I like this post, and to a large extent, agree with it. However, what is wrong with the rescued man taking responsibilty for his own future? For how much longer would we be expecting the Allams to 'invest' 10 million per season? We have to be self sufficient at some point, so why not now?
Or indeed the bloke who rescued him saying, " Now then son, this rescuing malarkey is quite expensive and as such I've got to watch the pennies for a bit. I've invested a bit of hard earned into you and I want you to show me a bit of payback. Live within your means for a while and let's see what happens " If said beneficiary threw a strop and said to his benefactor " You tight **** , what are you playing at? " everyone would think he was a spoilt little prick. Anyone heard of Abel Magwitch?
Plus putting such an increase though will see season ticket sales plummet. No guarantee that 2 million would buy a promo winning side, so that would negate the 'free pass' element. I don't think it requires too much money, enough of which could be generated by player sales and free signings and a couple of loans.
put you argument a different way. Mr Allam didny buy the club for £51 million. He SAVED the club by buying £51 million of debt from loan sharks who legitimise themselves as Merchant Banks
They haven't taken over the debts, they've paid them off. Go on the Companies House website, you can buy the clubs accounts for £1, even you might be able to figure out there's no loans on there(though I wouldn't put money on it).
I'll take it that you don't actually know what insinuate means. It's like arguing with a ten year old.
Have they released another set of accounts? Last one I saw had a massive inter-company loan in the creditors note. Granted that this will only ever get repaid to Allam Marine if City start turning a profit.
I haven't actually read the latest accounts in detail, I was just going on the Fail's report that there was a £41m cash injection. http://www.thisishullandeastriding....emier-League/story-14389793-detail/story.html I normally get a copy of the clubs full accounts so I can check all the details myself, I'll sort a copy next week to check exactly how the funding was provided.
Don't know why but I have a pdf of the 31 July 2011 accounts on my phone!!! Note 12 is creditors: amounts falling due within 1 year and shows "amounts owed to parent company - Allamhouse Ltd £41,005,701." The directors' report says "On 17 Dec 2010 the company (ie. Hull City Association Football Club (Tigers) Ltd) was acquired by Allamhouse Ltd. Since that time Allamhouse Ltd has provided funding to the club, to meet all trading obligations and creditors, amounting to £41,000,000." No, whilst I understand that this has paid off all the investec and bank loans and sorted out the transfer fees that were owed, without seeing the Allamhouse Ltd accounts it means very little. If Allamhouse Ltd was set up purely to buy Hull City (and Companies house shows that it was incorporated 14/10/09 and changed its name to the above on 6/12/10) then, I'm guessing they paid Bartlett (literally) a few quid for the shares in HCAFC(T)Ltd and then transferred £41m cash into Allamhouse from Allam Marine or as a director loan. That money has then been lent to HCAFC(T)Ltd to pay off its creditors, instead leaving the money owed to its parent company. It has presumably been done in a way as to leave the ability to extract as much profit as possible with maximum tax efficiency (eg. Director loan) but someone somewhere appears to be out of pocket to the tune of £41m.
I will not be paying nearly £600 for a championship season pass and i doubt many would. I like your thinking though
The money they very kindly paid to pay off our debts was a 'bonus' if you will, that's the part you don't expect from them and it was a massively generous gesture to do so. On the other hand, how many clubs spend £0 on transfer fees in any given window? I'd be surprised if there was one club in the 92 who didn't spent a penny on transfer fees, they are an essential expenditure. Pompey have been in the ****ter for 3 years and they've spent and spent the entire way through, and when we were in the **** before the Allams came in we still paid a nominal fee up front to Arsenal for Jay Simpson (something like £50,000 I think). Obviously that isn't very much but that was when we were absolutely ****ed for cash flow, so now without the very real threat of liquidation there absolutely must be money available to spend on players, and significantly more than that £50k for Simpson. I'm not saying they should do a Leicester and spend millions but we really should have at least some money for players. To hear AP say that there will be no money for transfer fees at all is just plain worrying.
