you, but they’ll give you directions to the hospital.