Blackburn Rovers Chief Executive Steve Waggott says the club's financial situation has improved but couldn't offer a timescale on when restrictions around Venky's will be removed.
Rovers were forced to cut their budget by 15 per cent in the summer transfer window after changes to tax laws in India. Since then, VHPL, the parent of the company that own Rovers, has been investigated by the Government. It recently came to light that HMRC had issued the club with a warning over an unpaid tax bill, which could have resorted in a winding up order, last summer.
Transferring funds to Rovers has become more difficult and, as a result, Venky's have used the High Court of Dehli to approve transactions to continue funding the club. £11.5million was permitted in November and there is another court hearing at the end of January to push through more capital.
This money is not for transfers and alike but to ensure the club pays its bills. The cash is being used for wages, utility bills and other day-to-day running costs at the football club.
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Understandably, Venky's financial restrictions have caused Rovers to be frugal in the transfer market. Jon Dahl Tomasson has repeatedly voiced his desire to sign more experienced players.
Rovers have a budget to work with in January but finances are tight and there is an element of juggling several plates. So far, Yasin Ayari and Ben Chrisene have come in with Lewis Travis joining Ipswich Town on loan.
Speaking at the latest Rovers fans' forum, Waggott insisted the club's financial situation has improved since the last meeting, back in November. The club's run to the Carabao Cup third round at Chelsea had helped to boost the coffers too.
He stated Venky's remain confident they can continue funding the club and have shown no indication that they are considering a scale. He did concede, however, that no timescale had been given over when the investigation would end.
Once again it was stressed that Venky's remain willing to fund Blackburn Rovers as before. This remains an issue of cashflow, due to the restrictions placed on the owners externally.
Waggott was also quizzed on his pre-season comments about the club's ambition, to stay in the Championship and develop young players, as if often referenced by Tomasson.
The CEO insisted the club is trying to be sustainable by prioritising their academy and clearing pathways for their young talent. He clarified that he was trying to manage expectations after an overachievement in 2022/23, considering Venky's issues. It was not meant to be seen as a lack of ambition.
Head of Marketing, Fraser Read, opened the floor for feedback on 2024/25 season tickets. A member of the meeting insisted the priority should reducing cost to move them in line with other local clubs.
The fans' takeover day against Watford was viewed as a success, though the club did take slightly less income. Another date is in the works either for later this season or the start of next.
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