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Venkys London Ltd accounts


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4 hours ago, phili said:

It's a difficult situation with them.

They didn't really have the available cash to continue investing with Flybe etc consuming more of their investment capital as well as other issues following the financial crash. Also at the time the Walker family were suing the trust for financial mismanagement.

The trust found a billionaire family to take on the club and unfortunately assumed they were competent business people who would continue the running of the club in a similar way to they way they had. They should probably have done more to explain the situation to them about agents running the club, how that would be illegal, double standard two face liars of agents, explained if you are relegated from the Premier League, you're are screwed so important to keep in it etc. 

At the end of the day, once it is sold and it up to the new owners to run the business as they see fit and there is not a lot you can do to stop them doing so.

Way too much credit being given to the Walker Trust, we were on the decline as a Club well before they left, the taps had been turned off completely and even when they were putting in relatively small amounts to cover losses it would never have been anything which put their own Finances at risk.

Also the Family was the Trust. It wasn't some separate mysterious shadowy entity.

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7 hours ago, 47er said:

Walkers don't come out well from all that has happened though?

That's more down to them not caring enough about the great mans wishes or having the desire to carry on his good work.

Regardless, everything that has happened has happened on Venkys watch.  They didn't get left owing million in hidden debt or transfer payments. They created something like a 10 million pound black hole in the first 6 months.

In a previously -5 million per season loss making entity with 30 million guaranteed income.

The buck starts and stops with them, the greedy disinterested uncaring Walkers are an afterthought by now.

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10 hours ago, Miller11 said:

The Walker family certainly contributed. Couldn’t wait to offload us and practically gave the club away to the idiots.

If they’d continued to put in £5 million a year for another 3 years, or even just allowed us to increase the debt level from 20-35 million things could’ve been oh so different. They didn’t even need to be benevolent, just respectful. I’m confident John Williams would’ve ensured we retained our top flight status even if he was instructed to make savings, and 2013 saw the TV money go to absolutely mental levels. The deal doubled from 1.5 to 3 billion.

Their short sightedness and lack of respect for Jack’s legacy opened the door for Venky’s complete incompetence to set us back decades and cause probably irreparable damage. Shameful from all involved.

Yes---buck started with the Trust and carries on with Venkys.

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  • 3 weeks later...
1 hour ago, JoeH said:

Could somebody with an understanding of all of this terminology that's far superior to mine explain the situation in basic terms?

I think this is not new money. The money comes from India via a share issue by Venkys London and then put in the club as a loan. What has happened today is that part of the loan has been converted to share capital. This last happened in December 2015. No idea why they have done it but at least the balance sheet of the club will look better.

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1 hour ago, cesus said:

Another £29.5m worth of shares have been added by Venkys. I'd probably prefer to watch that money be set on fire than watch the current set up spend it!

I doubt it's to spend more like mostly squaring off what's already spent.

Wonder if this was the assurance the FFP people were waiting for.

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10 minutes ago, Mashed Potatoes said:

I think this is not new money. The money comes from India via a share issue by Venkys London and then put in the club as a loan. What has happened today is that part of the loan has been converted to share capital. This last happened in December 2015. No idea why they have done it but at least the balance sheet of the club will look better.

I suspect this is at the insistence of the Football League. They will want to see evidence of actual cash going into the club rather than into holding/parent companies. 

When QPR were in bother one of the outcomes was they had to agree to convert 'debt' into shares and I suspect this is a similar arrangement/motive - I can't see any other reason than for FFP requirements although I stand to be corrected.

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I have no idea if this represents good news or bad news for Rovers.

Clearly it is something to do with the P&S compliance and the embargo.

But is it a permanent injection or a bridging loan payable back when Armstrong is sold?

Who fecking knows !?

 

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16 minutes ago, JHRover said:

I see Craig Honeyman has taken to twitter to praise Venkys for their latest cash injection. Claims they are fantastic owners who deserve so much for how they support the club and community.

I kid you not.

A quick Google search will tell you Craig Honeyman is involved at HSH sports and was involved at SEM.

He's also from Middlesbrough.

Doesn't take much to join the dots around here.

He will love Venky’s… they let him pick all our managers!

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17 minutes ago, JHRover said:

I see Craig Honeyman has taken to twitter to praise Venkys for their latest cash injection. Claims they are fantastic owners who deserve so much for how they support the club and community.

I kid you not.

A quick Google search will tell you Craig Honeyman is involved at HSH sports and was involved at SEM.

He's also from Middlesbrough.

Doesn't take much to join the dots around here.

No, that's what Tom was alluding to. He'll be creaming his pants at the prospect of Mowbray wasting any available money on his deadbeat clients once again.

He may yet turn out to be disappointed.............

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1 minute ago, Miller11 said:

He will love Venky’s… they let him pick all our managers!

Perhaps the only people who have done well out of the last 10 years have been our managers and those that represent them.

Quite the gravy train and no end in sight.

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I wonder how much him and his other parasites have had of their money, adding to our debt.

It's a wonderful situation for the likes of him and his clients.

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