The Summer Transfer Window (Press Submit)

[pick32]

How does an Indian Government have any say over 29million pounds made transferred and stored in England

[JHRover]

2 minutes ago, Upside Down said:

My only hope really is that the Wharton transfer will be their undoing and the judge cites this as evidence that the club can fund itself and denies them sending money. Administration follows and we are rid of this cancer.

I'm convinced that the only way we will ever be rid of them is if either a Court or government agency intervenes and forces them out.

I think this is the best chance we will ever get.

If this investigation or legal process ends with the restrictions being lifted or allows them to continue to fund the club 'on the drip' like they have for the last 12 months or so then we are facing a long, slow, painful demise. If this process ends with them being told 'no more' then it is likely to be painful but will have to happen quickly and we'd be rid of them.

What comes next might be no better, but it would take some going to be any worse.

[Forever Blue]

5 minutes ago, pick32 said:

How does an Indian Government have any say over 29million pounds made transferred and stored in England

That’s a fair point. I suppose it depends where that money is actually paid to. 

[ABBEY]

1 hour ago, KentExile said:

Yes August 20th is the court hearing, it is obviously either a/the barrier to Venkys funding the club, or at the very least a very useful excuse for them (with the next excuse IF the court case does go in Rovers/Venkys favour being "difficulty manoeuvring so late in the window"

Maybe the penny is starting to drop with Elliott Jackson, that someone at the club might not have told him the while truth?

he don't talk to anyone ...he copys/pastes

[Mike E]

8 minutes ago, pick32 said:

How does an Indian Government have any say over 29million pounds made transferred and stored in England

I don’t think they do, and I don’t think they care.

Their main focus is the money leaving India for England. If they feel it isn’t justified, they won’t allow it.

That it potentially means asset stripping (as if they haven’t already been up to that in some form or another by neglect), or selling any asset worth a damn to stay afloat (or not) is irrelevant to India.

[tomphil]

State Bank of India have had a long presence in the UK so i'd presume that deals with Rovers day to day stuff.

[lraC]

I am pretty confident that the court will deny any further funding.

As, I have previously stated, the owners have stated that they are using the funds sent last year, since the requirement for court permission was made, to" protect their investment".

I am 100% certain that the court have been made aware that the value of the club is way less than the £200m sent so far and therefore that statement is at best miss leading.

There are other things that I am sure they are considering too and with it being a complex web they have spun, it is not in the least bit surprising that the adjournment was to August from an initial date in January. over a seven month gap, for what would have been essential funding had AW not been sold, simply does not stack up. 

The stack of cards is about to tumble and the latest musings from Elliott Jackson seem to add more weight to that thought. 

[Rogerb]

The August 20 court date is all about the Alexander House deal. Any request for additional funding is a side issue.

[Forever Blue]

7 minutes ago, lraC said:

I am pretty confident that the court will deny any further funding.

As, I have previously stated, the owners have stated that they are using the funds sent last year, since the requirement for court permission was made, to" protect their investment".

I am 100% certain that the court have been made aware that the value of the club is way less than the £200m sent so far and therefore that statement is at best miss leading.

There are other things that I am sure they are considering too and with it being a complex web they have spun, it is not in the least bit surprising that the adjournment was to August from an initial date in January. over a seven month gap, for what would have been essential funding had AW not been sold, simply does not stack up. 

The stack of cards is about to tumble and the latest musings from Elliott Jackson seem to add more weight to that thought. 

Jackson isn’t saying the courts are prohibiting Venkys sending funds. He’s saying they can but won’t, because of the bond issue. 

[wilsdenrover]

13 hours ago, LDRover said:

Good keeper that lad

He’s got something about him

[Forever Blue]

6 minutes ago, Rogerb said:

The August 20 court date is all about the Alexander House deal. Any request for additional funding is a side issue.

If the court decides Venkys still have to provide an equivalent bond then it’s the main issue for Rovers. If Venkys maintain their position then Rovers will go bust if nothing else changes. 

[JHRover]

5 minutes ago, Rogerb said:

The August 20 court date is all about the Alexander House deal. Any request for additional funding is a side issue.

That's the opposite of what I understood the case to be. I was under the impression that the Court hearing is to consider whether to grant permission to send further funds to the UK to meet Rovers' outgoings. A similar procedure to that of November 2023 and a delay to the hearing that should have taken place earlier this year. A process that is essential to ensure the club keeps going, unless money is raised from other sources to cover for it.

Unless I've missed something this is linked to the house purchase in that the restrictions imposed are a result of an investigation into that purchase but as yet that remains ongoing and it remains to be seen whether they have a case to answer in India on that front.

[Forever Blue]

2 minutes ago, JHRover said:

That's the opposite of what I understood the case to be. I was under the impression that the Court hearing is to consider whether to grant permission to send further funds to the UK to meet Rovers' outgoings. A similar procedure to that of November 2023 and a delay to the hearing that should have taken place earlier this year. A process that is essential to ensure the club keeps going, unless money is raised from other sources to cover for it.

Unless I've missed something this is linked to the house purchase in that the restrictions imposed are a result of an investigation into that purchase but as yet that remains ongoing and it remains to be seen whether they have a case to answer in India on that front.

Rovers have said the opposite. There is nothing stopping Venkys funding us, they just aren’t prepared to pay the bond that would need paying to send the money over(according to Jackson)

[lraC]

10 minutes ago, Forever Blue said:

Jackson isn’t saying the courts are prohibiting Venkys sending funds. He’s saying they can but won’t, because of the bond issue. 

I am well aware of what he is saying.

[Crimpshrine]

2 hours ago, KentExile said:

Maybe the penny is starting to drop with Elliott Jackson, that someone at the club might not have told him the while truth?

The simple fact is that he could have looked at the court documents himself and discovered the actual true situation - as many of us have done

[wilsdenrover]

2 hours ago, JHRover said:

The bit of that quote that I've underlined in bold I really don't understand, I doubt the writer does either.

Is August 20 the 'final date' for Venkys' court hearing? Is there anything stopping the Court from a further adjournment or indeed the owners themselves putting their application on hold if they don't need to send money over (via further sales generating running costs instead).

'Feels growingly prominent' - hold on a minute, I thought only last week he was parroting Waggott's claim that the hearing was strictly in relation to procedural and technical issues and not really anything to do with their funding of Rovers. Surely he's not now saying that it is vital to our transfer plans?

Frankly hilarious that they are now even talking about 'keeping the lights on' as though it is something to be impressed about. How much lower can these scumbags drag standards.

I’ve no idea if the court, Directorate or Venkys can delay things further but the August date is described as the final hearing in the March adjournment document.

 

[JHRover]

Just now, Forever Blue said:

Rovers have said the opposite. There is nothing stopping Venkys funding us, they just aren’t prepared to pay the bond that would need paying to send the money over(according to Jackson)

My interpretation of that is that this is how it was done previously - that the court considered the application, decided to allow permission to send funds but on the condition they deposited the same amount in India as security.

So they are saying there is nothing stopping them funding us based on that - the Court was content to allow it subject to the deposit being paid. They are expecting the same thing to happen the next time they have to get permission from the Court, which is due to be August 20th as it stands.

Now the Court could change its mind and say no, we aren't allowing this, but based on precedent this is unlikely as previous judges have permitted it and refusing it would cause a business to fail and jobs to be lost, so that's why Rovers expect it to be renewed if needed.

If needed because they are likely to bring in sufficient cash by then to cover the next batch of costs through player sales. Far preferable to people who don't care or understand football because they don't see it causing any problems and it saves them the hassle of going to court and putting money in a bond in India.

[Crimpshrine]

2 hours ago, Forever Blue said:

The penny should also be dropping with WATR. 

They are fully aware. Any quotes in the WATR MoU minutes are from Waggott.

[tomphil]

3 minutes ago, Forever Blue said:

Rovers have said the opposite. There is nothing stopping Venkys funding us, they just aren’t prepared to pay the bond that would need paying to send the money over(according to Jackson)

I'm sure the 20% tax on top is also adding to the mix.

The argument is they can't get funds to England without...

A) Court approval

b) A bond of real money for the same amount.

c) A 20% tax levy on top of all that.

If they aren't seriously putting measures in place to sell the club then it's inevitable something very bad is on the horizon.

 

[G Somerset Rover]

2 hours ago, roverblue said:

I think it's highly likely it gets delayed again based on the last two occasions, leaving us desperately trying to sell Szmodic or whoever to get enough money to crawl through to Xmas.

I would bet very decent money that this is exactly what will happen. Then I’ve read we’re due another Wharton instalment in January. Death by a thousand cuts.

[lraC]

37 minutes ago, Forever Blue said:

If the court decides Venkys still have to provide an equivalent bond then it’s the main issue for Rovers. If Venkys maintain their position then Rovers will go bust if nothing else changes. 

I guess there could be three outcomes here.

1. The court agree to allow them to send funds with no further requirement for a bond and that's then up to the owners if they continue.

2. They allow funding to continue funding on the basis that they carry on paying the equivalent amount into a bond

3. They stop them from funding all together.

The very fact that they have been made to pay into a bond in order for the last 2 payments to be made, must mean someone does not trust them and if the court are investigating this as fully as it seems, then I think I am going for number 3. 

Edited July 9, 2024 by lraC
Typo

[wilsdenrover]

33 minutes ago, Forever Blue said:

That’s a fair point. I suppose it depends where that money is actually paid to. 

Transfer fees are sent to the EFL who then send the funds onto the selling club.

[Crimpshrine]

1 hour ago, Forever Blue said:

So they can fund, but they won’t. 
 

That’s even worse than what the assumption was. 
 

FOV

They can fund via money generated in the UK. They can't send any funds from India until after the court hearing. Last time, they had to cover it with a bond - it may be the same in August, it may not.

They have recently sold the Neville Mansion which will have generated a few million pounds. They may have sent this money back to India to improve their position over there in terms of the unpaid tax, get some seized assets back and show willing to cooperate. If the money is still in the UK can they use it to fund Rovers?  Who knows. It's not a simple situation.

[Forever Blue]

1 minute ago, Crimpshrine said:

The simple fact is that he could have looked at the court documents himself and discovered the actual true situation - as many of us have done

You think Rovers have lied about an ongoing court case?

[Crimpshrine]

33 minutes ago, Rogerb said:

The August 20 court date is all about the Alexander House deal. Any request for additional funding is a side issue.

My understanding is quite the opposite.

The August date is simply a request by Venky's to be able to send funds out of India while under embargo.

The Embargo is in place largely because of the Alexander house purchase but that issue is ongoing along with other issues being investigated