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Rovers Trust concerned by figures
ROVERS Trust have labelled the £27m loss by Venky’s London Limited as a concern but admit the figures do not come as a suprise.
The Trust’s finance officer Dan Grabko, who led a report into the club’s finances in the summer, also believes that Rovers’ club accounts – released later this year – will see a loss of around £30m as those figures will cover an additional three months.
Grabko said: “My general feeling of the accounts is that this is exactly what we expected after doing our thorough analysis and projection in the beginning of the summer.
“The only real positive thing one can take away is that it confirms a willingness to put money in without resorting completely to debt.
“We see that they have put in over £25m of their own money in the form of share capital without the expectation of repayment.
“The real question is how this can possibly be a way forward.
“We’ve seen the full transition of the playing staff from Premier League calibre down to Championship calibre without the requisite savings in player and staff wages in proportion to the lost revenue.
“How this will affect us from a financial fair play perspective is worrying.”
Venkateshwara Hatcheries Pvt. Ltd set up the holding company, Venky’s London Ltd, to buy a 99.9 per cent stake in Rovers in November 2010.
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