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

Craigman

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philipl World Cup

philipl

Posted
Posted
Just now, Lancaster Rover said:

I don't expect anything to come of this now to be honest, we've gone from nailed on for admin to preparing for imminent sale, which is un-Venkylike in extreme

Well the £5.7m hasn't turned up without a reason.

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Iceman World Cup

Iceman

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Posted
Just now, OJRovers said:

You wouldn't put £6m into the club if it was in the process of being sold (for nothing).

This is more capital than they have put in for 2/3 years. Why now? They've let the club spend £1m+ on interest vs transfers of £250k in that time.

Nothing makes sense with this lot, unless there are benefits they are getting from washing this money through the club.

 Putting money in, even small amounts, is one way of covering your tracks. 

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Dunnfc World Cup

Dunnfc

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Looking at things it was always needed I think personally. Maybe to not this extent but near this mark to catch up on loss of revenue from last year if we are to use the published account figures from last June we'd end up pretty similar to the below.

For instance no 10.1 million parachute this year however the EFL gained a 30% solidarity scheme in the summer to commence 16/17 on behalf of the EPL to every team in the Championship this season which is equivalent to a 30% payout to each team of a Y4 parachute payment i.e 10.1 million, whilst the estimated 600k drop off in matchday costs was probably offset by playing Manchester United at home and attracting a bumper crowd. Wages figure is courtesy of Alan Nixon and from my own workings and knowledge of 50% of the squad is probably reasonably accurate to 5%. The loans and payback is accurate given it comes direct fom the creditors list in the accounts and qualification section declaring the interest amounts at each representative APR. Wage bills from my experience go in align with your reporting financial period so in BRFC case 30th June to 30th June so I think the costs were probably needed to plug May/June costs till the accounts are filed 30th June 17. which will probably tally when KPMG are finished and there report synopsis of events digested by Balaji!

The below gives 600k change , allowing for last tv money from championship and solidarity from Newcastle's straight bounce back up there maybe enough to keep going through July.

Solidarity scheme - http://www.efl.com/news/article/2015/football-league-clubs-get-double-financial-boost-2281337.aspx

Rovers last parachute cash - http://www.blackburn.vitalfootball.co.uk/article.asp?a=448095

 

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philipl World Cup

philipl

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Don't get excited.

At the beginning of the week everything was pointed towards liquidation or administration.

The refinancing of VLL to the tune of nearly £6m suggests neither of those are likely so yes I have changed my mind again based on the best information available- which has dramatically changed the picture.

EITHER,

The bank has told Venky's- put your money in or we are going to call the loan then stuck accountants in at Venky's expense to see what they can secure their £15m overdraft against

OR 

The club is being prepared for sale.

If this were a bog standard cost cutting and asset sale exercise, you would have, at the absolute most, 5 bog standard staff accountants from the Rovers' own auditors- not the folks you fired two years ago for being too expensive/resigned and certainly not from their London or Manchester offices.

 

Oh and sticking to the title of the thread, hearing that Venky's are still operationally on lock down across India.....

 

 

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philipl World Cup

philipl

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There is no basis for hope.

But there are tectonic shifts in our state of hopelessness:

- relegation

- Indian tax raid

- 20 highly expensive not your common or garden accountants marching into Ewood from KPMG on Monday

- Senior gone but Mowbray (apparently) not

- Vs opening the purse strings again with a capital injection and (apparently) paying April's wages

Those are our hard facts- anything beyond that is sleuth work and deduction.

Far more fun than watching a football match (not)

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Iceman World Cup

Iceman

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3 minutes ago, philipl said:

Don't get excited.

At the beginning of the week everything was pointed towards liquidation or administration.

The refinancing of VLL to the tune of nearly £6m suggests neither of those are likely so yes I have changed my mind again based on the best information available- which has dramatically changed the picture.

EITHER,

The bank has told Venky's- put your money in or we are going to call the loan then stuck accountants in at Venky's expense to see what they can secure their £15m overdraft against

OR 

The club is being prepared for sale.

If this were a bog standard cost cutting and asset sale exercise, you would have, at the absolute most, 5 bog standard staff accountants from the Rovers' own auditors- not the folks you fired two years ago for being too expensive/resigned and certainly not from their London or Manchester offices.

 

Oh and sticking to the title of the thread, hearing that Venky's are still operationally on lock down across India.....

 

 

As I said, 2 big accounting firms doesn't make sense for what we were told it was for. Never would 2 firms be needed for something like that. 

It's sale or administration, and the 6mill being put in is nothing but a way for Venkys to get HMRC off their backs

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J*B World Cup

J*B

Posted
Posted
Just now, OJRovers said:

Anyone think the £6m is a summer war-chest for Mowbray to lead a promotion push?

Can I just check... you've been seeing the same things as me over these past 6 years, right?

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Dunnfc World Cup

Dunnfc

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Posted
Just now, broadsword said:

Onwards, brethren... TO THE CHAMPION'S LEAGUE AND BEYOND!

Desai still thinks 5million and some leasing will plug gaps.

meanwhile balaji after finishing her s third dinner claims he's got 300 million in his sky rocket

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