[Archived] 40 Venky's Premises raided by Indian Tax Officials

[broadsword]

7 minutes ago, tomphil said:

It's being covered up as cost saving excercise probably but I'd love to know just who has sent these lot in, The BOI surely.

 

That's my bet as well. Is the game up?

 

[Dunnfc]

Just now, broadsword said:

That's my bet as well. Is the game up?

 

Nixon said 2 weeks which coincidentally is 14 days the period an ISP has before court and papers to lodge to make as many redundant as possible so they become an unsecured creditor.

Who was it whom mentioned staff consultations last week.

[Irishrover213]

I know people have said they won't sell to locals but what if the game is up. The advice from KPMG or who ever is at Ewood is to sell up cut losses and run.

Would they sell to locals ie two Ians or who ever.

Realistically rovers is going to keep haemorrhaging money and operating at a loss as we are light yrs away from premier league 

[Wing Wizard Windy Miller]

Should do a poll.  Who should take administration, and a -15 start in September if it meant rid of Venkys and new ownership?

 

[sjsbrfc]

Just now, Wing Wizard Windy Miller said:

Should do a poll.  Who should take administration, and a -15 start in September if it meant rid of Venkys and new ownership?

 

I'd take it in a heartbeat

 

[joey_big_nose]

Just now, Wing Wizard Windy Miller said:

Should do a poll.  Who should take administration, and a -15 start in September if it meant rid of Venkys and new ownership?

 

I would snap your hand off.

[Wing Wizard Windy Miller]

Just now, sjsbrfc said:

I'd take it in a heartbeat

 

Have to agree with you.  There is no way venkys can or will turn the club around.

[joey_big_nose]

8 minutes ago, TBTF said:

Philip

This sounds very very serious indeed. If all this is as reported then we don't look like we will see the new season in.

So why do they refuse to sell it or even talk to anyone? Surely  even if they don't get much for it they would look to cut their losses and not have to fund it any more??

I bet they are eating themselves for not talking to the Ian;s last year when they had a chance.

But I just don't get why they seem to prefer admin to trying to do a deal. Better brains than mine on here will no doubt have an answer but in my simple head I just don't understand it.

 

Brian Potter succinctly answered this one. As long as Venkys don't sell they can continue to recognise both Rovers and their loans to Rovers from their other companies as assets on their balance sheet. Essentially they can pretend to the world, their creditors and their shareholders they have not lost any money.

Selling the club would both realise the vast depreciation in Rovers as an asset, and also recognise the loans as lost.

 

 

[tomphil]

14 minutes ago, broadsword said:

That's my bet as well. Is the game up?

 

We can only hope it is but even if it is the actual end game could be 1 of about half a dozen different scenarios.  Typical Venkys style whatever the outcome they'll somehow contrive to make a mess of it.

[JBiz]

As for admin, from everything I've heard or read recently, mainly from Battersby- Venkys won't let us go into admin because most of the debt is to them and their company is liable for the clubs other credit and cost, thus they'd lose what's left of the assets at a fraction and still be liable for wages.

 

Since it makes absolutely no sense for them, who's guessing they will allow it to happen! 

[broadsword]

3 minutes ago, Wing Wizard Windy Miller said:

Should do a poll.  Who should take administration, and a -15 start in September if it meant rid of Venkys and new ownership?

 

I'd sit through an entire episode of coronation Street if it meant getting rid of the three stooges

[davefarnworth]

Don't knock Corrie. I'd settle for non league to get rid of those shysters to be able to come back and support my club again 

[47er]

To me it looks like "the end" will come sooner than later. Had to come with these clowns..Better than going on forever like we are, dying slowly and trying to pretend next season will be better and then finding it's worse.

Next season is never better. We simply adjust our squad till it's a lower half side struggling in whatever league we are in.

Squad gets weaker every single year.

But even now some on here struggle with this and talk up our chances of promotion! Once we get back to the championship we are within touching distance of the Premiership again, so the theory goes.

Its delusional, an absolute denial of everything hat has happened over the last 7 years.

So "THE END"----I'd sooner it comes tomorrow than continue with this crowd of criminals and idiots.

One of two scenarios will occur:

1) We will go into administration, the Club will be worth less than nothing and creditors will not be paid. Terrible for any "little people" caught out by this but joy in that 99.9% of Rovers debt is owed to THE VENKYS!!! Savour that deliciousness for a moment!

At that point the administrator will look to anyone who has the means to step in and take the club over for peanuts.

In my dreams, step forward you Ians, your time has come!

2) The administrator finds there is no prospect of survival, in which case the business is wound down and everything is sold to pay creditors what pittance they can.

Do we die at that point? "Yes" say plenty, "not the old Rovers, the links back to the Premiership and League Cup wins and the 1928 Cup Final have been irretrievably broken, it's not my club anymore, I'm finished with football etc etc."

I hope more will think differently. Are we incapable of doing what Wimbledon and others have done? Surely not. A revived club "Rovers of Blackburn" or whatever is the answer. Years of graft, blood, sweat and tears and all that but we have examples to show it can be done if we have the determination. And surely enough people feel that way? It's not been "our Club" since Venkys took over.

Absolutely unthinkable that after over 150 years there could be no football club called Rovers, playing in the Blackburn area, in blue and white halves. Unthinkable.

Keep the anger, it will sustain us over the next decade and channel it into whatever we have to deal with post-Venkys.

 

 

 

[Liam0001]

Just now, 47er said:

To me it looks like "the end" will come sooner than later. Had to come with these clowns..Better than going on forever like we are, dying slowly and trying to pretend next season will be better and then finding it's worse.

Next season is never better. We simply adjust our squad till it's a lower half side struggling in whatever league we are in.

Squad gets weaker every single year.

But even now some on here struggle with this and talk up our chances of promotion! Once we get back to the championship we are within touching distance of the Premiership again, so the theory goes.

Its delusional, an absolute denial of everything hat has happened over the last 7 years.

So "THE END"----I'd sooner it comes tomorrow than continue with this crowd of criminals and idiots.

One of two scenarios will occur:

1) We will go into administration, the Club will be worth less than nothing and creditors will not be paid. Terrible for any "little people" caught out by this but joy in that 99.9% of Rovers debt is owed to THE VENKYS!!! Savour that deliciousness for a moment!

At that point the administrator will look to anyone who has the means to step in and take the club over for peanuts.

In my dreams, step forward you Ians, your time has come!

2) The administrator finds there is no prospect of survival, in which case the business is wound down and everything is sold to pay creditors what pittance they can.

Do we die at that point? "Yes" say plenty, "not the old Rovers, the links back to the Premiership and League Cup wins and the 1928 Cup Final have been irretrievably broken, it's not my club anymore, I'm finished with football etc etc."

I hope more will think differently. Are we incapable of doing what Wimbledon and others have done? Surely not. A revived club "Rovers of Blackburn" or whatever is the answer. Years of graft, blood, sweat and tears and all that but we have examples to show it can be done if we have the determination. And surely enough people feel that way? It's not been "our Club" since Venkys took over.

Absolutely unthinkable that after over 150 years there could be no football club called Rovers, playing in the Blackburn area, in blue and white halves. Unthinkable.

Keep the anger, it will sustain us over the next decade and channel it into whatever we have to deal with post-Venkys.

 

 

 

I've followed (and sometimes contributed) to this board for a long, long time and your comments following "2)" are the most heartening in years. Keep up that British spirit and let it resonate. We WILL be fine.

[47er]

Ta!

[PAFELL]

4 hours ago, philipl said:

I don't know but this morning I was extremely confident the chances of administration were zero.

Writing this right now I am enormously fearful. I see liquidation or administration for Rovers as the logical conclusion to what has been happening at Ewood since Thursday (BEFORE the tax raid)

The tax raid can only complicate matters.

In India it could be the hubris of the Raos has gone too far and they are in serious difficulty. At best they emerge significantly poorer and somehow avoid criminal charges etc (Mrs D has a criminal charge because of Lavasa I believe) turning into convictions. At worst, perhaps Parmalat.

One thing looks probable, the drip feed of cash to meet Rovers' operational short falls from Pune is in now enormous doubt. Which flips back to why I am now enormously fearful.

The faster information is in the UK media the better about what is happening in Pune  - No risk of libel if media wrote, 'it has been reported in the Indian press, that Venkys'. etc

It could force the FA to respond. Even act on the knowledge they already have on venkys and agents to 'consider them unfit owners'.

All bad publicity with regards Venkys circulating around the UK the better.

Tweet, retweet articles about the tax raid- if the media don't do it, then it is down to the fans to put it out there.

We have a few months before the season starts.

[Mike Graham]

We will be ok 47er.  Just turn up and support the lads.

Chip up chaps.

[philipl]

7 hours ago, Biz said:

As for admin, from everything I've heard or read recently, mainly from Battersby- Venkys won't let us go into admin because most of the debt is to them and their company is liable for the clubs other credit and cost, thus they'd lose what's left of the assets at a fraction and still be liable for wages.

 

Since it makes absolutely no sense for them, who's guessing they will allow it to happen! 

We are now two steps and probably £50m more cash away from the Premier League IF they make the right footballing decisions and thus far their footballing decisions have been close to 100% catastrophic.

There comes a point at which you conclude the c£200m blown is never coming back and you are not putting any more in to get it back. Even getting to the Prem and pocketing 100% of the bounty would only net £100m and a very worrying trend is the Prem clubs returned to net loss again this year DESPITE the monster medi deals.

It appears they reached that point when somebody finally had the courage to explain to Mrs D (quite possibly Paul Senior) what relegation to League 1 meant sometime after we failed to beat Brentford 6-1

That was before the 40+ tax raids on Friday morning.

More frighteningly, the State Bank of India, made the calculations and decisions and Mrs D still doesn't know what she needs to do this summer unless she listened to a recording of Battersby and Nixon on BBC Radio Lancashire.  

With the tax raids, the Raos are in no position to protect Rovers to the tune of at least £75m to pacify the bank. Yes "only £15m" of that is Rovers' exposure but the bank wants £75m to make it go away from the Raos' (now taxman sealed) door. 

With regard to Brian Potter's very valid points (although the Rovers are in the private and not public entities), the tax raid is really bad news so the usual reaction is to get all the other bad news out there in one go in a single mega hit. 

[Lancaster Rover]

One major issue thrown up by all this is the impact on the retained list. All out of contract players must have been offered terms by the 3rd Saturday in May. Is there anyone on the ground at Ewood to make those calls at the moment?

[dave birch]

It would appear that "many" premises have been raided across the country. So it's not just a Venkys problem.

Anyway, I can't see this going a lot further outside of India.

As in any country, money talks, and is a solution o many problems.

 

 

 

[arbitro]

43 minutes ago, Lancaster Rover said:

One major issue thrown up by all this is the impact on the retained list. All out of contract players must have been offered terms by the 3rd Saturday in May. Is there anyone on the ground at Ewood to make those calls at the moment?

I read an article by Mowbray where he kind of intimated that all the out of contract players will not be offered a new deal. He said specifically that we need to keep all our contracted players which I read as there will be no new deals offered.

I take your point though that some of them could well be in limbo through a lack of leadership at Ewood.

[blueboy3333]

9 hours ago, broadsword said:

I'd sit through an entire episode of coronation Street if it meant getting rid of the three stooges

I'll match your Corrie and raise you 10 minutes of Emmerdale

[PAFELL]

1 hour ago, philipl said:

We are now two steps and probably £50m more cash away from the Premier League IF they make the right footballing decisions and thus far their footballing decisions have been close to 100% catastrophic.

There comes a point at which you conclude the c£200m blown is never coming back and you are not putting any more in to get it back. Even getting to the Prem and pocketing 100% of the bounty would only net £100m and a very worrying trend is the Prem clubs returned to net loss again this year DESPITE the monster medi deals.

It appears they reached that point when somebody finally had the courage to explain to Mrs D (quite possibly Paul Senior) what relegation to League 1 meant sometime after we failed to beat Brentford 6-1

That was before the 40+ tax raids on Friday morning.

More frighteningly, the State Bank of India, made the calculations and decisions and Mrs D still doesn't know what she needs to do this summer unless she listened to a recording of Battersby and Nixon on BBC Radio Lancashire.  

With the tax raids, the Raos are in no position to protect Rovers to the tune of at least £75m to pacify the bank. Yes "only £15m" of that is Rovers' exposure but the bank wants £75m to make it go away from the Raos' (now taxman sealed) door. 

With regard to Brian Potter's very valid points (although the Rovers are in the private and not public entities), the tax raid is really bad news so the usual reaction is to get all the other bad news out there in one go in a single mega hit. 

Various bodies over here would have heard about the taxman raids in India - having heard that is it not possible people here have gone into Rovers to recoup what they are owed - or is accountants going into Ewood a part of what is going on in India.

Or could somebody be doing due diligence about the possibility of buying the club - because Venkys are being forced to sell. The fact it is accountants no longer used by the club or venkys, surely means others have sent them in.

[RoversClitheroe]

I feel like Ian knew this was going to happen this summer. 

[dave birch]

Just now, PAFELL said:

Various bodies over here would have heard about the taxman raids in India - having heard that is it not possible people here have gone into Rovers to recoup what they are owed - or is accountants going into Ewood a part of what is going on in India.

Or could somebody be doing due diligence about the possibility of buying the club - because Venkys are being forced to sell. The fact it is accountants no longer used by the club or venkys, surely means others have sent them in.

Hopefully, Pafell, your thinking is correct.