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Pete1981

Venkys London Ltd accounts

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17 minutes ago, tomphil said:

How can it be to keep us within FFP ?

I have no idea, that’s why I asked the question. People usually have some reason behind writing cheques for £9m+

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Didn't something similar happen last season around this time to the tune of around £6 million? 

Hopefully we are going to spend £9 million on a defender so 

😅

Edited by Bigdoggsteel

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1 hour ago, Bigdoggsteel said:

Didn't something similar happen last season around this time to the tune of around £6 million? 

Hopefully we are going to spend £9 million on a defender so 

😅

I think you'll find it's largely to cover the day to day expenses of running the Club, sadly ... the last published accounts to March 2018, show operational losses of £15.2m, that equated to £292,000 per week ....

The TV money for the Championship is much more than in that season, but even so, Venky's have pumped in £17,675,000 in 2019 alone ....

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I think it's money already spent rather than upfront and probably just pays down the day to day overdraft although we can but hope.

Let's not forget a few years ago they were dripping a few hundred grand and the odd million in here and there forcing the club to liquidise it's assets.

When this happens isn't it just a case of updating the accounts rather than a big cash injection ?   And being classed as owner input it must be pushing us nearer FFP ?

 

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2 hours ago, tomphil said:

How can it be to keep us within FFP ?

It won't help with FFP at all, as it was designed to stop this happening in the first place. It does depend of course what the funds are used for, as some of it would be ignored, if for example, it was used toward the academy. It is still frightening how much money the owners need to keep pumping into the club to keep it going. A lot has been self inflicted, but I still see no reason, why they keep on with this.

Edited by lraC

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2 hours ago, SIMON GARNERS 194 said:

Why the hell don't they pump a few Million more into the team and get us promoted to the Gravy train league...we're ALL quids in then!

Win win.

What amount to you reckon is enough to guarantee promotion? A few millions won't mean much. Given our squad you would probably need at least between 50-100 mill in transfers and wages just to have a chance. It's like russian roulette.  Venky are already losing 20 million a year for a mid-table squad with mid-table wages. 

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16 hours ago, SIMON GARNERS 194 said:

Why the hell don't they pump a few Million more into the team and get us promoted to the Gravy train league...we're ALL quids in then!

Win win.

Last January we were a few points off the top 6. Throwing a few hundred grand on wages of a couple of solid defenders for 4 months MIGHT have been enough to sustain the run and get into play-offs. Instead we capitulated at the back and dropped away. You don't get these chances very often.

 

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For anyone interested, below are all the cash injections into Venky's London Limited made since it was set up as the parent company vehicle to purchase Blackburn Rovers Football Club.

It starts with the initial £35.6m which off memory was £24m to pay to the Walker trust plus another £11m to cover the overdraft at the time and shows regular payments to keep the club afloat to a current grand total of £174.7m.

My understanding is that all of this cash has subsequently been loaned from VLL to BRFC at a zero interest rate.

  £ Issue £ Cumulative
04/05/2011 35,610,000 35,610,000
26/09/2011 3,460,000 39,070,000
10/04/2012 125,000 39,195,000
21/01/2013 24,388,000 63,583,000
12/05/2014 21,039,575 84,622,575
14/10/2014 15,912,500 100,535,075
31/07/2015 22,337,500 122,872,575
19/03/2016 1,085,000 123,957,575
09/09/2016 2,100,000 126,057,575
28/02/2017 666,000 126,723,575
17/05/2017 5,794,156 132,517,731
29/09/2017 6,653,000 139,170,731
11/01/2018 4,700,000 143,870,731
22/03/2018 3,625,000 147,495,731
25/07/2018 4,750,000 152,245,731
16/11/2018 4,812,500 157,058,231
28/02/2019 6,550,000 163,608,231
28/03/2019 1,500,000 165,108,231
01/08/2019 9,625,000 174,733,231

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And how much of that has just flown through the club elswhere without making a blind bit of difference to improve the team ?

 

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Just now, tomphil said:

And how much of that has just flown through the club elswhere without making a blind bit of difference to improve the team ?

 

Most of it. Sad

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9 minutes ago, SIMON GARNERS 194 said:

£174 Million to achieve Div1 football...takes some doing folks!!

Oh it's far more than that. £174m to achieve two relegations, seven managers in eight years, lining the pockets of multiple agents, employees and players who didn't give one useful contribution to this football club, turning the club and themselves into a laughing stock, decimating the fanbase and leaving the club in such a sorry state that it is now literally impossible to sell without wiping out the entire debt.

Bravo. 

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1 hour ago, DE. said:

Oh it's far more than that. £174m to achieve two relegations, seven managers in eight years, lining the pockets of multiple agents, employees and players who didn't give one useful contribution to this football club, turning the club and themselves into a laughing stock, decimating the fanbase and leaving the club in such a sorry state that it is now literally impossible to sell without wiping out the entire debt.

Bravo. 

You know what’s even worse?

If a rich sheikh offered them £174m to put this all behind them... they’d say no.

Makes you want to weep.

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Any rich sheikh who hypothetically bought us would have to fund the club in exactly the same way as Venkys do now. What would be the benefit. The past is the past, mistakes have been made but lessons have been learnt. 

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Just now, AshleyClifford said:

Any rich sheikh who hypothetically bought us would have to fund the club in exactly the same way as Venkys do now. What would be the benefit. The past is the past, mistakes have been made but lessons have been learnt. 

Ahhh the benefactor model...

Yet we are where we are now as a RESULT of their learning curve.

as opposed to where we were thanks to our previous benefactor and EXPECT to be returned.

The past is not forgiven or forgotten...

You are assured of that "Ashley"

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Just now, AshleyClifford said:

Any rich sheikh who hypothetically bought us would have to fund the club in exactly the same way as Venkys do now. What would be the benefit. The past is the past, mistakes have been made but lessons have been learnt. 

Anybody who bought the club would have to continue paying the debts, yes, but there's a lot of ways they could run the club differently. Hire an experienced, ambitious manager. Upgrade the coaching staff. Implement a solid boardroom and a structure above the manager which focuses on player recruitment and scouting, allowing the manager to focus on managing the team rather than doing everything else. They could have budgets set up well in advance, not requiring the manager and the CEO to fly over for face-to-face talks to beg for money every few months. 

The past is the past and continues to have a negative impact on our present, so no, we shouldn't just forget about it and move on. There's nothing to suggest Venky's have learned from their mistakes, they've just stumbled upon a vaguely competent manager who is willing to try and work in their dysfunctional structure and has been successful in returning us to the mid-table Championship purgatory we've been trapped in for six of the last nine seasons. 

If and when Mowbray departs we will be right back to the chaotic mess that's currently being hidden beneath the facade of stability that exists at present. We heard exactly the same nonsense during the Bowyer era. Stability. They've learned from their mistakes. We're on the up. 

Before long we had hired Owen Coyle and were nosediving into League 1. Another Coyle is just around the corner with this lot, which is why as much as I feel like Mowbray is not the man to move us forward, I genuinely fear what comes next. 

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Just now, OldEwoodBlue said:

Ahhh the benefactor model...

Yet we are where we are now as a RESULT of their learning curve.

as opposed to where we were thanks to our previous benefactor and EXPECT to be returned.

The past is not forgiven or forgotten...

You are assured of that "Ashley"

We were due to be relegated from the premier league it was a matter of time. The biggest mistake was not funding the club as they do now back when we were in the premier league, especially as our relegation could not have been timed worse with the increase in tv money. However their actions have cost them millions, and will not have financially benefitted in any way. 

Im not handing out praise but some comments contract each - we want a team that self sufficient or we want a an ambitious owner to bank role the club, you can’t have it both ways. 

Let’s avoid be personal and patronising sir.

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I find it incredible to be honest that certain people think that the past is the past and lessons have been learnt. Venkys will never learn their lessons and hiding away in India, funding the club for some strange reason, does not mean they have learned their lessons. They still have no proper structure or plan for the club and just lurch from one disaster to another. Do not be surprised to see a relegation battle again this year, another managerial casualty and some cheap chancer brought in to put it right. 

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