Rovers in transfer crisis as the bank demands money
Published 23:00 17/07/11 By Alan Nixon
Blackburn are facing a transfer crisis - with their Indian owners told to cut the club’s overdraft before they can buy.
The devastating news comes after the chicken-farming Venky’s group planned to make a handful of signings and try to make their outfit into challengers for the Champions League.
Venkys bought Rovers for around £25million from the late Jack Walker’s trustees and agreed to take on the £18million overdraft in the form of a mortgage.
However the bank have now demanded that the figure is now reduced - with the cash from the sale of Phil Jones to Manchester United claimed and kept away from boss Steve Kean.
It is a hammer blow for young chief Kean and the owners who have lined up players and missed them since the decision was taken a fortnight ago.
Rovers wanted to break their transfer record and sign a striker like Mirco Vucinic, Papiss Cisse or Jermain Defoe for fees around or over £10million. But now they are looking for cheap deals, swaps or free agents.
Kean also wanted to sign Belgian star Axel Witsel, but Rovers were outbid by Benfica. Moves for Monaco defender Cedric Mongongu, Portuguese winger Vieirinha and Paraguay striker Nelson Valdez are also in doubt.
The Rovers boss may now have to sell again - on orders of the owners and the bank - with skipper Chris Samba a likely departure. Both Tottenham and Arsenal are poised if the price is right.
And the decision has rocked the Venky’s chiefs. Instead of plans to put money in for signings, which they pledged to Kean and the fans, they are now having to look after the bank first in a crippling development.