[Archived] Rumours that staff have not been paid

[rovers11]

There are rumors flying around that staff will not be paid this month. I don't think these rumours are true but can see there being massive issues next season. The wages are currently paid by premier league money. That money is paid in installments but not monthly installments so we have a credit facility with Barclays to pay wages each month before we receive the premier league money. The credit facility expires in the summer and I don't expect Barclays to renew it.

We could be left with no premier league money, no credit facility and Venky's refusing to put their own money in. That is a very real possibility and would mean staff won't get paid.

[den]

hence administration.

Hope this isn't true, but nothing would surprise me at the minute.

[DE.]

Everything points to this kind of scenario happening should we go down, rumour or not.

[OJRovers]

The same rumours came out 3 months ago, I think its a quarterly problem in that PL money starts to run out and the bank limit will be stretched before the next payout.

Won't be helped by Rochina and Formica getting a game this week.

[rovers11]

The same rumours came out 3 months ago, I think its a quarterly problem in that PL money starts to run out and the bank limit will be stretched before the next payout.

We'll be fine for the rest of this season as we still have premier league money coming in and a credit facility with Barclays bank. That's why the current rumours are incorrect.

The big problem comes next season when we won't have a credit facility with Barclays or premier league money. To ensure wages are paid, we have to get a new credit facility or hope that Venky's put their own money in. If neither of those things happen then staff don't get paid.

[Stuart]

So the money from Samba went where?

[Mercer]

I think the financial position is incredibly tight- perhaps even worse than some think.

IMO, the early bird season ticket offer is all about getting in some desperately needed cash.

[BuckyRover]

I think the financial position is incredibly tight- perhaps even worse than some think.

IMO, the early bird season ticket offer is all about getting in some desperately needed cash.

PUT YOUR OWN MONEY IN VENKY'S YOU STUPID CONTS.

YOU BOUGHT US

[rovers11]

So the money from Samba went where?

Can't be sure until the accounts are released at the end of the year but I would suspect a large chunk was given to Barclays to pay off some of our existing loan with them.

Barclay's are not stupid and are clearly clawing their money back now.

[rovers11]

I think the financial position is incredibly tight- perhaps even worse than some think.

IMO, the early bird season ticket offer is all about getting in some desperately needed cash.

Everything points to money being really tight. Senior players were barred from playing because of finances. Most significantly for me is the behavior of Barclays. They will have a very detailed knowledge of our finances and the way they are desperately trying to claw their money back from us (even threatening to cut off our overdraft) suggests problems. Barclay's are no fools.

[rovers11]

PUT YOUR OWN MONEY IN VENKY'S YOU STUPID CONTS.

YOU BOUGHT US

Although short term it is very worrying for the club, particularly for those who work there, these financial problems could ultimately force Venky's out. If they can't get credit in the summer then at some point in the future they will be forced with the dilemma of putting their own money in or putting the club in administration. I know most people will say Venky's will do the latter but i don't think they would put us in administration. That would be unbelievably bad for their reputation in the business world. I've said it many times before but if they get a decent offer in the summer, they will be off.

[Stuart]

Can't be sure until the accounts are released at the end of the year but I would suspect a large chunk was given to Barclays to pay off some of our existing loan with them.

Barclay's are not stupid and are clearly clawing their money back now.

This debt we have/had seems to be never ending and ever increasing.

Although its well documented that wechave very low ticket prices, we (used to) have slightly above average crowds, plus we have sold a lot of players, some for big money and about two years of PL money under Venkys.

Given the amount of cost-cutting, the amount of player sales and the amount of Sky money and modest gate receipt income, surely we should be virtually debt fee by now - or at least to a level where the banks are no longer concerned.

If loans haven't been paid off satisfactorily by now then, where the f*** has all the money gone?

[Mattyblue]

Didn't you all know? All this is so we can qualify for Platini's Financial Fair Play

[BuckyRover]

Although short term it is very worrying for the club, particularly for those who work there, these financial problems could ultimately force Venky's out. If they can't get credit in the summer then at some point in the future they will be forced with the dilemma of putting their own money in or putting the club in administration. I know most people will say Venky's will do the latter but i don't think they would put us in administration. That would be unbelievably bad for their reputation in the business world. I've said it many times before but if they get a decent offer in the summer, they will be off.

If is a very big word in this context. Where are the prospective owners?

[Stuart]

Although short term it is very worrying for the club, particularly for those who work there, these financial problems could ultimately force Venky's out. If they can't get credit in the summer then at some point in the future they will be forced with the dilemma of putting their own money in or putting the club in administration. I know most people will say Venky's will do the latter but i don't think they would put us in administration. That would be unbelievably bad for their reputation in the business world. I've said it many times before but if they get a decent offer in the summer, they will be off.

I'm not so convinced. It's not like the bad press in the Indian business media even made a ripple so why would they be worried about it affecting their reputation?

Also what constitutes 'decent'? They obviously didn't the the Qatari offer was decent.

[rovers11]

This debt we have/had seems to be never ending and ever increasing.

Although its well documented that wechave very low ticket prices, we (used to) have slightly above average crowds, plus we have sold a lot of players, some for big money and about two years of PL money under Venkys.

Given the amount of cost-cutting, the amount of player sales and the amount of Sky money and modest gate receipt income, surely we should be virtually debt fee by now - or at least to a level where the banks are no longer concerned.

If loans haven't been paid off satisfactorily by now then, where the f*** has all the money gone?

Most of our premier league money goes on wages. Matchday revenue is about 5m so a drop in the ocean. The bank loans should be nearly cleared from the kalinic, samba and Jones money. I believe before they were sold the debt was 26m and it's worth pointing out that the transfer money we received is not in one lump sum. Any spare cash went on transfer fees and agent fees plus pay offs to jw, allardyce etc. Not forgetting we made a near 20m loss last year so not much money left after all these things are taken into consideration.

If is a very big word in this context. Where are the prospective owners?

There are groups interested in buying the club. Local consortiums

I'm not so convinced. It's not like the bad press in the Indian business media even made a ripple so why would they be worried about it affecting their reputation?

Also what constitutes 'decent'? They obviously didn't the the Qatari offer was decent.

Decent means getting most of their cash back and a face saving exit strategy

[ABBEY]

and people still call fans for protesting.

[Stuart]

Most of our premier league money goes on wages. Matchday revenue is about 5m so a drop in the ocean. The bank loans should be nearly cleared from the kalinic, samba and Jones money. I believe before they were sold the debt was 26m and it's worth pointing out that the transfer money we received is not in one lump sum. Any spare cash went on transfer fees and agent fees plus pay offs to jw, allardyce etc. Not forgetting we made a near 20m loss last year so not much money left after all these things are taken into consideration.

There are groups interested in buying the club. Local consortiums

Decent means getting most of their cash back and a face saving exit strategy

Thinking that through then we should be virtually debt free - even ignoring player sale money. Why would the banks be so uptight still?

Venkys will not get back what they paid for the club and are surely only hanging around for the prize money for finishing in the bottom 3. In fact relegation is actually better for Venkys as they can quietly slip away out of the spotlight.

[DE.]

I'm just glad Stevie Kean got a nice pay rise whilst all of this cost cutting has been going on.

[Andy]

Under the last regime, there would have been massive job cuts had relegation happened - and I know this is true as my brother-in-law worked for the club before moving on to a bigger, properly run club and was told such.

So under this lot of blaggers and jokers, the staff must be bricking it about now.

So many livlihoods put at risk, when it was all completely avoidable.

And all the while, the smug Kean sits on his wholly undeserved pile of cash...

[Stuart]

...and takes no flak whatsoever in the media.

[Mercer]

Under the last regime, there would have been massive job cuts had relegation happened - and I know this is true as my brother-in-law worked for the club before moving on to a bigger, properly run club and was told such.

So under this lot of blaggers and jokers, the staff must be bricking it about now.

So many livlihoods put at risk, when it was all completely avoidable.

And all the while, the smug Kean sits on his wholly undeserved pile of cash...

I'd also have a large bet that the club pays for Kean's chauffeur, taxis, bodyguard, hotel bills etc. They aint getting any more of my hard earned cash.

[Majiball]

Well if the staff haven't been paid then who's fault is it?

I think we have to blame the fans, had they all bought their season tickets in the early-bird issue then the staff would have been paid.

Bloody fans.

[Baz]

Don't worry it's all part of the Venky master plan.

Really hope not true, but in all fairness can only see job losses when relegation confirmed.

[bypass06]

Facebook comment.

People sent home today from rovers, and people still not been paid for work done........... They have told my cus that he will be paid next week, he's never been paid late before and never been told to go home at dinner before. And sky sports news where hanging about what for who knows... Only saying before you start maybe be nothing but funny how they seem to be messing people about eh.