New owner confirmed…
- Thread starter Hutch-tiger69
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Legacy, memories, all good times watching City. Those who have been supporting City since our move to the new stadium have seen some incredible times, virtually every season has gone to the very last kick for promotion or relegation to be decided on. As much as I/we loved Boothferry Park and our memories are often better then the reality, we had season after season there which were virtually over by January. But we all remember the good times most and it will be the same in the future when we look back on the last decade or more, It's the good times that are remembered, not the owners, or the managers, or the petty squabbles, they fade away into the background and we move on and that's exactly how it should be.
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You or I or anyone do not know how much the club was sold for. But we do know the club was sold and the new owner took on a club that was debt free and it had money in the Bank. You either believe it or you don't, not that it matters to any of us. If the owner borrowed money to buy the club is another matter and his business only, we don't need to know. We are supporters, not club accountants.
The SMC has about 15 million debt.
Hull city has about 30 million owing to Allamhouse.
So there's 45 million and if we guesstimate the value of the Club and the SMC at say 20 million the total is 65 million.
So potentially Acun paid Allamhouse all that was owed and the value of the club and smc.
Allamhouse wrote of some or all of the debt and Acun paid the difference
Acun paid the value of the club and smc and still owes the debt to Allamhouse
Any other possible scenarios?
It’ll still be the busiest thread on here
pretty sad
ehab living rent free in a lot of posters heads
pretty sad
ehab living rent free in a lot of posters heads
So you believe the BS Assam Allam was spouting!
From what's been said, it seems reasonable to assume that the club was sold for somewhere between £20 and £30 million.
For you and Allam to be correct, it means Allam has managed to get Acun to simply gift £20 to £30 million to him, resulting in the club's Balance Sheet now showing zero debt to our new owner. Incredible!
I never mentioned anything about where Acun got his money from and that's nothing to do with the point. The Allams took the club on with around £30 mill of debt and he's left us with pretty much the same debt, just now owed to Acun.
If Acun has bought us as a gift to the people of Hull then I take the above back. I'm 99% the Balance Sheet will now show £20 to £30 million debt to Acun and I won't be taking anything back. For him to say the club is 'debt free' is utter bollox and for you or anyone to believe him is beyond belief.
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If I believe it or not it doesn't matter and we will never know anyhow, as you don't know if it's bullshit5 or not, but you are assuming it is. How do you know the Allam's have left Acun with £30m worth of debt ? You don't. You are guessing.
I was told by someone who would know that the club was sold debt free with money left in the account. I have no reason to disbelieve them. You obviously do.
The club has been sold and we have new owners which is what everyone wanted. As supporters we should be looking for something from Bournemouth tomorrow and maybe a couple of signings coming in and and nothing else. The financial side is the headache of those who are risking their own money putting a team on the pitch, which we are there to support.
Acun will have paid next to nothing for City and the SMCs shares. The negotiations will have concerned how the debt to Allamhouse would be repaid. Acun would want the debt off the balance sheets and the Allams would have wanted their money upfront. Acun would have paid £30 million or whatever was agreed and the debt would be taken off the balance sheets. Acun would then have a club with no debts outstanding to the Allams. I'm not in the know but I'd be surprised if it was very much different from this.
It's people shouting "You 'ull", always sounds a bit like booing. Same with the cries of Eaaaaves.
In reply to UP and Obadiah.
No, I don't know exactly how it was all agreed. Yes, the debts to the Allams are almost certainly off the club's balance sheets.
The point is, the money Acun has paid will NOT have been a gift. It will show on the Balance Sheet as debt to him. We've replaced debt to Allam with debt to Acun. The club will not be debt free.
If I'm wrong, it means Acun has or will be gifting the £20 to £30 million.
As always, TWT but I think you live in cloud cuckoo land if you think he's bought us as a gift ..... as if someone would do that even when they said they did.
Whatever, I'm just glad they're finally gone. I don't like it though when there's BS and lies spouted. End of from me. Think what you want.
No, I don't know exactly how it was all agreed. Yes, the debts to the Allams are almost certainly off the club's balance sheets.
The point is, the money Acun has paid will NOT have been a gift. It will show on the Balance Sheet as debt to him. We've replaced debt to Allam with debt to Acun. The club will not be debt free.
If I'm wrong, it means Acun has or will be gifting the £20 to £30 million.
As always, TWT but I think you live in cloud cuckoo land if you think he's bought us as a gift ..... as if someone would do that even when they said they did.
Whatever, I'm just glad they're finally gone. I don't like it though when there's BS and lies spouted. End of from me. Think what you want.
Grumpy that we’d decided to go ahead with it and stopped them having a third jolly day out on the M62
The "You" part does, and as you'll know, a lot of the time that part is elongated for as long as possible, so until you hear the 'Ull part, it sounds a lot like booing.
The only person obsessed with this 'gift' is you. No-one else has mentioned a gift of any sort.
I have no idea how Acun will account for the repayment of Allam's loans. He could as you say load it onto City's balance sheet. Alternatively he could add it to the price of the shares when he sells.
Gifts to the people of Hull were a figment of Allam's imagination. Acun wanted a football club and he's bought one. He wants a successful football club and if he gets us to the Premier League he'll more than make his money back when he sells. In the meantime I'll sit and, hopefully, enjoy the ride. Its certainly got off to a promising start.
I had a mate who wanted to go to Southampton vs Arsenal at St Mary’s. I was given some free tickets and took him.
Two days later he rang me to say he was being interviewed on local radio and I should listen. The presenter introduced him and he said that he was disgusted by the monkey chants that he heard from the Southampton supporters. The presenter said he had been at the game himself and hadn’t heard anything.
My mate rang me after and asked what I thought, he said the football club was coming to see him and he wanted details of our seat number etc.
A week later, we met and he said straight away that he had been to the doctors to get his ears syringed!
He had been to the club and they played back the game and when he heard the monkey chant to tell them. He heard it about four times. They heard it as the oohs and ahhs from missed shots at goal.
I’ve said for a while, there’s no fan under 30 who follows City have known anything but success, compared to my first 25 years of failure, the next couple of years are going to be great, the first 5 under Allam were excellent, then he went crazy, but hey ho, we never went bust and he seems to have sold us to a good un, it’s like the new start under Sir Adam