Ryan Alebiosu deal speaks volumes about what Venky’s are planning at Blackburn Rovers, a £5m injection confirmed

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Blackburn’s signing of Ryan Alebiosu shows signs of their new transfer strategy, seeking value abroad amid Venky’s financial constraints.

Blackburn Rovers have had a busy transfer window so far, including circling ‘quality’ Ajax midfielder who was in the Championship last season, and battling Portsmouth to sign ‘brilliant’ Sunderland ace.

As the club looks to bring in new players ahead of the season, it’s hard to ignore what is going on behind the scenes with the club’s owners – the Venky’s. Back in March, rumours of a takeover were circling, but the Venky’s are still at Ewood Park. 

And their recent signing, Ryan Alebiosu, who spent his youth career at Arsenal, is linked to the club’s owners’ ongoing financial challenges, and our football finance expert, Adam Williams, has told us why.

Blackburn’s new transfer play, why they’re looking beyond the EFL

“We’re seeing a clear pattern with the players Blackburn are targeting and have signed in recent windows,” Williams explained.

“They’re looking at markets where they think there are bargains to be had, as opposed to shopping in the EFL.

“The reason is pretty clear. The owners, Venky’s, have been required until recently to match every £1 they send to Blackburn with a personal guarantee as a condition of an ongoing investigation in India.

“In layman’s terms, this has meant that the financial burden on them to fund Rovers has doubled. The good news is that the courts in India ruled that the latest cash injection, which was worth £4.85m and was made last month, only required a 50 per cent guarantee.

“Hopefully, that will mean they are more inclined to send more money for more than just the bare minimum in terms of operating costs. That’s why the Adam Wharton money hasn’t been reinvested in the transfer market – because it’s been needed to cover wages while the cost of sending money from India has increased for the Venky’s.

“With Blackburn, as with nearly every EFL club, it’s the wage bill that’s the biggest expense, not transfers. Since they returned to the Championship, Rovers’ transfer amortisation – which is how clubs account for player signings over some time – was running at about £4m per season but is now around half of that. Their wage bill, by contrast, has remained steady at around £25m, though I expect it will have come down a bit in 2024-25.

“I think the wages of players like Tavares, De Neve and Alebiosu are probably lower compared to a similar profile of player they might have picked up in the EFL. Still, the fact that they are paying fees for some players hopefully indicates that the pressures of sending money from India have eased somewhat.

“Ultimately, however, they are at the whims of the Venky’s. They have lost over £300m at Ewood Park, and it seems like they are just keeping them on life support rather than giving them a real platform to build. Why? I have no idea. There is nothing in it for them. Blackburn is a money pit.”

Who are the Venky’s, and how long have they been at Blackburn? 

Venky’s, the Indian poultry empire, acquired Blackburn Rovers in November 2010 for around £23 million. 

This means they have been at the helm for nearly 15 years. Their tenure has been marked by considerable controversy and financial challenges.

Initially promising substantial investment, Venky’s ownership has seen Blackburn relegated twice – from the Premier League in 2012 and the Championship in 2017 – spending a season in League One before returning. 

They have faced ongoing financial restrictions, including issues with transferring funds from India due to an investigation, which has effectively doubled their financial burden at times.

While they have injected significant sums to cover costs, particularly wages, reports indicate they have incurred losses exceeding £300 million at Ewood Park, often leading to a perception that the club is in trouble rather than being given a platform to build.