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Richard Oakley

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Everything posted by Richard Oakley

  1. No. I repeat. All our accounting is done through VH group. As phili stated, in the past when our overdraft was exceeded,money would be sent through VH to issue/fully pay up new share capital to reduce it to the limit. I doubt Venkys could be forced to make a third party guarantee and we were a much better financial bet when taken over and when SBOI permitted an overdraft facility. If the club defaulted on the overdraft re-call, the bank got the lot.
  2. There were other banks involved, at onepoint. Each deal is separate and has its own secured collateral. Of course, SBOI may not treat them so. SBOI would appear to have Venkys by the short and curlies. All our accounting is done at VH Group,so if the SBOI has called in our overdraft,it wouldn't show anywhere else.
  3. Of course, it is relevant. A player always has a way out.
  4. If the player is down to receive a cut of the transfer fee, the bigger the transfer fee the more to him. @Bigdoggsteel I very much doubt he'd sulk. His agent would probably be telling him, he can get a much bigger deal than that.
  5. I agree with you. It would be a fair price, now.Suppose Armstrong scores 30 league goals, next season. Is it still a fair price or would it become a bargain? We lost Phil Jones for far less than he was worth, because of a release clause. We've been bitten once.
  6. A release clause puts in a lower floor. Unless there's a bidding war, the club is voluntarily putting itself in a worst position.
  7. The Raos aren't directors of Blackburn Rovers. I expect that the collateral offered the SBOI was the clubs issued share capital as owned by VLL. It probably looked like a very sweet deal at the start.
  8. I suspect the club owes the SBOI £32m. Venkys put in £30m cash whilst we were in league 1. Under league 1 rules ,all cash injections made by the owners are gifts. I don't believe Venkys have put in a single penny of their own and would still be on the hock to their investors. In administration, Venkys would be the largest single creditor, unless their 'debt' status was legally challenged.They would then be able to asset strip to raise funds to pay themselves off, and they would have appointed the administrator rather than let the court appoint one. As they are the majority creditor they would get to approve the deal to themselves. A sales to their friends, would still leave them exposed to their investors, I believe. I'm assuming the £5m saved in wages would be used to fund transfers in or 'flex.
  9. That's the rumour that has been posted on this board. @arbitro If the loan/debt is secured against the land, yes. If not, no.I suspect the SBOI would 'get' the club.
  10. Our account is directly administered by VH Group. All auditors of VLL will check is that it has the funds to cover expected losses. As for administration, since Venkys "losses" are secured against their land around Pune, Venkys will be 'keen' to avoid that. As for the State Bank of India (SBOI), they aren't the only bank Venkys have dealings with. I'd imagine SBOI is trying to have the assets the loan was secured against transferred to them in lieu of repayment. Since Venkys never does anything in financial terms, unless compelled, that will take a court case. Possibly more than one case. It takes time for courts to get around to hearing cases.As there's a pandemic raging in both India and the UK that's likely to take even longer than usual. I'm aware of the statutory requirement for the fiduciary trust owed by Directors.That says they can't knowingly trade whilst insolvent.Directors on holiday can't know. VH Group can decide to not send any information across so that they would know. I think the next internal audit is in October, for the club. The club can submit plans to the football league showing that the club plans to raise £10m from player sales in its 2020 fiscal year and project losses to £3m, within FFP. The club is showing that it does not intend to break FFP and is a 'going concern'. The club has a £10m bid in for a player, all of which the club will want to be paid in this fiscal year.If previous yearly projections have proved accurate, the league has no reason to be suspicious. The league has no reasonable grounds to launch an immediate spot check of our financial position. I rather doubt my suspicions would be deemed reasonable grounds by the league.
  11. These are VH Group accounts they'd be auditing. They make a profit not a loss. I'm pretty sure VH Group has a different start date to their fiscal year - I've never actually checked that.
  12. Yes, there has been an official statement, every year but this. You are trying to make out that Venkys changing what they've done each new club fiscal year is no big deal. It is a big deal. @phili Why would we be in administration?
  13. Every year, except this one, there has been an official statement that there's an agreed budget. Every year except this one, the VH Group accountant has said that Venkys will continue to fund Blackburn Rovers.You do like your strawman arguments, don't you? I'm not asking for details about what's in the budget.No-one ever has. Right now, there's nothing official to say that Venkys are committed to 'keeping the lights on'.
  14. Crooke said talk from the budget town is Nicko's tweet was that 'he had heard encouraging things' Neither is confirmation that we have a budget. No-one has confirmed that Venkys have signed off on a budget this year.
  15. Oh, I don't know. Those tackles he was putting in at the end of the first half looked like they were drawn straight out of the Smallwood Guide to Tackling. I thought both he and Cairney should have seen red cards.
  16. Seneca did, once. The question is how desperate are Venkys, now? A scion of a richer family owns Pune FC Yes, Venkys have guaranteed to cover wages in the past. I haven't seen anything that says they've guaranteed wages in our 2020 financial year.
  17. Last time Venkys turned the tap off they told us they wanted the club to be self-sustaining. This time, nothing. Staff are still owed the wages they deferred, which means Venkys haven't covered wages. At the start of our 2019 financial year, we owed £15m to the bank. I think all the losses in that financial year were added to the bank overdraft.When Barclays were owed that amount of money, they had to start the liquidation process to get their money back.The overdraft was not secured to any assets then and I doubt it is this time. RoverCanada and Vinjay keep a closer eye on things than I do. I'm guessing, going on gut feeling. The accounts show a steady rise year on year under Venkys for trade creditors. 'Mercer quoted an article in which Mowbray said we didn't have to sell any of our star men, but everyone else could be sold.That depends on who Mowbray classes as our starmen. Anyone who is sold would have to be replaced as well, if that would leave us below our approved squad size (I'm assuming Mowbray knows that). If we're selling to pay off people,how much is going to be left over to bring in new players? It's been posted that the club is seeking a relaxation of FFP. Aside from telling us we're going to be in breach of it again, it could signify another investor prepared to put sizeable funds into the club.Now, I think I'm clutching at straws.
  18. @chaddyroversThanks for confirming that everyone involved at the club with transfers has gone on holiday.My apologies for not qualifying my 'everyone'. You've said that you don't know, if Mowbray knows his budget. You hope the club will issue a statement clarifying this. Do you think we'll sign anyone before pre-season starts? Do we have to sell before we can sign anyone? @Paul Mani tells us that Venkys always put money in. @arbitro posted a response he'd had from the Ticket Office describing the club as 'cash-strapped'. Another poster wrote that Venkys had stopped topping up the wages of furloughed staff as from the beginning of August. How much are our trade creditors now owed? How much is the State Bank of India owed? Why then has no attempt been made to raise funds from the sale of season tickets?@J H Rover has been attempting to get the community to question the non-sale of season tickets only to be poo-poohed. There is an attempt to make things look normal. Talking to a player. Enquiring about others. Allegedly making bids for players. A facade of normalcy. Yet, were things normal, there'd be staggered holidays so that business can occur. I'm wondering, if the proverbial fat lady is about to sing.
  19. Chaddy first tells us not to worry as pre-season is two weeks away. Then he tells us not to worry because the season start is way off. According to chaddy nothing has happened because everyone is on their holidays.I wonder how long he'll stick to that excuse. I wonder how other clubs have managed to make signings in such circumstances. How for example did our transfer out of Matty Platt get done? The club's policy is 'even better don't say anything'. Perhaps chaddy can tell us: if Mowbray now knows his transfer budget if he believes any players will be signed before pre-season starts if we have to sell players before we can bring anyone in
  20. Against Sheff Wed? Does lock decidedly odd deducting points from Wednesday next season and Wigan this. According to what I read on a Wigan fan site, the League dated the administration to 22nd March. Now, I thought 13th March was the cut off for deciding which season points were to be deducted for administration. Sheff Wed may appeal depending on the written judgement. Frankly, given that the League will drag out sending tit to them until after the new season actually starts,I'd put the appeal in right away. I very much doubt Wigan's administrators have the funds to mount a challenge to CAS
  21. @Ewood Ace. I agree with you on how inexperienced they are, though Magloire and Grayson have completed a season out on loan. Unless we bring in a CB or 2,those 7 are it. Mulgrew's not going to play again and Williams really doesn't seem to be in consideration, anymore. @Sparks Rover Our priorities are GK, LB and CB. It's crazy to regard midfield as our third priority. However, Mowbray may see him as the central player in the 3 of midfield he wants to introduce. If you've got a player who wants to come and we have the funds, you buy him. Then you have your other targets hear a player so upbeat about the club and everything that it could swing them your way or rather our way.Messing him about like this is not doing our stock any good.
  22. We've Lenihan, Wharton, Williams, Magloire, Grayson, Carter and Mulgrew at CB. We're not massively short of CBs. If we keep 5 that's 2 out of the door. For me that has to be Williams and Mulgrew. Club's made it abundantly clear that it doesn't want Wharton. It's not his height. He's the same height as James Chester. He's not crap. If I recall correctly he was rather vocal about Mahoney being thrown out.
  23. I think it more likely that Preston buy Goode for a million and Northampton spend that buying Wharton.
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