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

[Leonard Venkhater]

19 minutes ago, Brian-Potter said:

Is the rumour that they sold because of threats / pressure at the time? . 

 

Yes, that is the rumour!

[JHRover]

Just now, Brian-Potter said:

With regards to the prescribed element of the deed of trust mentioned I know that it existed, I am not prepared to say how. This is a legally prescribed term and therefore in turn means that Venkys provided sufficient evidence to the Trusts advisors that this clause was being adhered to. They would have only acted upon the information and advice provided to them at the time. I'm not saying there wasn't a section of them that wanted out and the sale at the time suited them.

Are the Walker family concerned at what has happened since? I have no idea? Morally you would expect so but none of us know.

The one awful thing about this is it has destroyed all Jack did for the club and not for one minute would I think he'd tolerate what has happened, I expect he'd be saying to his family "get in there and get it sorted"

Are the Walkers to blame for what's happened? No, I'm sorry but I don't agree with that view, they have to shoulder some responsibly for the hands In which the club ended up, but the only people responsible for our situation is Venkys.

Fair enough, I think we'll have to agree to disagree on this one.

Whilst I don't doubt that legally the Trust acted correctly and were within their rights to sell to Venkys, I'd suggest a blind man with no idea about football would have had deep reservations about selling this club or any other English club to an Indian family with no experience in any sport and who were being led by an agent/agency. So whilst they might not have broken any rules of the settlement they must have all known, deep down somewhere, that there was something unsettling about the whole thing. This wasn't a normal club takeover by say a US group with a track record in sporting ventures.

The Trust are responsible insofar as they let Venkys through the door, signed the whole thing over to them and did a runner. They brought them here and I'd suggest Venkys would never have got past first base at any other club where the hurdles were harder to overcome.

[bob fleming]

Just now, Claytons Left Boot said:

Afraid not but another of what was described at the time as one of the 'big four.'

Was it Slayer?

[Brian-Potter]

Just now, JHRover said:

Fair enough, I think we'll have to agree to disagree on this one.

Whilst I don't doubt that legally the Trust acted correctly and were within their rights to sell to Venkys, I'd suggest a blind man with no idea about football would have had deep reservations about selling this club or any other English club to an Indian family with no experience in any sport and who were being led by an agent/agency. So whilst they might not have broken any rules of the settlement they must have all known, deep down somewhere, that there was something unsettling about the whole thing. This wasn't a normal club takeover by say a US group with a track record in sporting ventures.

The Trust are responsible insofar as they let Venkys through the door, signed the whole thing over to them and did a runner. They brought them here and I'd suggest Venkys would never have got past first base at any other club where the hurdles were harder to overcome.

I do actually agree in a way with what you are saying, there is an element of responsibly on the trustees, it's just that in the scheme of things I think it's only a small amount and I don't blame them for the mess we are in now.

[Dunnfc]

Unknown identity of buyer confirmed, he's Chinese (Mandarin) - speculated by Myers last night:

杰罗姆·安德森

Jié luō mǔ·āndésēn

[Irishrover213]

Just now, Dunnfc said:

Unknown identity of buyer confirmed, he's Chinese (Mandarin) - speculated by Myers last night:

杰罗姆·安德森

Jié luō mǔ·āndésēn

Ha ha 

 

[RoverInverness]

Just now, Dunnfc said:

Unknown identity of buyer confirmed, he's Chinese (Mandarin) - speculated by Myers last night:

杰罗姆·安德森

Jié luō mǔ·āndésēn

Ha ha, very good.

[speeeeeeedie]

Just now, JHRover said:

The Trust are responsible insofar as they let Venkys through the door, signed the whole thing over to them and did a runner. They brought them here and I'd suggest Venkys would never have got past first base at any other club where the hurdles were harder to overcome.

They hired an agent to search for a buyer. That same agent was working with Venkys to find them a club. The Trust has some culpability for Rovers demise.

My feelings are that the Trust sold Rovers as it was a loss making operation. Due to the 07/08 recession hitting some of their other businesses hard they figured that it was a good time to offload Rovers. Disregarding the selling to Venkys part, if they'd have held on until the new TV deal kicked in they could have doubled or tripled their money if they wanted to sell - or even keep it and let it run itself as they'd more than likely not have to kick in anything.

[JHRover]

Just now, speeeeeeedie said:

They hired an agent to search for a buyer. That same agent was working with Venkys to find them a club. The Trust has some culpability for Rovers demise.

My feelings are that the Trust sold Rovers as it was a loss making operation. Due to the 07/08 recession hitting some of their other businesses hard they figured that it was a good time to offload Rovers. Disregarding the selling to Venkys part, if they'd have held on until the new TV deal kicked in they could have doubled or tripled their money if they wanted to sell - or even keep it and let it run itself as they'd more than likely not have to kick in anything.

Exactly, we've only to look at recent sales from local ownership to foreign at Swansea, WBA and Crystal Palace to see which way the Premier League is going. All clubs inferior to what we were in 2010-11 in terms of attendances, facilities, pedigree in the top division, yet all managed to pass quite seamlessly into new ownership looking to run them properly and grow the clubs because their outgoing owners had done their homework on the buyers and wouldn't sell to just anyone.

There's no way on this earth that Jeremy Peace, Huw Jenkins or Steve Parish would have even got round a table with Venkys and their friends. They'd have been shown the door straight away. I suspect the agent involved in pillaging Rovers knew that and knew that Rovers were a soft touch ripe for the picking due to disinterested owners keen to get out asap regardless of the impact it had upon the club.

One thing the Trust did manage to do is develop a belief among many that this club is always going to be a loss making operation. I don't believe that to be the case and had they held on for a few more years they'd have been part of the new cash bonanza in the Premier League.

[broadsword]

Yes, the Trust should hang their heads in shame. Every last one of them, the family and the trustees. Disgusting.

[toogs]

29 minutes ago, Brian-Potter said:

I'd suggest a blind man with no idea about football would have had deep reservations about selling this club or any other English club to an Indian family with no experience in any sport

Well there were plenty of posters on here that thought it was a great idea at the time of sale completion. Oddly they don't seem to post anymore.

[AllRoverAsia]

Following an earlier than expected conclusion to their lack of depth examination of Rovers accounts the Big 2 have released their findings in the following statement:

Dear Madame, Bling & Tash

"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness.

Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

We humbly suggest you sell for Sixpence and leave by the back door.

Proceedings against you for non payment of our Fees have already begun.

Yours

The Big 2

Micawber & Sons, Shylock & Partners

[Brian-Potter]

I have finally managed to speak to an ex colleague and friend who used to work here and is now a corporate insolvency lawyer a PWC. He hasn't heard any rumours of admin being considered at Rovers, he said that if admin was being looked at its highly unlikely two of the big four would be brought in, especially when Rovers is a £20m turnover company with a fairly simplistic business model. He also thought that it's strange for Venkys to ask two firms to provide them a full process audit mainly due to the costs and again the model of running the business, i.e a football club is simple one and doesn't need to be looked into to that amount of detail.

His view was that it points to a sale, one firm is working for Venkys and the other for the buyer.

[Mark Atkins' Bald Patch]

Just now, Brian-Potter said:

I have finally managed to speak to an ex colleague and friend who used to work here and is now a corporate insolvency lawyer a PWC. He hasn't heard any rumours of admin being considered at Rovers, he said that if admin was being looked at its highly unlikely two of the big four would be brought in, especially when Rovers is a £20m turnover company with a fairly simplistic business model. He also thought that it's strange for Venkys to ask two firms to provide them a full process audit mainly due to the costs and again the model of running the business, i.e a football club is simple one and doesn't need to be looked into to that amount of detail.

His view was that it points to a sale, one firm is working for Venkys and the other for the buyer.

... And the torturous rollercoaster of hope and disappointment continues apace.

[CrouchingNunhiddenCucumber]

Just now, Brian-Potter said:

I have finally managed to speak to an ex colleague and friend who used to work here and is now a corporate insolvency lawyer a PWC. He hasn't heard any rumours of admin being considered at Rovers, he said that if admin was being looked at its highly unlikely two of the big four would be brought in, especially when Rovers is a £20m turnover company with a fairly simplistic business model. He also thought that it's strange for Venkys to ask two firms to provide them a full process audit mainly due to the costs and again the model of running the business, i.e a football club is simple one and doesn't need to be looked into to that amount of detail.

His view was that it points to a sale, one firm is working for Venkys and the other for the buyer.

Having been pestering a few friends who work at the Big Four since this news broke they have said that a sale is a potential option however if it is it's more likely that the two firms are acting for different potential buyers. They also said (without prior knowledge of the Indian tax raids) that it could be some sort of inquest into something that does not need to be disclosed publicly - tax investigation or similar.

My reading from this unfortunately is that its all connected to the tax issues Venkys are facing in India, as much as I hope it's to so with a potential sale....

 

[PLJPB]

Filing today at Company's House shows the Raos put another £5,794,146 into Venkys London Limited as share capital which will presumable have been immediately lent to BRFC Ltd to keep us afloat. Could this have been needed to pay off one of the short term loans?

Also maybe this further cash need so soon after putting £666k in in February has prompted whatever KPMG & Deloitte are at Ewood for.

 

[AllRoverAsia]

3 minutes ago, Brian-Potter said:

I have finally managed to speak to an ex colleague and friend who used to work here and is now a corporate insolvency lawyer a PWC. He hasn't heard any rumours of admin being considered at Rovers, he said that if admin was being looked at its highly unlikely two of the big four would be brought in, especially when Rovers is a £20m turnover company with a fairly simplistic business model. He also thought that it's strange for Venkys to ask two firms to provide them a full process audit mainly due to the costs and again the model of running the business, i.e a football club is simple one and doesn't need to be looked into to that amount of detail.

His view was that it points to a sale, one firm is working for Venkys and the other for the buyer.

I concur and desperately hope that a new buyer is not  'friend' of the Raos or of anyone they have done business with.

I am a bit suprised though that there have been no identifiable leaks out of Ewood. Ignoring the possibility that Cheston & Shaikh are quite probably plissing themselves.

If it is a sale then the amount being spent on the big 2 can I feel be taken as a good sign of serious interest and intent.

In reality I do not have a clue but hope for the best and expect the opposite.

[Lancaster Rover]

Is there anyone left at Ewood to leak anything?

[toogs]

Just now, CrouchingNunhiddenCucumber said:

Having been pestering a few friends who work at the Big Four since this news broke they have said that a sale is a potential option however if it is it's more likely that the two firms are acting for different potential buyers. They also said (without prior knowledge of the Indian tax raids) that it could be some sort of inquest into something that does not need to be disclosed publicly - tax investigation or similar.

My reading from this unfortunately is that its all connected to the tax issues Venkys are facing in India, as much as I hope it's to so with a potential sale....

 

What's the timing of the two firms being brought in? i thought it was BEFORE the tax inspection in India?

[AllRoverAsia]

Just now, Lancaster Rover said:

Is there anyone left at Ewood to leak anything?

Good question and is Cheston still employed.

[CrouchingNunhiddenCucumber]

Just now, toogs said:

What's the timing of the two firms being brought in? i thought it was BEFORE the tax inspection in India?

Fair point, not actually sure of the timing. However even if the timing doesn't quite stack up you could surmise that someone in Venkys had a heads up on it and engaged the two firms at Rovers beforehand......I am aware I am taking a negative stance here but it's what 7 years of these clowns has done to me.

[OJRovers]

Just now, PLJPB said:

Filing today at Company's House shows the Raos put another £5,794,146 into Venkys London Limited as share capital which will presumable have been immediately lent to BRFC Ltd to keep us afloat. Could this have been needed to pay off one of the short term loans?

Also maybe this further cash need so soon after putting £666k in in February has prompted whatever KPMG & Deloitte are at Ewood for.

 

That's a shock.

Maybe just c£3m to cover then for the next season?

More likely is that the £5.7m was a funding line pulled by one of the short term lenders or the FA, so this cash will be on top of the £8m needed to get by for the season.

[CrouchingNunhiddenCucumber]

Just now, CrouchingNunhiddenCucumber said:

Fair point, not actually sure of the timing. However even if the timing doesn't quite stack up you could surmise that someone in Venkys had a heads up on it and engaged the two firms at Rovers beforehand......I am aware I am taking a negative stance here but it's what 7 years of these clowns has done to me.

And to further add to this view - if the firms were engaged at Rovers because of the tax investigation one firm would be working for Venkys and one for the Authorities.

[gumboots]

I just wish to goodness they'd get on with whatever they are up to then I can stop checking on here all the time.  I remember the days when you checked here because there was potential transfers into the club and you wanted to hear if it happened.  Nowadays we check in to see if anyone has found the way to get rid of the owners.  The hope would kill me if I let myself hope but I'm trying very hard to think it's all nothing.  

[chaddyrovers]

According to Nixon these accountants have been in since Monday before. So the day after we went down