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[Archived] Podcast 14

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philipl World Cup

philipl

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I followed most of your very clear and detailed explanation on the Podcast - the burning question is whatever do they want it for? When you look at the overall company ownership structure it is not unreasonable to believe that the Raos are borrowing against BRFC 'assets' to fund their UK & European Xprs chicken ventures.

In so many ways I hope that is what they are doing (plus buying the houses).

The thought of up to £40m going to Jerome Anderson is just too horrible to contemplate.

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Majiball World Cup

Majiball

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The club has given the bank the security over central income (ie the PL payments) for 2011/12 and all future income in future seasons.

If you take the minimum income Rovers are certain to receive to be payment for coming 20th this season under the new media contracts and the new parachute payments then the Rovers have given Barclays security worth approx £100m when the mortgage was signed.

It certainly does not follow that the entirety of the value of the surety has been borrowed but I guess it gives headroom for up to £60m to be borrowed from the bank.

Thanks Philipl,

So what happens if we go down, could the bank take assests IE brockhall & Ewood.

I've never had anything in my rectum before it doesn't feel good.

PS: philipl you say there are alternatives to Venky's out there, is colonel sanders trying to buy us?

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EwoodDawn Premier League

EwoodDawn

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Q for Philip or anyone with substantial knowledge of financial law. Can I just stress that the following is purely speculative and has only occurred to me after hearing the podcast. But let's speculate...If someone were to buy a football club for the purposes of borrowing money to fund the overseas expansion of their existing business, would there be any way of penalizing them, or is that considered totally above board, on a legal footing? And similarly, if someone were to buy a football club in order to borrow and therefore make money for an associate, let's say a football agent, would the financial or any other authorities be able to do anything to punish this?

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Majiball World Cup

Majiball

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I suspect that may be the swear filter doing some comical search and replace (either that's or Maji's giving us way too much info).

I feel like we're being raped, so the swear filters spot on!

Q for Philip or anyone with substantial knowledge of financial law. Can I just stress that the following is purely speculative and has only occurred to me after hearing the podcast. But let's speculate...If someone were to buy a football club for the purposes of borrowing money to fund the overseas expansion of their existing business, would there be any way of sanctioning them, or is that considered totally above board, on a legal footing? And similarly, if someone were to buy a football club in order to borrow and therefore make money for an associate, let's say a football agent, would the financial or any other authorities be able to do anything to punish this?

If I wanted to get funds out of Rovers it would be easy:

1:Find an agent who has no morals.

2:Buy a club

3:sign loads of players for crazy agents fees, using said agent.

4:Said agent splits the money with me and some for himself and anyone else involved.

5:Rub hands together with glee

I'm not even sure football clubs are governed by the same business laws as they are not businesses per say they are sporting clubs.

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Guest Wen Y Hu

Guest Wen Y Hu

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Thanks to Glen for alerting us above regarding the Paul Clement issue. Just to clarify, we stated that it was Paul Clement who had been involved in an altercation with a fan at a recent match and that this was being investigated by Steve Kean. We have removed this portion of the podcast pending confirmation and apologise for any misunderstanding there may have been on our part. Note that the new file of the podcast has already completed uploading but that it can sometimes take a while before it becomes available for downloading. Apologies for the inconvenience.

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Doug Champions League

Doug

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That is the first podcast (14) I have listened to. I suggest all Rovers fans listen to it. Thanks to the team who took part and made it available. I'm off to the drinks cabinet!!!

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Mercer World Cup

Mercer

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A very good listen, though not uplifting given the content, thanks to all concerned.

Just one observation, which I've made before. Just over an hour is a fair old listen when many supporters are 'time poor'. What about having an objective of restricting to 30 minutes every week ?

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Glenn World Cup

Glenn

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I cant get the podcast to work - just says file not found - any ideas?

It died on me halfway through

I can only see up to podcast 13 on iTunes. Any ideas where the missing one is?

I started listening to it at about 6pm and it was there. I tried to download it after I had finished and it's no longer there.

Destroyed - by the Empire.

Note that the new file of the podcast has already completed uploading but that it can sometimes take a while before it becomes available for downloading. Apologies for the inconvenience.

You're all giving Wen a complex as everyone seems to always ignore his posts :D

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Hasta

Hasta

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You're all giving Wen a complex as everyone seems to always ignore his posts :D

Whoops. I spent the last 20 minutes listening to the podcast thinking"I wonder if Venkys would try and pull this". When I went to download it minutes later and it wasn't there I thought they had.

Paranoia is setting in now.

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Baz World Cup

Baz

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You're all giving Wen a complex as everyone seems to always ignore his posts :D

Sorry Wen & Glenn - Im pretty sure Wens post wasnt there when i posted though - is that possible.

Anyway just finished listening - a lot to take in.

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Baz World Cup

Baz

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The club has given the bank the security over central income (ie the PL payments) for 2011/12 and all future income in future seasons.

If you take the minimum income Rovers are certain to receive to be payment for coming 20th this season under the new media contracts and the new parachute payments then the Rovers have given Barclays security worth approx £100m when the mortgage was signed.

It certainly does not follow that the entirety of the value of the surety has been borrowed but I guess it gives headroom for up to £60m to be borrowed from the bank.

Philip - couple of questions:

Do the players still have preferred rights to secure their wages before any creditors, in the case of administration, surely Barclays would take this into account as part of the lending process, and with Rovers at around the 80-90% turnover mark on wages alone - would this not drastically lower the funds actually available in the borrowing figure? Or would preferred creditor debts be considered only after secured debts?

The borrowing has been secured against both this season and also 3 (i think) further seasons (even if that includes parachute payments) - is this not just a method for Rovers to have funds available if and when neccesary but over a longer time-frame, otherwise every close season the deal would have to be re-negotiated at the time transfer budgets needed to be set. To me this would be a viable method of being able to plan for the future over 2-3 years. Is this viable?

Obviously I dont know if either of the 2 points are likely, and it would be unusual to arrange to borrow far more than you needed, but in a way I'm looking to play a little devils advocate, and see if there are alternative to the scary thought that our owners are basically plunging us into a mass of debts, and using our only funds as security - basically putting us on the precipice of administration.

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