Jump to content

Venkys London Ltd accounts


Recommended Posts

If they need to inject £7 million every 4 months that’s £21 million a season. Presumably transfers are on top of that. So it’s costing them £20-30 million a season. Two thoughts: 1 how does that compare to other clubs in the championship? 2 Mowbray must have one hell of a silver tongue to convince them he’s worth another season of mid table mediocrity.

Surely they must want to see some return for £197 million. As it stands it’s cost them that much to take us from a mid table premiership club to a mid table championship club and alienate 50% of the customer base in the process. 👏 👏👏👏👏👏 

Link to post
Share on other sites
  • Replies 648
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

If only they had tuned up on day one and told John Williams and Tom Finn that they were going to invest £250 million pounds over the next 7 years (in addition to all the TV income) and charged them wi

Stuart is right.  This is like what happened with Bolton, we are not in debt to any financial institution but we are in debt to Venky's and if they decide to recall that debt then we will be in big tr

PDF has now been uploaded. Took a glance and it's generally the same old story as recent years. Important to note that these accounts only go up to the end of March 2020, so they won't fully inco

Posted Images

10 minutes ago, matt83 said:

If they need to inject £7 million every 4 months that’s £21 million a season. Presumably transfers are on top of that. So it’s costing them £20-30 million a season. Two thoughts: 1 how does that compare to other clubs in the championship? 2 Mowbray must have one hell of a silver tongue to convince them he’s worth another season of mid table mediocrity.

Surely they must want to see some return for £197 million. As it stands it’s cost them that much to take us from a mid table premiership club to a mid table championship club and alienate 50% of the customer base in the process. 👏 👏👏👏👏👏 

I'd say now more than ever before they should actually be asking what are we going to get back from this and when ?

Mountains of money was going in before to pay for morally bankrupt deeds but now it's just propping up a midtable championship club.  When most of that squad is fit it should be doing better than it is now.  Saturday was a case in point that side was more than good enough to get something. 

And there was no pitch to blame, at what point do they start holding the manager and his staff accountable ?

Link to post
Share on other sites
1 hour ago, Kie_BRFC said:

I had an argument with that callum at the start of the season where he initially said anyone not buying a season ticket isn't a proper fan, then when prices were released he claimed they were too expensive and thus wasn't going to buy one. Absolute muppet

He's a complete gobshite. Mind you he fits in on there.

Link to post
Share on other sites

One thing I can say with some confidence is that the emotional harm and upset caused to me and thousands of other lifelong fans over the last decade is almost certainly greater than any upset billionaires on the other side of the world writing off losses that will probably not have put so much as a dent in their vast fortune.

I also think that the money I spend every year, along with thousands of others, in supporting the club is probably a greater percentage of my limited income/net worth than £15 million a year is to billionaires.

Link to post
Share on other sites
5 hours ago, Kamy100 said:

Stuart is right.  This is like what happened with Bolton, we are not in debt to any financial institution but we are in debt to Venky's and if they decide to recall that debt then we will be in big trouble (not that there is any suggestion that they will do this at the moment).

There are different scenarios where they could sell the club and write off debt etc.

I don't feel like that they are some sort of heros for continuing to put money into the club, they created this mess and I give them some credit for not walking away but all of this is their fault, they did not listen to people who were giving them proper advice when it was clear to the even the biggest idiot that they were being taken for fools.  

It’s a bit more nuanced Kamy...they tend to convert the debt to shares thereby signalling that it’s a permanent investment in the balance sheet. If it remained as “on call” loans then that might signal a cause for greater concern.

Frankly, whether loans or share capital, the only realistic way that they ever get their money back is turn us into a solid Premier League side that can count on ever-growing TV revenues...or we develop 11 Phil Fodens through the academy...

Link to post
Share on other sites

If any of the V's are reading this I have a trophy in the shed that is a lot bigger than the 3rd division not quite as good as Wigan trophy that has cost you nearly 200 million.  It's yours for 500k* , no great ongoing costs only a pack of silver wipes and a quick clean every few months. 

*Direct transaction no third parties involved so the price does not jump up to 2 million

Edited by perthblue02
Link to post
Share on other sites
5 hours ago, Kie_BRFC said:

I had an argument with that callum at the start of the season where he initially said anyone not buying a season ticket isn't a proper fan, then when prices were released he claimed they were too expensive and thus wasn't going to buy one. Absolute muppet

Theres a CallumRovers that posts on here. 

Link to post
Share on other sites
3 hours ago, Herbie6590 said:

It’s a bit more nuanced Kamy...they tend to convert the debt to shares thereby signalling that it’s a permanent investment in the balance sheet. If it remained as “on call” loans then that might signal a cause for greater concern.

Frankly, whether loans or share capital, the only realistic way that they ever get their money back is turn us into a solid Premier League side that can count on ever-growing TV revenues...or we develop 11 Phil Fodens through the academy...

Foden - the poor man's Bucko. 

Link to post
Share on other sites
5 hours ago, Herbie6590 said:

It’s a bit more nuanced Kamy...they tend to convert the debt to shares thereby signalling that it’s a permanent investment in the balance sheet. If it remained as “on call” loans then that might signal a cause for greater concern. 

Unfortunately this is technically  not the case.  The share capital conversions are in the VLL company. Within the BRFC company it is all loans. I.e. VLL can call in the loan and demand  payment from BRFC. 

Of course that's not to say that the Rao's ever will do this but they retain the legal right to do so.

I've just checked back and the last filed accounts for BRFC show £127m owed to VLL at 30/06/19 within creditors payable within 1 year. There will have been much more loans since then with no share capital changes since then.

 

Edited by PLJPB
additional information
Link to post
Share on other sites
17 minutes ago, PLJPB said:

Unfortunately this is technically  not the case.  The share capital conversions are in the VLL company. Within the BRFC company it is all loans. I.e. VLL can call in the loan and demand  payment from BRFC. 

Of course that's not to say that the Rao's ever will do this but they retain the legal right to do so.

I've just checked back and the last filed accounts for BRFC show £127m owed to VLL at 30/06/19 within creditors payable within 1 year. There will have been much more loans since then with no share capital changes since then.

 

Might I be right in guessing that they do it that way to prevent it hitting the parent company’s P&L as a (potential) loss? Could they argue to the auditors that VLL could make money in other ways to cover losses on its loans to BRFC, whereas BRFC almost certainly could never pay the money back. After all, all those years Burnley have been in the Prem only realised £40m in the bank.

Link to post
Share on other sites

Hopefully, a bit of clarity.

Firstly, the relationship between Venky's London Limited (parent company) and The Blackburn Rovers Football and Athletic Limited (football club) needs to be understood.

Venky's London Limited (parent company) issue shares and then make loans to The Blackburn Rovers Football and Athletic Limited.  The last accounts for the football club (y.e. June 2019) showed these loans (£127million) under creditors falling due within one year.  The accounts also stated the loans were interest free with no fixed date for repayment, however, these loans are repayable.  The bottom line is if VLL call in these loans then we are well and truly fecked.

Since the football club's last filed accounts (y.e. June 2019), VLL have issued something in the region of a further £35million shares - to provide further loans to the football club.

I think it is inevitable there will be a 'tipping point'.

The Raos have an asset, which under present circumstances, is worth only a tiny fraction of their almost £200million investment.

I feel sure the Raos' realise their only hope of making a substantial recovery on their investment would be if we got promoted to the PL.  IMO, this looks an increasingly forlorn hope and as each season goes by without us even threatening to get promoted, I feel their perception will change and we will be getting closer to them deciding enough is enough.

Make no mistake, there is no magic money tree.  As a finance professional, I think we are up financial sh1t creek without a paddle and our ongoing existence hangs by, what I would consider to be, an increasingly tenuous thread.  As Bolton found with Eddie Davis, there comes a time...........................   

Edited by Mercer
Link to post
Share on other sites
2 hours ago, PLJPB said:

Unfortunately this is technically  not the case.  The share capital conversions are in the VLL company. Within the BRFC company it is all loans. I.e. VLL can call in the loan and demand  payment from BRFC. 

Of course that's not to say that the Rao's ever will do this but they retain the legal right to do so.

I've just checked back and the last filed accounts for BRFC show £127m owed to VLL at 30/06/19 within creditors payable within 1 year. There will have been much more loans since then with no share capital changes since then.

 

You are correct, I was referencing VLL re the share issues. The funding from the ultimate parent in India comes in as share capital.

Link to post
Share on other sites

The debt can be £200 million or £300 million. It don't matter. They will never get it back.

Option 1 to sell us & write off debt.

Option 2 to call in debt triggering administration, in which case they will get their money back from where? Nowhere.

It is inevitable it ends one way or the other. Sooner the better. 

 

Link to post
Share on other sites
48 minutes ago, OldEwoodBlue said:

The debt can be £200 million or £300 million. It don't matter. They will never get it back.

Option 1 to sell us & write off debt.

Option 2 to call in debt triggering administration, in which case they will get their money back from where? Nowhere.

It is inevitable it ends one way or the other. Sooner the better. 

 

Spot on. Option 1 for me and, as you say, the sooner the better.

There is, however, an Option 3. This would be to snap out of their trance, engage with the fans, put the past behind them, put a functional board of directors together with a proper internal structure in place and outline a plan to progress us to the next level. They do have the financial clout to undertake this but, having witnessed their ten year tenure to date, there is little chance of this happening.

Similarly, Options 1 and 2 are unlikely to happen as well. No one can predict the actions of our owners other than dipping into their pockets to continue to keep us ticking over. Our fan base is so weak that we will meekly accept our ‘fate’ without any meaningful response. That boat sailed long ago.

It’s like death by a thousand cuts.

Link to post
Share on other sites

As i said to a dingle on twitter earlier who was sticking the knife in about the debt to Vs  ( whilst not quite grasping the situation they are now in ).

We are just a good manager away from promotion with the way their backing is now. That's not a dig at Mowbray it's just a fact, if they made the correct moves and used some of those millions in the recruitment of a suitable guy & his staff then at some point we'd go up.

That's where we are at now this regime have laid some good foundations and the backing has been more sensible.  It needs that next step to move us on a level before millions do start being squandered again, players leave and we go back to square one.

Link to post
Share on other sites

Instead of forging a relationship with a manager and then if they like said manager give him free reign to do and say what he likes. How about they forge a similar relationship with a ceo. Hopefully that ceo will convince them to have a functional board of directors, any manager then goes to the ceo with his plans and the ceo goes to the owners. As it should be. If they would like to speak to the manager personally then get THEIR arse on a plane so they can also see the state of their baby.

* Even if they’d siphoned off a tiny bit of that £197 million to make sure the ground/pitch wasn’t in a sorry state. Nope. Not even done that. Nearly £200 million down the drain and the only thing that’s stayed to the same standard is the academy. The rest of the club from the team, to the manager, to the staff hierarchy, to the ground has gone to rat shit  

 

Edited by matt83
Link to post
Share on other sites
  • 2 months later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.