UK time is: 11:27:45
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

Venky's make Rovers financial promise

Rovers owners Venky's have given assurances over the future of Blackburn Rovers after some rather alarming financial figures were recently published.

An annual balance sheet was published showing that a pre-tax loss of 18.6 million was made during the last year, most of which was under Venky's reign, which represents a huge increase of just under 17 million compared to the previous year in the loss department.

Furthermore club debt is up to over 26 million which is high considering the revenue streams available at Rovers and with the wage/turnover ratio still standing very high at around 85% the figures are not for those with a nervous disposition.

But despite all this, the Indian owners have re-iterated their desire to fund Rovers and provide financial backing as and when it is needed.

A club statement reads - "As part of the directors` assessment of going concern they have prepared detailed cash flow forecasts for 18 months to the end of June 2013."

"These forecasts indicate that the company will require significant funding in addition to the current facilities available to the club.

"The amount of additional funding required will be dependent on the net proceeds of any player trading and availability of bank facilities. (Ed - Basically try and make a profit off the selling of players which is a bit of a cop out.)

"In view of this the directors have received confirmation from the ultimate parent company (Venkateshwara Hatcheries Pvt Ltd) that it has sufficient funds and is willing to provide such additional financing as may be required.

"The company is currently operating within its facilities provided by Barclays, which are due for renewal on June 30, 2012.

"The directors have started discussions with Barclays regarding the renewal of these facilities when they expire and based on these discussions the directors are optimistic these facilities will be renewed on acceptable terms and conditions."

A LOT OF WAFFLE in that statement.

It is however getting to the stage where Venky's need to stop rinsing their credit agreement/bank facilities and put their money where their overly keen mouth is spouting.

Join The Vital Debate




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



Click here to join in the debate on the club forum.

The Journalist

Writer: Mikey Delap Mail feedback, articles or suggestions

Date:Tuesday December 27 2011

Time: 10:02AM

Your Comments

"Such additional funding as may be required" is utterley meaningless. There's not an ounce of comfort in this statement. Forget the manager - Venky's need to go for Blackburn to survive. And until they go we are sliding in only one direction.
petfel
Mikey, you have omitted to mention that the Venky's have already put in a further 10 million in addition to the purchase price through buying un-issued shares. I'm not criticising your report, just setting the record straight.
Ewoodrover
Ewoodrover - thanks dude good input :)
Mikey Delap
 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Articles

Rovers disappoint again (Friday April 18 2014)

Rovers expecting DJ help (Thursday April 17 2014)

Marshall aiming for early return (Wednesday April 16 2014)

Millwall set to end Campbell loan (Thursday April 10 2014)

Bowyer delighted with Rovers (Wednesday April 9 2014)

Archived Articles

List All Vital Blackburn Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

League Results (view all)

League Table (view table)

Team P W D L GD Pts
7. Reading 43 17 13 13 10 64
8. Ipswich 42 17 13 12 8 64
9. Bournemouth 43 17 11 15 -1 62
10. Blackburn 43 15 16 12 3 61
11. Forest 42 14 17 11 4 59
12. Middlesbrough 42 14 16 12 10 58
13. Watford 41 14 15 12 16 57

Breaking League News

What The Bosses Said - Latics 3 Reading 0
Wigan : 19/04/2014 11:23:00
Class Above - Latics 3 Reading 0
Wigan : 19/04/2014 11:07:00
Preview: Watford v Ipswich Twon
Watford : 19/04/2014 10:36:00
Reading : 19/04/2014 10:00:00
Huddersfield 1 Brighton 1 (Report)
Brighton : 19/04/2014 08:22:00
Dickov - Quality in the final third the difference
Doncaster : 19/04/2014 08:00:00
LUFC Murphy to maul the tykes?
Leeds Utd : 19/04/2014 08:00:00

Current Site Poll (view all polls)

Robbo for England? (again)
Suggested By:  VB Admin
Yes, as back up - why not? 56%
No, his time has been and gone 44%