Venkys are the impediment.

They filed the appeal on the 22nd April (see below) so 4 weeks after our CFO let them know we needed money to cover April to June obligations. Shows how high up their list of priorities the Venkys see us.

Plus we should still have a good chunk of the transfer fees referred to in the post balance sheet events to receive too. I wonder how close we are to borrowing against these future guaranteed incomings?

And from the horse’s mouth: https://enforcementdirectorate.gov.in/sites/default/files/latestnews/PR MBZO2- FEMA Seizure-4.09.2023.pdf https://enforcementdirectorate.gov.in/sites/default/files/latestnews/Press Release -VHPL-09.10.2023.pdf

I presume the reduction to a 50% guarantee on top of the emboldened bits is why the ED have now complained to the Adjudicating Authority.

You’re very welcome 👍

Apologies for quoting the same post twice but re the bit I’ve emboldened: A No Objection Certificate was issued for £15 million in March ‘24 - this was done without the court’s intervention. Persumably on that occasion the Venkys were willing to pay the guarantee in full and this time they weren’t.

No, point 7 of the new order gives permission for the sum sought to be remitted to be sent , point one of the new order states the sum sought to be £4.85 million.

Here is how I see it… The bank guarantee is only an impediment if the Venkys aren’t willing to fund it. Evidence suggests they’re only willing to fund it when the situation absolutely forces them to do so. Ergo (imo) it’s an impediment.

Agreed, I was just stating the appropriate stage will be dictated by when Venkys next drag themselves to court which may or may not be the date in August. I agree completely re the impediments by the way.

All of point 4 of the new order is cut and pasted from the 2023 order.

The below extract from the order suggests the Venkys will be back in court appealing to remove the guarantee requirement the next time ‘the shit hits the fan’ (aka ‘the appropriate stage’). Whether this will be before the next hearing or not might hinge on how much of what’s not tied down at the club they can sell off first.

They can send the monies requested in March now with a reduced guarantee payment of 50% - all other terms of sending that money are as per the order in October ‘23 The part about the club not being under suspicion yet etc is taken from the ‘23 order too.

I felt I was optimistic going with a tenner 😁

He’s moved on, so should we.

The Supremes - Stop In The Name Of Love

We could do far worse than to add critical thinking to the curriculum (try saying that quickly!).

Little Jimmy Osmond - Long Haired Lover From Liverpool

Culture Club - Do You Really Want To Hurt Me

I think the £200 million was the price Chelsea’s holding company paid last year to buy the women’s team from themselves to (I’ll be polite) ‘work around’ FFP rules. The more recent investment is the £20 million purchase of shares by the Reddit chap (Serena William’s husband).

Little Anthony - Tears On My Pillow

His stories or his…

His arse.

Who knows! - this judge’s list went into the 150s!!