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January window plans to be hampered by the bank?

With less than a month until the January transfer window opens it seems the club are finalising plans for player recruitment with a budget now set and a list of (hopefully realistic) players compiled to chase.

A striker, a midfielder and probably some full backs options were discussed during a meeting yesterday held with Steve Kean, Vineeth Rao and a few others including possibly Paul Hunt.

Rovers do have cash to spend and it seems like a figure of around 10 million is the widely reported and accepted budget that has been set for spend on new players .

Add into the mix the other main aim of the window is to hld onto prized assets Chris Samba and contract rebel Junior Hoilett but the club seem confident they can retain unless an offer of stupid size arrives via the fax machine.

All sounds pretty straightforward and a job well done by the Rovers board and their committee hey? Ah yes, but it's never quite that simple at Ewood Park is it.

Barclays Bank still hold a position of strength when it comes to the future of Rovers finances and are insisting that the club reduces the level of debt currently attached to the organisation.

Barclays are protecting their own interests it seems and are worried that Rovers will have a lot less ability to pay off their debts should they suffer relegation to the Championship.

Venky's on the other hand are reported to have told the bank that they will clear off a good portion of the debt in the summer and they need to buy now to ensure Premier League status and financial well being.

Sounds like something of a stand off?

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The Journalist

Writer: Mikey Delap Mail feedback, articles or suggestions

Date:Tuesday December 6 2011

Time: 10:34AM

Your Comments (oldest first)

Change to most recent first
Looks like there could be a block put in place if we don't sort things out in house sooner rather than later!!
Mikey Delap
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06/12/2011 10:36:00

I don't get why we still have this debt. This is the debt they told us would be cleared immediately when they took over. More laughs on us.
fransavarese
Report Abuse
06/12/2011 11:15:00

They bought you using a 'newco'. They then pledged the assets of the club against the debts. Barclays are quite rightly looking for greater debt cover as the holding 'newco' company is onlt worth the value if the shares it holds in the club - and it naturally follows that if the club goes down the value of those shares will go down with it.

Your owners are perhaps realising that they've bitten off more than they can chew. The fast way to lose millions is to buy a football club - perhaps they are only just realising that?
spursex
Report Abuse
06/12/2011 11:34:00

If only the banks had kept such a keen eye on their own debt ...
Stubbs
Report Abuse
07/12/2011 09:59:00

 

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