Venky’s, HMRC…The Plot Thickens ?

[tomphil]

11 minutes ago, TheKitGuy said:

Give it 2 weeks and this will not be a topic. As much as we all wish for the Venky's to sell up it's not in our best interests as crazy as that sounds. The money involved etc. is just not feasible unless someone with a seriously large budget comes in circa. £500m of spending money. The debt alone owed to the Venky's would chew up half if not more of that budget, it's so far away from a fan owned club that we all dream of. Dig deep, support the manager and players on the pitch and just hope to god miracles happen on the grass because they certainly won't be happening in the board room.

They are never in 250 million years going to ask or expect their money back if they had to off load the club.

Every other ownership in similar situations has written off what they've spent that is their problem and not really an issue if you need to quickly cut further losses you are unable to pay.  The past money that isn't loaned and under repayment terms is gone spent null and void.

It's money going forward that is the issue so they'd need to find a buyer able to fund it in the medium term not one who is going to cough up what they've already spewed.   Did the Walkers try and hold out for  100 million ?   No it was just what the club and its assets at the time were valued at plus any external debt.

[RoversClitheroe]

1 hour ago, LeftWinger said:

I've been in touch with the editor of the India Today article. 

He would be interested in doing a fresh story regarding their investment in Blackburn Rovers.

He wants accurate details and numbers. 

Would any of the people with more knowledge on the specifics of their investment (in numbers) being interested in getting in touch with him?

Bump - please could someone help out.

[DavidMailsTightPerm]

2 hours ago, Crimpshrine said:

So what do we do? Rely on Venky's forever?

At some point they will leave and the sooner the better so that we can start to rebuild. 

I don't know about you - but I would prefer a managed exit, so we can rebuild from a reasonable level, rather than caught in the tail spin of their financial problems.

It is amazing to think - if you rewound a few weeks everything was fairly settled. We had brought in three promising players (early), settled management team, and I think most were looking forward to the new season with a degree of optimism (irrespective of our owners). Now looks like chickens are coming home to roost for our owners (and by default us) and that optimism is quickly evaporating.

 

[RoversClitheroe]

@Mike E got a link to the new Nicko article on Venkys Patreon?

[JohnD]

Is there any connection between M/s VOL, Alexander House and Blackburn Rovers FC?

[Tugayisgod]

1 minute ago, RoversClitheroe said:

@Mike E got a link to the new Nicko article on Venkys Patreon?

https://www.patreon.com/posts/nevilles-old-at-88850611?utm_medium=post_notification_email&utm_campaign=patron_engagement&utm_source=post_link&token=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJyZWRpc19rZXkiOiJpYTo4N2FlYmNkNS00YmFiLTQzYTctYTM2ZS1kYmJkZTFmOTVkNTgiLCJwb3N0X2lkIjo4ODg1MDYxMSwicGF0cm9uX2lkIjo3MjMzNjE3N30.2_cHhLTDd4G-45WTTo4G60U7z_y2cGtC5LSnWm_2ZeE

[RoversClitheroe]

1 minute ago, Tugayisgod said:

https://www.patreon.com/posts/nevilles-old-at-88850611?utm_medium=post_notification_email&utm_campaign=patron_engagement&utm_source=post_link&token=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJyZWRpc19rZXkiOiJpYTo4N2FlYmNkNS00YmFiLTQzYTctYTM2ZS1kYmJkZTFmOTVkNTgiLCJwb3N0X2lkIjo4ODg1MDYxMSwicGF0cm9uX2lkIjo3MjMzNjE3N30.2_cHhLTDd4G-45WTTo4G60U7z_y2cGtC5LSnWm_2ZeE

BRFCs have a subscription they're allowed to share an image of his articles I'm pretty sure

[tomphil]

5 minutes ago, DavidMailsTightPerm said:

I don't know about you - but I would prefer a managed exit, so we can rebuild from a reasonable level, rather than caught in the tail spin of their financial problems.

It is amazing to think - if you rewound a few weeks everything was fairly settled. We had brought in three promising players (early), settled management team, and I think most were looking forward to the new season with a degree of optimism (irrespective of our owners). Now looks like chickens are coming home to roost for our owners (and by default us) and that optimism is quickly evaporating.

 

Wasn't it Kammy who said that no matter how much better things get under Venkys disaster is always just one or two weeks away and that will always be the case.

Some of the wisest ever words spoken on here from someone who has dealt with some of them.

[Tugayisgod]

[tomphil]

2 minutes ago, JohnD said:

Is there any connection between M/s VOL, Alexander House and Blackburn Rovers FC?

Well seeing as this appears to be the issue that has lead to funding being cut then yes you'd have to say there is.

[JohnD]

4 minutes ago, tomphil said:

Well seeing as this appears to be the issue that has lead to funding being cut then yes you'd have to say there is.

Possibly but we don't know that.

[jim mk2]

2 hours ago, JHRover said:

 

If that is found to be the case I don't see how anyone can accept the club being funded in such a way. 

It was legal proceedings that brought down the Oystons at Blackpool and I've always expected this is the only way of getting this lot out of Rovers. Fingers crossed.

 

Most of their tenure hasn't been acceptable but no one has been able to do anything about it.

If the tax "fraud" has taken place in the UK there might be hope but if it's in India would it have any ramifications for their UK interests? I don't know but I think it's unlikely

[Rogerb]

To be hoped they didn't pull the same stunt when purchasing the training ground..

[TheKitGuy]

52 minutes ago, tomphil said:

They are never in 250 million years going to ask or expect their money back if they had to off load the club.

Every other ownership in similar situations has written off what they've spent that is their problem and not really an issue if you need to quickly cut further losses you are unable to pay.  The past money that isn't loaned and under repayment terms is gone spent null and void.

It's money going forward that is the issue so they'd need to find a buyer able to fund it in the medium term not one who is going to cough up what they've already spewed.   Did the Walkers try and hold out for  100 million ?   No it was just what the club and its assets at the time were valued at plus any external debt.

You know as well as I, the Walker family were desperate for cash so they could slip into the sunset, 

[wilsdenrover]

3 minutes ago, Rogerb said:

To be hoped they didn't pull the same stunt when purchasing the training ground..

I wouldn’t object to a further £17 million of their Indian properties being seized.

 

[Mattyblue]

The idiot Walkers would have doubled their money (at least) if they’d have held on to the club for a couple of years until the next TV deal.

Another family business containing a load of fools in the younger generations.

[lraC]

With a few £million to spare as a result of some rather dubious business dealings, what better place to spend it, than on a football club.

Things do eventually catch up with people, as we saw with Abramovich and with this story too.

https://www.bbc.com/news/uk-england-lancashire-65653943

[1864roverite]

Clearly it’s a tax issue in India NOT the UK. Looking at it with a wide angle many in here can cast their minds back to 2011-2014 when it was suggested that all events and happening at the time could have been considered dodgy! My thoughts are that IF they are found to have committed offences such like in India then someone is going to prison and for a good few years ! It might be in their interest to offload the club asap unless they have a solid defence or alternatively scapegoat who can take the blame

[DavidMailsTightPerm]

18 minutes ago, Mattyblue said:

The idiot Walkers would have doubled their money (at least) if they’d have held on to the club for a couple of years until the next TV deal.

Another family business containing a load of fools in the younger generations.

Fools or not - IMO they didn't honour Jack's final wishes for the club - and that is the worst thing.

[Mattyblue]

Well that goes without saying, but at least they missed out on a proper jackpot.

[Herbie6590]

3 hours ago, Crimpshrine said:

I'm a little confused.

The article claims that the problem is with Venky's Overseas Ltd dating back to 2011:

The ED had initiated an investigation in connection with the illegal remittances made by the company since 2011 by its subsidiary named Venky's Overseas Limited, UK.

But VOS Ltd was only created in 2023- based in Jersey.

Venky's London limited, which directly owns Rovers, was created in 2010 but didn't post any accounts until 2011.

Suspect it’s this company…

[tomphil]

1 hour ago, JohnD said:

Possibly but we don't know that.

Coincidence i hear you say ?

[tomphil]

42 minutes ago, TheKitGuy said:

You know as well as I, the Walker family were desperate for cash so they could slip into the sunset  Monaco 

Which proves the point that if you want or need rid due to circumstances beyond your control then past investment doesn't count for a lot.

Edited September 6, 2023 by tomphil

[Bethnal]

3 minutes ago, Herbie6590 said:

Suspect it’s this company…

If it is, it looks quite brazen. Just under five months of incorporation, then voluntarily struck off.

I suppose with Rovers, the case would be “we’ve been ploughing money into this thing to make it work, as it’s such an esteemed footballing institution. We’re just very bad at running it.”

[JohnD]

1 minute ago, tomphil said:

Coincidence i hear you say ?

No more than tax and other guesses that have been made.