Venky’s, HMRC…The Plot Thickens ?

[Devon Rover]

A few, paraphrased, comments, from apparently genuine rovers fans, on that statement:

"If Venkys ever left, the club would fold within two days"

"No-one would ever buy a decaying football club"

"Someone would need a spare £200 million to cover the debt before even taking over"

"I pray every day that venkys don't leave".

Insane.

[RoversClitheroe]

1 minute ago, Bethnal said:

That statement is worded to make it seem like we have no problems with finance. Specifically that we have enough cash to see us through to the end of the season.

If that’s the case and the court date was adjourned, then I am flummoxed. Everything you could read about it was that we were only being enough cash to get to the next court hearing.

Can we anymore hazard a guess at the financial position at all? Either we’re all utterly stupid (we’re not) or there’s a lie/deception in that statement.

@glen9mullan had a meeting where Waggot explicitly confirmed they needed that funding as it would run out end of January.

So either Waggots lying or we're selling Wharton.

[broadsword]

23 minutes ago, Tugayisgod said:

 

Fully expect it to go through then

[wilsdenrover]

6 minutes ago, martonrover said:

There are funds to drift along (and downwards) until the end of the season.

Hail Venkys.

The statement says there will be funds to last to the end of the season - it does not say we currently have those funds.

Neither can they be certain these will be received because the whole reason for the statement is the postponement of this week’s court case.

 

Edited January 27 by wilsdenrover

[Devon Rover]

1 minute ago, RoversClitheroe said:

@glen9mullan had a meeting where Waggot explicitly confirmed they needed that funding as it would run out end of January.

So either Waggots lying or we're selling Wharton.

It's both, isn't it?!

[wilsdenrover]

1 minute ago, Devon Rover said:

A few, paraphrased, comments, from apparently genuine rovers fans, on that statement:

"If Venkys ever left, the club would fold within two days"

"No-one would ever buy a decaying football club"

"Someone would need a spare £200 million to cover the debt before even taking over"

"I pray every day that venkys don't leave".

Insane.

At least it will only take 2 days for them to be proven wrong.

I wonder when (if ever) a club has been bought with the purchasers taking on all of the existing debt.

[tomphil]

5 minutes ago, wilsdenrover said:

The statement mentions the investigation being into ‘one of their overseas companies’

I thought the investigation was into the parent company.

Unless I’m wrong (entirely possible!) this feels like wording designed to distance the owner’s from any blame.

 

Because that isn't really an owners statement it's just a minion scribbling it down and getting the ok.

They also confirm that future funding for the next 12 months is in place every time they sign off the annual accounts and that's a legal document.

Empty words as usual it still leaves so many 'what if' issues like what happens if the date is pushed back again/they say no/the investigation carries on etc etc

Load of old bollocks for the LT brigade to slaver over.

[Bethnal]

3 minutes ago, RoversClitheroe said:

@glen9mullan had a meeting where Waggot explicitly confirmed they needed that funding as it would run out end of January.

So either Waggots lying or we're selling Wharton.

Exactly this. The first thing that came to mind.

If Wharton’s sale covers the costs, then this statement is intentionally misleading.

I actually think the earlier suggestion that this is for creditors rather than fans rings true, on second reading.

The statement is categorical that the funding comes through, couched with “in due course.” “Due course” here is the finding of a judge in India in March. There’s every chance it doesn’t come. I think if it doesn’t come, there’ll be winding up orders from any majorly-out-of-pocket suppliers, surely? Surely the club will have lied, at that point?

[ABBEY]

37 minutes ago, Judge21 said:

As much as I would like the Venky’s to sell they are damned if they speak out and damned if they don’t.

Reassurance that funding is there until the Court matter is dealt with is a positive for me. 
 

Lets see what the club can do to back the manager in the next few days.

you really think the scum in india penned that statement?

[wilsdenrover]

4 minutes ago, tomphil said:

Because that isn't really an owners statement it's just a minion scribbling it down and getting the ok.

They also confirm that future funding for the next 12 months is in place every time they sign off the annual accounts and that's a legal document.

Empty words as usual it still leaves so many 'what if' issues like what happens if the date is pushed back again/they say no/the investigation carries on etc etc

Load of old bollocks for the LT brigade to slaver over.

 

The above is from the minutes to November’s fan forum meeting - this confirms further court approval is needed to cover the remainder of our financial year. (ends 30th June)

The below is an extract from today’s statement - seems contradictory to me but maybe I’m just too suspicious…

‘The club can confirm that the adjournment of this week’s scheduled High Court hearing in Delhi will not impact the day-to-day funding of the club in any way.’

[wilsdenrover]

9 minutes ago, tomphil said:

Because that isn't really an owners statement it's just a minion scribbling it down and getting the ok.

They also confirm that future funding for the next 12 months is in place every time they sign off the annual accounts and that's a legal document.

Empty words as usual it still leaves so many 'what if' issues like what happens if the date is pushed back again/they say no/the investigation carries on etc etc

Load of old bollocks for the LT brigade to slaver over.

I reckon the person who wrote the statement and (at least some of) the LT brigade are one and the same person.

 

[RoversClitheroe]

Just now, wilsdenrover said:

 

The above is from the minutes to November’s fan forum meeting - this confirms further court approval is needed to cover the remainder of our financial year. (ends 30th June)

The below is an extract from today’s statement - seems contradictory to me but maybe I’m just too suspicious…

‘The club can confirm that the adjournment of this week’s scheduled High Court hearing in Delhi will not impact the day-to-day funding of the club in any way.’

This is literally the board in a nutshell.

We need a statement from the @RoversTrust asap, asking for clarity.

@Mike Graham

[Paul Mellelieu]

How come owners has a capital O?

[wilsdenrover]

9 minutes ago, Bethnal said:

Exactly this. The first thing that came to mind.

If Wharton’s sale covers the costs, then this statement is intentionally misleading.

I actually think the earlier suggestion that this is for creditors rather than fans rings true, on second reading.

The statement is categorical that the funding comes through, couched with “in due course.” “Due course” here is the finding of a judge in India in March. There’s every chance it doesn’t come. I think if it doesn’t come, there’ll be winding up orders from any majorly-out-of-pocket suppliers, surely? Surely the club will have lied, at that point?

Even if the judge does approve things in March, what about any contractual obligations we have between now and then?

[glen9mullan]

13 minutes ago, RoversClitheroe said:

@glen9mullan had a meeting where Waggot explicitly confirmed they needed that funding as it would run out end of January.

So either Waggots lying or we're selling Wharton.

Goes back to the question I asked here the other day, where some were suggesting they can have funds based on previous hearing , and that they couldn't be penalised for the hearing not happening.

Don't know if that's true, though Duncan suggested no.

Maybe we've taken a further loan out against an asset? Or had an indication Raya funds may land, or its based on us selling Wharton, or we've cried poverty in the courts (lied) and have limited funds which we chose not to disclose.

Having money now unless it's come from elsewhere is not consistent with what we was told in December. The club stating they now have funds suggest something has changed since December or they are expecting a cash injection 

[Mattyblue]

On 26/01/2024 at 11:21, Mattyblue said:

‘We are committed to the club until the very end of time’… 

Which will of course lead to the standard ‘Thank god for them, we’d be fecked if they ever went’.

They play the fanbase like a fiddle.

Looks at social media.. yep thought so.

[Gamst21]

There is genuine Stockholm Syndrome within our fan base. Majority of the comments on twitter singing praise to the owners, its absolutely insane!

[wilsdenrover]

1 minute ago, glen9mullan said:

Goes back to the question I asked here the other day, where some were suggesting they can have funds based on previous hearing , and that they couldn't be penalised for the hearing not happening.

Don't know if that's true, though Duncan suggested no.

Maybe we've taken a further loan out against an asset? Or had an indication Raya funds may land, or its based on us selling Wharton, or we've cried poverty in the courts (lied) and have limited funds which we chose not to disclose.

Having money now unless it's come from elsewhere is not consistent with what we was told in December. The club stating they now have funds suggest something has changed since December or they are expecting a cash injection 

Or they’re continuing to lie?

[wilsdenrover]

Given it took me 5 minutes to find the contradiction I wonder how long it will take our beloved LT journalists. 🧐🤔🤨

[Judge21]

14 minutes ago, ABBEY said:

you really think the scum in india penned that statement?

It’s a statement by the club, irrelevant if directly from Venky’s or not. Everybody within club is a employee of the Venkys so it’s the same thing

[simongarnerisgod]

5 minutes ago, Gamst21 said:

There is genuine Stockholm Syndrome within our fan base. Majority of the comments on twitter singing praise to the owners, its absolutely insane!

there are always people who are susceptible to media brainwashing,they can`t think for themselves or form an opinion,therefore follow the masses,social media has made it worse

[Mattyblue]

Some canny feckers inside that club.

Talk about ‘social media speculation’ and it is easy to brush off as hearsay and conjecture, with fan backing - especially when you have a compliant local media who feel it is ‘’sensationalist” to talk about anything off the pitch unless it’s lifted directly from the Fans Forum minutes.

Shame they don’t put anywhere near as much canny-ness in to have a thriving football club.

Edited January 27 by Mattyblue

[RoverDom]

That statement seems to have done the job on Facebook. The happy clappers are unbearable "clearly some of our fans don't know how FFP works" 

[Hasta]

4 minutes ago, Judge21 said:

It’s a statement by the club, irrelevant if directly from Venky’s or not. Everybody within club is a employee of the Venkys so it’s the same thing

The Henning Berg court case implied otherwise.

[wilsdenrover]

Just now, RoverDom said:

That statement seems to have done the job on Facebook. The happy clappers are unbearable "clearly some of our fans don't know how FFP works" 

Clearly some of them don’t (them!)

If the owner’s can’t send funds the amount we are allowed to lose (under FFP) decreases. 🤦‍♂️