Eustace…GONE

[islander200]

Just now, wilsdenrover said:

It is owed to Venkys London Ltd - the most up to date figure is £134 million.

 

Yeah so administration won't happen.If funds need to be sent to avoid that happening they will send them 

No chance they give up the power to the administrator 

[Waggy76]

2 hours ago, Browjd said:

What do we do if it’s Ryan Lowe…Jesus

Don't go on at all..

[Waggy76]

3 minutes ago, islander200 said:

Yeah so administration won't happen.If funds need to be sent to avoid that happening they will send them 

No chance they give up the power to the administrator 

I wonder why ?

[Ianrally]

6 minutes ago, Herbie6590 said:

He will end up signing an NDA & the club will spin the family line...

If he replied "No Comment" to any questions then he wouldn't be breaking his NDA agreement because he isn't making a disclosure and the club wouldn't be able to spin the family line

[Hi Mack]

27 minutes ago, Exiled_Rover said:

He's 85 and hasn't worked in football since 2018 so I suspect he's retired.

He also quickly walked away from Ewood when he got the measure of these owners. 

It was posted tongue in cheek 😂

What I’d give for another John Williams though. He just knew how to run a football club.

[RevidgeBlue]

3 minutes ago, islander200 said:

Yeah so administration won't happen.If funds need to be sent to avoid that happening they will send them 

No chance they give up the power to the administrator 

Why not if at some point a bit further down the line they are still losing money and there's no further funds to be squeezed out of player sales, a sale of the other bit of Brockhall etc?

[Herbie6590]

31 minutes ago, islander200 said:

Putting the club into administration takes the power from them and gives it  to the administrator.

I'm not an accounts man so perhaps someone will correct me but I was under the impression our considerable debt is owed to the owners rather than externally?

If that is the case it makes administration a non starter...they would have no control over how much the club was sold for...they would also only receive a percentage of the debt accured back.

 

We covered this on a 4000 Holes Rovers Inc podcast I seem to recall (?) - adminstration is usually used by the bank when they want to stem their potential losses & have to effectively take the owners out of the picture. The bank has to hold a debenture containing appropriate clauses to be able to do that - as you say, the club's debt is internal so this doesn't apply here.

The other situation is where the directors of the UK businesses recognise that they are potentially trading insolvently & in order to prevent themselves from becoming personally liable, they appoint receivers. Again, unlikely as V's will in all probability send over just enough cash to stop insolvency & keep control as you suggest...

[RevidgeBlue]

2 minutes ago, Hi Mack said:

It was posted tongue in cheek 😂

What I’d give for another John Williams though. He just knew how to run a football club.

Tom Finn would do.

[JHRover]

5 minutes ago, Gav said:

I said that last season when they couldn't wait to get Wharton out, I buckled and came back, but this could well be the tipping point. 

Nothing good will ever come of this club until they piss off back under the rock.

I've wavered on my season ticket for the last 2-3 years. I refused to attend the Stoke game after the JDT debacle last season, and was intending on it being my last season ticket, but the galvanising effect of Eustace keeping us up and hoping things would change persuaded me to renew on deadline day. 

I'll probably see the season through because it is paid for but suspect there won't be a renewal in the summer. I can't keep doing this and there's only one thing I can do in response to it. 

[RoverDom]

If there is a release clause would he still be made to sign an NDA? It's not like with JDT where they had to negotiate his contract and NDA would have been included as part of those negotiations. That said I have no idea how these things work. 

I just hope that one day we have someone come out and say "I've left because they're fucking clowns running the show" and I think it would sound good in a Brummy accent. 

[HowzBRFC]

2 hours ago, Herbie6590 said:

Bury, Reading, Blackpool spring to mind…

I don't recall any of those teams being 7th in the Premier League and so well run .... prior to the disaster.

[Torgeir]

7 minutes ago, Gav said:

I said that last season when they couldn't wait to get Wharton out, I buckled and came back, but this could well be the tipping point. 

Nothing good will ever come of this club until they piss off back under the rock.

No one will buy this club once the fanbase is gone. Damned if you do, damned if you don't.

[TheRevAshton]

The title of this thread keeps throwing me, can we change it to Eustace Wants Out (Deffo) ?

[miqaayil]

5 minutes ago, Waggy76 said:

I wonder why ?

skeletons in closet

[miqaayil]

3 minutes ago, JHRover said:

I've wavered on my season ticket for the last 2-3 years. I refused to attend the Stoke game after the JDT debacle last season, and was intending on it being my last season ticket, but the galvanising effect of Eustace keeping us up and hoping things would change persuaded me to renew on deadline day. 

I'll probably see the season through because it is paid for but suspect there won't be a renewal in the summer. I can't keep doing this and there's only one thing I can do in response to it. 

if you live in lancashire....arrange town meeting ..call MP

[roverandout]

5 minutes ago, RevidgeBlue said:

Tom Finn would do.

Tom thumb would be better than anyone at ewood

[islander200]

1 minute ago, RevidgeBlue said:

Why not if at some point a bit further down the line they are still losing money and there's no further funds to be squeezed out of player sales, a sale of the other bit of Brockhall etc?

Because it would just be easier to sell the club on their terms rather than having absolutely no say and the administrator takes over 

Administration isn't going to get them their money back or anywhere close to it.

If bills need paying, wages need covering they will send over what it is needed to keep control of the club 

[wilsdenrover]

12 minutes ago, islander200 said:

Yeah so administration won't happen.If funds need to be sent to avoid that happening they will send them 

No chance they give up the power to the administrator 

I think you’re right.

Unless they’ve been lying and they still aren’t allowed to send funds over…

[RevidgeBlue]

Just now, miqaayil said:

if you live in lancashire....arrange town meeting ..call MP

Problem with that is, technically they arent doing anything wrong.

Players and major creditors have been paid (to date) etc etc

[Browjd]

Can't help thinking about the timing of all this to compound our misery even more (as if we needed it). Wednesday against WBA is arguably the biggest game of the season so far and we will likely have DJ in charge and a disgruntled/shocked squad. Just so typical...

[wilsdenrover]

27 minutes ago, neophox said:

The worry is no club statement yet.

They’ve forgotten to press submit.

[JHRover]

5 minutes ago, Waggy76 said:

I wonder why ?

One of the responsibilities and abilities of the administrator is to review past transactions, and if necessary can apply to have them set aside or challenged. Action can also be taken directly and personally against directors of the company where appropriate.

I imagine there would be some interesting stuff going on there if ever such a process was to happen.

[RevidgeBlue]

1 minute ago, islander200 said:

Because it would just be easier to sell the club on their terms rather than having absolutely no say and the administrator takes over 

Administration isn't going to get them their money back or anywhere close to it.

If bills need paying, wages need covering they will send over what it is needed to keep control of the club 

I cant see the difference from their point of view.

Realistically to offload control they're going to have to write off the debt due to themselves and more or less give the Club away anyhow.

(Unless we get promoted)

[roverblue]

37 minutes ago, callumrovers said:

Yea I’ve heard this aswell. As of next season no Cat A

This just reinforces the point we are being run like in administration. Did I once read this costs £4m a year? If so it is an obvious saving to make for a club on its knees financially, however terminal to its footballing future.

[Leonard Venkhater]

6 minutes ago, miqaayil said:

skeletons in closet

Well, even if he had received an astronomical offer, would Fred West have dared to put his house up for sale?