It will still be one in one out budget restrictions until the issues are sorted and they have to fit into what Wharton's wage is.

There is no way they owe HMRC £26m, however it's quite possible they have managed to defraud the Indian Tax authorities of £26m. Also he got an awful lot wrong in 5 mins.

I think the last one was delayed 3 times before the court appearance and approval. So I can see this being delayed quite easily till June/July before approval to send the cash comes through. Where this puts our cash flow I have no idea.

Just from a friend who told me about the sale and lease back of Brockhall. We were discussing the Venky's out campaign and how it will fall on deaf ears as they simply don't listen or just ignore people.

I believe the enquiries have been early stage are you open to selling enquiries and have not received a response. So I don't think they are open to selling.

In the past 12 months there have been 4 enquiries for the club, 2 from American Consortiums, 1 from a Middle Eastern consortium and 1 from a UK based consortium. On each occasion Venky's haven't bothered even responding. There is interest in buying us, unfortunately we have Venky's as owners and they aren't interested in selling. The only way this purgatory is going to end is if Venky's are forced to put the club into administration other than that there is no chance of them selling their baby sadly.

The thing is we currently have £20m annual losses because Venky's have decided we need to make £20m of annual losses for some reason. New owners would probably want the £20m losses reduced pretty quickly so would invest in the commercial department to increase turnover, work with fans to increase attendances, invest in the match day experience etc. There would be a surge in action from the club and an end to the apathy that has set in.

What no ones seem to be looking at is we were on an agreed payment plan and couldn't make the payments. So for how long have our money troubles been going on for. For them to threaten that is normally 30-45 days after a missed payment on a plan. So our cashflow troubles go back a long way before Venky's had the Indian tax issue.

Also the judge is only looking at pre-existing contracts and day to day running costs. At the moment I don't think we can enter into new contracts.

When we do get new owners, the crowd will turn on them pretty quickly. A lot seem to think we are run well at the moment, in reality it is going to require a complete rebuild of the club behind the scenes and that takes a lot of time to sort out. Realistically it's a 3 to 5 year job and I just don't believe people will listen to the new owners when they say they have taken over a basket case.

I think Leonard can develop into a better player but not this season. He should be used this season coming on for the last 20 mins of games or out on loan. Ennis so far is a gamble that hasn't paid off and probably will be loaned to a league 1 side and then sold in the summer. With his goal return from last couple of seasons worth a shot but one of those players who can't make the leap up to the physical requirements of the championship sadly. Gallagher we need to keep as we won't have any of the funds to reinvest in a new player so best to keep what we have and get him fit. Our wage bill currently is probably down 50% from what it was 2 seasons ago but come the summer, Venky's either need to have solved their tax issues and be ready to invest or sold us to people who will invest. We can't have another season like this one as the squad just isn't there to cope.

Venky's were informed of the tax investigation in early Feb, so wouldn't be a surprise if Balaji contacted Silvester to delay submitting the paperwork following a tip off. As Silvester attended all meetings detailing the timings as evidenced in the appeal, it has always been suspicious.

It makes it more difficult especially if we enter administration as Venky's could have you over a barrel with the training ground.

I am not sure they have any political support at the moment. They seem to have upset Modi and he may very well crack down on them as a warning to others.

Nope definitely Venky's, they are the ones who did the dodgy dealing in the first place. Just that now they don't control the shots and won't until the the Indian Government completes it's investigation. That could be next week or 5 years from now. Up until then, they can't put money in for transfers, our playing budget is required to be reduced by a set amount a season and any funds for business as usual needs to be approved by a judge every 3 months based on the business plan for the year. Any large sales will be used for business as usual before being re-invested. It is far worse than being in administration as at least then there would be a time scale to the end of this.

It's really now up to the Indian courts and Government than our owners. People seem to be ignoring the part of the last judgment where the judge mentioned he would expect us to cut costs inline with our present situation.

Last season was around £20m this season with Venky's imposed 25% cut we are looking at around £15m. I have no idea where £12m has come from.

Yep insurance will cover all injured player wages, which is probably why we have a bit of spare cash at the moment with all of the players injured. Also I was told the deals for Moran and Hill are free with no contribution to wages from us but we have committed to a set number of minutes of playing time during their loans.

No one at the moment will be looking at investing until the tax investigation has been carried out especially as they are now looking at every transaction made. You just don't know what you are getting into.

Sadly yes. I think a few player sales will be required in Jan. If the high court appearance is delayed in Feb as it was twice earlier in the year, we'll be struggling to pay bills in March/April.

Out of curiosity what exactly is your issue with Broughton?

We are now in the hands of the High Court who will hopefully agree that Venky's can send funds to pay our remaining invoices till the end of the season. The high court won't approve and funds for player purchases etc. Inorder to make any signings in January we need to fund them through player sales and even that might be tricky as the fixed wage budget means there is no flex. If a player leaves even for a large fee we have what their wage is to play. Also if we did sell a player for a large fee I can see the courts saying you should have used those funds to pay the bills instead of signing new players and reject the Feb request. It really is a depressing situation only of Venky's making. If they don't sell during this time they are never going to. They have the perfect excuse of issues with the Government and won't lose any face in the business community.

Thanks Glen and Mark for taking the time to do this. I do have a quick question in that something doesn't add up funding wise. Normally Venky's send through £20m a season to keep us running. So far this season we have received an upfront payment of the sponsorship of around £2m, we have received around £11m from the court order, £4m from transfers, reduced the wage budget by about £3-4m for the season and however much we received from the training ground loan. This should be more than enough to see us through to the end of the season, as I get well over £20m from these events. So would like to know why we need another trip to the high court for the second half of the season, it sort of hints we have built up a lot of unpaid bills up until October that we hadn't paid and had bigger cashflow problems than we thought we had.

At the moment it looks a poor signing, although he was free and probably on 3-4k a week. If he comes good in the next 6 months then you'll then be saying it was a great signing. It's the market we are in, we can't afford finished articles on either transfer fee or wages. The situation in India will be getting worse before it gets better, so can probably see a 20% budget cut again in Jan and a further 25% in the summer as well as raising funds through sales. So I think we need to prepare ourselves for lots more punts similar to the Ennis deal. Some will work and some won't, we just need to hope more come off than fail.

I didn't say 12 months to sort out fitness, I said 12 months for fitness and develop into a championship standard player. It is very similar to Sammie Szmodics, taking a year to get up to speed and then flourishing the next season. This is the pond we are fishing in now, take rough diamonds and polish into a good player. I assume as Sammie was signed on a 3 year deal, he'll be sold in the summer for us to maximize his resale potential.