The accounts
- Thread starter originallambrettaman
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Name another Championship club around our size/asset value sold for anywhere near £60m?
The Club is £63million in debt and is now haemorrhaging money on a weekly basis increasing this debt rapidly.
The squad is worth peanuts in Championship terms.
The crowds are falling.
The commercial income has fallen through the floor.
Tv revenue is a fraction of what we've had in recent seasons.
This Club is worth sweet F.A. and the Allams will eventually have to face up to that, otherwise they can expect to lose millions going forwards.
Best run Club?
The squad is worth peanuts in Championship terms.
The crowds are falling.
The commercial income has fallen through the floor.
Tv revenue is a fraction of what we've had in recent seasons.
This Club is worth sweet F.A. and the Allams will eventually have to face up to that, otherwise they can expect to lose millions going forwards.
Best run Club?
Hull stadium company SMC run by Assem and Ehab Allam sees losses soar
Hull City relegation blamed for slump in income
The company running the KCOM Stadium and the Airco Arena has recorded increased annual losses.
The £1.9m loss by the Superstadium Management Company (SMC) owned by Assem and Ehab Allamis revealed in its newly-published accounts to the end of June.
The Allams also own Hull City, who play at the stadium along with Hull FC.
The loss by the SMC compares to an operating loss of £1.2m in the previous 12 months. In 2015/16 the SMC lost £1.5m. The year before it posted an operating loss of £447,389.
In the accounts, Assem Allam says the increased loss was "due to the relegation from the Premier League to the Championship of the football club and the subsequent fall in income".
Income from commissions received by the SMC on match-day attendance and catering were hit hardest during the year.
In particular, the amount of attendance commission earned by the company fell by 70 per cent to just £441,810, mainly because of much lower crowds watching Championship football.
Hull City's 2017-18 accounts explained as another huge profit is posted
Under a heading entitled 'Principal Risks', Mr Allam adds: "The principal risks to the company are the performance of the football team and the rugby club who use the stadium.
"The company relies upon the support of its ultimate parent company (Allamhouse Ltd) to continue to operate as a going concern."
The new accounts also reveal the SMC now owes £13.6m to Hull City.
Hull City's accounts might be the envy of the Championship but the well is running dry
The loss meant no dividend was paid to Hull City Council, the owners of the stadium.
When the SMC was first up under different ownership, the lease agreement included a provision for a dividend if certain profit levels were achieved.
Although small annual dividends were paid to the council under previous owners, the SMC has always recorded a loss under the Allams.
Hull City fans protesting against the club's owners Assem and Ehab Allam (Image: Jermone Ellerby)
Unlike previous years, the new SMC accounts do not contain any detailed commentary on potential future developments at either the stadium or the arena.
They simply say: "The success of the company in the future mainly depends on the success of the football and rugby clubs and particularly the former."
The newly-published accounts comes the day after Hull City posted a pre-tax profit of £23.7m for 2017/18, despite turnover falling by 53 per cent.
Hull City relegation blamed for slump in income
The company running the KCOM Stadium and the Airco Arena has recorded increased annual losses.
The £1.9m loss by the Superstadium Management Company (SMC) owned by Assem and Ehab Allamis revealed in its newly-published accounts to the end of June.
The Allams also own Hull City, who play at the stadium along with Hull FC.
The loss by the SMC compares to an operating loss of £1.2m in the previous 12 months. In 2015/16 the SMC lost £1.5m. The year before it posted an operating loss of £447,389.
In the accounts, Assem Allam says the increased loss was "due to the relegation from the Premier League to the Championship of the football club and the subsequent fall in income".
You must log in or register to see images
Income from commissions received by the SMC on match-day attendance and catering were hit hardest during the year.
In particular, the amount of attendance commission earned by the company fell by 70 per cent to just £441,810, mainly because of much lower crowds watching Championship football.
Hull City's 2017-18 accounts explained as another huge profit is posted
Under a heading entitled 'Principal Risks', Mr Allam adds: "The principal risks to the company are the performance of the football team and the rugby club who use the stadium.
"The company relies upon the support of its ultimate parent company (Allamhouse Ltd) to continue to operate as a going concern."
The new accounts also reveal the SMC now owes £13.6m to Hull City.
Hull City's accounts might be the envy of the Championship but the well is running dry
The loss meant no dividend was paid to Hull City Council, the owners of the stadium.
When the SMC was first up under different ownership, the lease agreement included a provision for a dividend if certain profit levels were achieved.
Although small annual dividends were paid to the council under previous owners, the SMC has always recorded a loss under the Allams.
You must log in or register to see images
Hull City fans protesting against the club's owners Assem and Ehab Allam (Image: Jermone Ellerby)
Unlike previous years, the new SMC accounts do not contain any detailed commentary on potential future developments at either the stadium or the arena.
They simply say: "The success of the company in the future mainly depends on the success of the football and rugby clubs and particularly the former."
The newly-published accounts comes the day after Hull City posted a pre-tax profit of £23.7m for 2017/18, despite turnover falling by 53 per cent.
Excluding the loan to Allamhouse the club has net assets of 31 million pounds (excluding the inter-company debt from the SMC). When you add in this season's parachute payment the sale price will be getting close to the amount owed to the Allams. The club is definitely worth a lot more than sweet fa.
Let's see how it plays out.
I suspect when they finally relinquish their ownership of the Club they'll get next to nothing for it.
The situation is dire even allowing for the final parachute payment.
The longer they hold on to it the worse it will get for them.
Its only worth something if it can repay that debt. Its running at an operational loss with no further big player sales to come in (s/to Maguire), so how are they even going to pay the interest on the Allamhouse loan is another question going forward. Based on your numbers you are saying there's approx additional goodwill of 32m? No chance of that. And **** knows about the SMC.
Either The Allam's will take a big hit, or they won't sell, or some absolute madman will pay well over the odds. The most likely outcome is they won't sell unfortunately imho.
Now that Maguire has signed a new long term deal, and Grosiki is not going to bring in any transfer money, that last sentence is surely pretty much bang on.
There's known income to come (remaining parachute related payments and remaining installments on previous player sales) but there is nothing else of real value or certainty. The only one that comes close is the potential sale of Bowen. All the remaining known income to come in (and go out) would surely be factored into a sale price.
So, logic would say, they will now be getting desperate to get out as there's nothing left financially for them to hang on for.
Let's just hope there is a better owner willing, able and ready to step in. If there is, then logic would say it is going to happen still this year.If there isn't, then we are (even more) ****ed. But every cloud and all that .... it now starts to hurt the ****s.
If he's a sole trader with a large client like that then you have to question the appropriateness. Plus if the fees breach, I think, 15-20% of his total fee income he may be potentially compromised under audit rules due to self-interest threat, which must be disclosed to those charged with governance, i.e. the Directors - boring auditor speak, sorry. Its Friday and I'm bored at work.
.....all the noises he is making are he is very happy to be at Leicester. Any offer accepted for him will reflect the new five year deal he has just signed and yes a decent windfall for City. The only problem is he seems to be most un-Pogba like in his attitude to the club he is being paid by.
Next to **** all.
Ellis Short wrote a big cheque to cover the debts that had accumulated.
https://www.bbc.co.uk/sport/football/43950121
No, he doesn't - if anyone wants him they're paying absolute top dollar for him.
https://www.express.co.uk/sport/foo...guire-new-contract-Leicester-City-Claude-Puel
If they sell then there will be no debt to Allamhouse. The club has a surplus on profit and loss account of around 31 million. It will receive parachute payments this season and the wage bill has been substantially reduced. Even with the falling attendance figures I expect Hull City to make a profit this season. All that will be factored into any sale price. Whether the sale price is enough to allow the Allams to get their 63 million pounds back is another question but I expect it to be somewhere close.
How much more do you think we should have borrowed from the bank to support Bruce? Another 10 or 20 million? Maybe more?
Unless you think the accountant is bent the Allams have taken out around 30 million from the 150 million we got from beating Sheffield Wednesday. The rest repaid the monies we borrowed from the bank to keep the relegation team together and the wages and transfer fees of our players, the majority being players Bruce signed. Our wage bill must have been astronomical for us to have gone through that money without seeing the vast majority of the debt repaid to Allamhouse.