Venky’s Financial Arrangements

Reports in the national press are alleging that Venky’s have cleared their reported £20 million debt with Barclays and terminated their banking arrangement with the bank, with Rovers’ banking now being handled by the State Bank of India.

Last month reports emerged that stewards employed by Rovers had received their wages from an Indian bank and that there had been a slight delay in them getting their wages due to the swap-over in banking arrangements. Sources have indicated that Venky’s will now use the bank in India for all future Rovers-related banking, and this will include any loan/overdraft arrangements. talked to Mumbai-based stockbroker Manoj Shastari, who has told us that “Venky’s have an established relationship with the State Bank of India and it is highly likely that the bank would insist any borrowing should be secured against Venky’s India assests rather than Venky’s London Limited assets”.

Senior Venky’s sources have also dismissed recent press reports that suggested that they were looking to sell the club.

On the pitch Rovers continue their battle for Premier League survival on Monday against Wigan Athletic. A defeat on Monday could confirm relegation if either Bolton or QPR pick up a point in their games against West Brom and Stoke respectively.

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