Venky’s London Ltd (VLL), parent company of Championship side Blackburn Rovers, has recorded losses of over £27 million in the past financial year.
VLL is the holding company that bought a 99.9 per cent stake in Rovers in November 2010, revealed a £27,120,769 loss in the last financial year.
The accounts are the second set to be filed by VLL since buying Rovers and cover the period between April 1, 2012 and March 31, 2013 and l show that VLL turnover is down from £80.45m to £35.68m
Shaw said: “It is difficult for me to comment because I’m not an officer of Venky’s London Ltd, I work for Blackburn Rovers, a subsidiary of them.”
The club's relegation to the Championship has resulted in a loss of more than £35m from the Premier League's lucrative broadcasting rights. The relegation has also seen gate receipts fall by more than.
This loss come despite cutting staff costs by nearly £30m while also cutting operating expenses by more than £7m.
The report stated any additional funding would be made available by the parent company Venky’s.
It said: “The group will require significant funding in addition to the current facilities available to the group."
“The amount of additional funding required will be dependent on the net proceeds of any player trading and availability of bank facilities."
“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 to fund the group to the extent necessary for the group to continue to trade and pay its liabilities as and when they become due, for the next 12 months and thereafter for the foreseeable future.”
Blackburn Rovers’ will release the club accounts later this year, covering the period June 30th 2013.