So close yet so far. With the £10 million Allamhouse took out of City plus the interest we could have strengthened the defence and be sitting in the play-off places. Instead the Allams are looking at another season in the Championship and no way of getting their £50 million back. And some people still think they are good businessmen.
Help, easily done, but I'm confused. Looking at these accounts, it appears to me the players are assets of Allamhouse?
If we get, say, £15m for Bowen and £15 from a sell-on clause for Maguire, then wouldn't they be looking to get a more reasonable £20m? That's what I'm clinging on to, to be honest. I appreciate we'd need to get both fees up front, but from what Assem said to Burnsy, their valuation of the club is based on what they still see themselves as being owed. We're never going to sell for £50m. We might for £20m.
There are some owners who have written off millions to enable their club to be sold. Of course they weren't philanthropic people like our owner who saved the club as a gift to the city.
£50m for City, but by comparison I reckon Anderson would sell Bolton today for £1 providing someone took on the debts!
The Allams claimed that they had cleared all the debt when they thought (rightly or wrongly) a sale was on the cards Dec last year, yet the accounts still show c£18m worth of debt specifically allocated to City? Another lie! The debenture in favour of Lloyds TSB is still in place (as at 31.12.2018), so they can continue to take their 4% interest charges! They also charged interest of up to 2.5% when Allamhouse loaned funds to Ehab, hypocrites! At face value the Stadium Management Co looks like an ongoing liability (attributed mainly to the rugby club?) they hadn't planned on, then again they can offset the losses against profits elsewhere within the group! Overall group cash rich. Next season a realistic value of City with likely projected revenue would be c£25m tops I suspect, post a sale of Bowen. Ehabs cock up of the membership scheme allied to a lack of concessions will well and truly come home to roost next season, and significantly inhibit what the club can 'afford' salary wise given the Allams will not invest one penny beyond what the club generates itself.
They've never claimed to have paid down the debt, in fact, in the recent interview with Burnsy, Assem claimed it was still at £50m.
"The accounts also reveal "directors emoluments" of £185,000. Assem and Ehab Allam are the only listed directors in line for a share of that payment." Surely that can't be right as Assem said himself that he and Ehab hadn't taken a penny out of the club - do you think he may have been lying?
They dug deep into the thesaurus to find that word. emolument /ɪˈmɒljʊm(ə)nt,ɛˈmɒljʊm(ə)nt/ noun formal plural noun: emoluments a salary, fee, or profit from employment or office.
Everyday term round our way. Though a more accurate description in this case may be pecuniary advantage.
With all the adverse publicity this family attracts across the country who would want to trade with them if they had a choice? No wonder their profits are down.
Didn't Allam Marine win an exports award a few years ago? I don't think they are dependent on UK sales. Then again, if they have the same attitude to their business customers as us supporters, no surprise.
