Venky’s, HMRC…The Plot Thickens ?

[Mike E]

42 minutes ago, MCMC1875 said:

And you are on the Trust?

Nope, stepped down at last AGM for family reasons.

[glen9mullan]

3 minutes ago, jim mk2 said:

 

Are India's shareholder laws and rights as robust as the UK's?

To me, this news potentially leaves us in the worst of all worlds: they have another excuse to limit or withdraw funding for Rovers yet they're not impacted financially enough for them to have to to offload the club in a fire sale

We're still stuck in their bottom drawer, maybe useful at some point in the future yet actually forgotten and unwanted

 

 

You can buy shares in Venkys its a global listed enterprise. They are not above the financial regulations 

[chaddyrovers]

The question who would want to buy us? anyone know of any potential buyers? 

[glen9mullan]

8 minutes ago, rovers11 said:

You know a lot more about this than I do so I take your word for it.

I guess all us fans really care about from this situation is:

1. Will it mean they will sell the club?

2. Will it result in reduced funding from the owners and us needing to be more self sufficient?

The answer to 1 is a firm no imo. The answer to 2 is most certainly yes in the short term and possibly in the longer term too.

All in all, I don't see any of this being positive for us. 

I think everyone on this forum in same boat.

The info is sketchy, the implications unknown.

I have been looking at the new names linked to the Vs , and some old ones too, but will take a while to decipher.

I guess for now, it's see what else is printed in India and further questions to our board.

[glen9mullan]

4 minutes ago, chaddyrovers said:

The question who would want to buy us? anyone know of any potential buyers? 

Always a buyer once their is a willing seller.

I'd not worry if these buggered off

[Crimpshrine]

19 minutes ago, glen9mullan said:

Venkys overseas has been registered in UK for 12 years, the same as Venkys London.

So my point is, if they are looking at one, they will be looking at the other.

No one is suggesting a UK investigation 

Venky's Overseas Limited was only registered in 2023. Herbie posted earlier about yet another company - Venky's Overseas Private - that was registered and dissolved in 2011. I think this is the one through which the Neville house was purchased 

[glen9mullan]

2 minutes ago, Crimpshrine said:

Venky's Overseas Limited was only registered in 2023. Herbie posted earlier about yet another company - Venky's Overseas Private - that was registered and dissolved in 2011. I think this is the one through which the Neville house was purchased 

Not quite, see link

 

https://opencorporates.com/companies/je/EXTUID_267139

[Andy]

Did you manage to meet with SW recently, btw Glen?

Be interested to hear his take on the situation.

He gave the briefest of hints in his recent BBC interview, as did GB on deadline day ('geopolitical issues').

[SBlue]

3 minutes ago, glen9mullan said:

Always a buyer once their is a willing seller.

I'd not worry if these buggered off

Of course, we all know that every potential suitor to own a football club has loads of money, no ego, and knows exactly what they are doing.

Always worry! Things can always get worse with precarious businesses like these and the people they attract.

But yeah, from today’s news I’d expect further stagnation and slow decline under Venkys, barring a miracle on the pitch.

Joy.

[chaddyrovers]

4 minutes ago, glen9mullan said:

Always a buyer once their is a willing seller.

I'd not worry if these buggered off

same but my worry is about who could we potential attract as new owner or owners

My most important questions for any potential owners would be, is how they would fund the club, are they rich and can they fund the club, what their short, medium and long term plans for club, what sort of executive team would they appoint in certain roles?

 

[JHRover]

It really is hilarious and so predictable.

People have known for weeks that something probably quite serious and even sinister is occurring. The Club have done absolutely nothing to dampen that speculation instead providing vague 'geopolitical issues' talk but nothing more in interviews with Waggott and Broughton.

Only through supporter(s) doing some online reading via a foreign news outlet does more light get shed on what is happening. Of course nothing comes from the Club or the local media who are supposed to be professionals at this sort of thing. 

Yet within 24 hours of it appearing on here BBC Lancashire have got in touch with the Club about it and the Club have obviously been sufficiently concerned by it to release an anonymous, hasty, poorly worded and slapdash 'statement' that tells us very little. Once again our 'straight talking' CEO goes missing when the serious stuff starts. Happy to brag about paying the bills on time and his new bus in a pre-scripted in house interview but hides when actual serious and potentially club defining news about the ownership appears.

And this the Club that claims to value communication and honesty with its supporters. That's easy when you're talking about what type of pies to stock and whether to have a collar on next season's home shirt. The actual stuff that matters they run for the hills and hide. 

Very similar turn of events to the training ground scheme. Obvious things have been happening behind the scenes for weeks / months and it takes fans doing the work for the local media to catch on and of course this then puts the club on panic mode. 

Edited September 6, 2023 by JHRover

[glen9mullan]

29 minutes ago, Andy said:

Did you manage to meet with SW recently, btw Glen?

Be interested to hear his take on the situation.

He gave the briefest of hints in his recent BBC interview, as did GB on deadline day ('geopolitical issues').

Not in a position to discuss this yet, 

We postponed twice at our request, 

 

[Oldgregg86]

Let’s put this pride before a fall theory to the test

[Armchair supporter supremo]

Sorry just going off topic for a sec.... 

 

Did they ever give that very large amount of money to Blackburn Cathedral that they promised them back not long after they took over the club? 

I personally cant remember any story of them folling through on the promise

Edited September 6, 2023 by Armchair supporter supremo

[Andy]

1 minute ago, Armchair supporter supremo said:

Sorry just going off topic for a sec.... 

 

Did they ever give that very large amount of money to Blackburn Cathedral that they promised them back not long after they took over the club? 

I personally cant remember any story of them folling through on the promise

I think they did, to be fair - along with a number of other local charities.

[glen9mullan]

1 minute ago, Armchair supporter supremo said:

Did they ever give that very large amount of money to Blackburn Cathedral that they promised them back not long after they took over the club? 

I personally cant remember any story of them folling through on the promise

They did, they also gave the council a wedge too.

[Craigman]

On 26/06/2023 at 15:01, Craigman said:

Anyone know anything about this company?

 

Venky's Overseas Limited

 

Set up earlier this year with an address in Jersey.

I did mention. Back in June about this company, hopefully we get the breakthrough of what the club needs. NEW OWNERS and the Venky’s gone. 

[NeilInBristol]

1 hour ago, rovers11 said:

Venky's have a £7m house which they never use seized. I don't think they're going to lose any sleep over that one. Much ado about nothing.

Generally, the Indian government making it harder for overseas investment is very bad news for us. It doesn't force them to sell and it means they have the perfect excuse not to put money into the club. It's a winner all round for them. 

Sadly I don't think they will ever sell the club. I suspect the plan is to pass it down through the generations. 

This sounds likely. Hope you aren't right though. 

[47er]

10 hours ago, chaddyrovers said:

The question who would want to buy us? anyone know of any potential buyers? 

Its the same as finding a new manager. "Who would want to be a manager at this club?" was the mantra when Mowbray was here and failing. And we've got a better one.

We wouldn't know of any buyers until the club was up for sale. Who'd have forecast that 2 Americans who have made their money in Hollywood would roll up at Wrexham? Who'd have thought that an American sports star would allign himself with Wolves? (Correction---Birmingham, thanks Jim)

Whether any of us know of a would-be new owner isn't all that relevant.

Edited September 7, 2023 by 47er

[47er]

1 hour ago, Andy said:

This is my opinion also.

The Gov't restrictions seems to be a perfect reason for Venky's to say 'you need to be less reliant on our funding moving forward'.

So it leaves us in a bit of limbo; they stick around, but we never quite have enough funds to do anything other than tread water.

No change there then! You're right---worst of both worlds. They stick around but don't fund us.

[tomphil]

2 hours ago, glen9mullan said:

Quite the contrary, their wealth is land and property and if it can be confiscated so easily they won't be sleeping easily.

As i mentioned earlier, Venkys is a listed company with shareholders, and shares open to everyone.

Swiping 7 million of company funds for their own use if that turns out to be the case will have ramifications on their business.

Their share price is plummeting, their sales have dropped off the map.

Saving face in their own Country, is very much different to sticking two fingers up to us in Blackburn

They've been using 20 million per year of company funds to prop up their managed decline of Rovers so i wonder why the shareholders never kick off about that ?

[Upside Down]

Just to add a bit more perspective to this.

The Modi government in India is a far right Hindu fascist party who's main objective is to make India a Hindu country. As I'm sure you all know, India has a multitude of different cultures and religions so you can no doubt grasp the ramifications of what the Modi government is trying to do.

There have been numerous incidents over the recent years of violence towards other religious and ethnic groups,  particularly muslims. 

The point is that they aren't just a normal middle of the road government. 

If Venkys have got on the wrong side of this regime then things could end up going very bad for them.

[jim mk2]

24 minutes ago, 47er said:

Its the same as finding a new manager. "Who would want to be a manager at this club?" was the mantra when Mowbray was here and failing. And we've got a better one.

We wouldn't know of any buyers until the club was up for sale. Who'd have forecast that 2 Americans who have made their money in Hollywood would roll up at Wrexham? Who'd have thought that an American sports star would allign himself with Wolves?

Whether any of us know of a would-be new owner isn't all that relevant.

Brum? 

[tomphil]

It does look like they are trying to pull some rich people into line by any means necessary. 

[AllRoverAsia]

8 hours ago, roverblue said:

Can anyone translate what that actually means? 

Gaagle translate gives:

"If you believe this shit you're as thick as Steve thinks you are"

Edited September 7, 2023 by AllRoverAsia