Venky's not interested in selling

Last updated : 25 May 2016 By The Editor's Chair

Back in the heady Ewood days of November 2010, the Venky's of India set up a new holding company, Venky's London Ltd. They purchased a 99.9% stake in Blackburn Rovers FC, spending £23,000,000 on the deal and taking on around £20 million of the club's debt.

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Sadly this match might not happen again in my lifetime?

The Ewood based club are now managerless and in excess of £100 million pounds sterling in debt. Time to bailout perhaps?

The Ewood Park outfit's owner Venky's have however happily stated for Clarets' fans everywhere that it has no intention of selling or diluting its stake. This follows media reports that a joint venture ownership proposal has been put forward.

Last week, supporters' group The Rovers Trust backed an optimistic and hopeful proposal by Seneca Partners to take a stake in the club.

Seneca spearheaded by Rovers' fans Ian Battersby and Ian Currie, were understood to have put together a paltry offer to the Indian poultry processing company.

The two lads want Venky's to release 51 per cent of the equity in the club in return for new capital investment.

However, a newly released official statement on the Blackburn Rovers website has appeared, "'A message from the owners" which diffuses the speculation head on.

Venky's state, "We have come across certain media reports that we have received a proposal for joint ownership of the club.

"We wish to clarify that there is no truth in these reports. We, the owners of the club, have no intention of selling or diluting our stake in any manner.

"We are totally and absolutely committed to supporting the club and endeavour for its advancement in all aspects."

Venky's bought Blackburn Rovers in 2010 but the reign has been deeply unpopular with supporters following a succession of managerial changes and relegation from the Premier League.

The club's accounts for the year to 30 June 2015 show they are now more than £100m in debt. Pre-tax losses were £17.2m.

Hell of a job guys, hell of a job. Keep calm and carry on? The Conference beckons! (TEC).