Both spent millions upon millions in the club's name and tried to take loads of credit for it. Neither spent their own money. Both put the club in a perilous financial position. The true extent of the current plight is impossible to assess until it comes to a conclusion or resolution. At the moment our finances are heading in the exact same direction as they did under Bartlett. In terms of success they both got us to the PL which no one else has. One got us to an FA Cup quarter final to be knocked out by Arsenal, Allam has got us to the FA Cup semi. Is that the one difference? That he's took us a round further in the cup than Bartlett did? None of this is down to the owners anyway, it was Brown and Bruce that gpt us promoted. The owners input in both cases was to spend money, but not their own and not the club's.
Which part of serviceable debts do you not understand? They are being paid with 5% interest. The club hopes to turn a profit next season. Either those debts are paid to Allam by an Allam owned club, or they are paid to Allam by the club under new owners. The biggest influence those debts have is the value of the club. I'm no expert, but he either sells the club for a knockdown price because of the debts or writes the debt off to increase the clubs value. Neither of which puts us within 24 hours of liquidation, which is where Bartlett/Duffen left us.
fall out with the council about the stadium, lies about going to Melton, removing Hull FC pictures from the Stadium, refusal to have promotion celebration through the city, fall out with Pearson / Barmby, charging disabled supporters full price, reneging on Long deal in Jan, pretending they don't understand English properly after being here 45 years and claiming then claiming they are not foreign owners etc etc etc - looks like more than one topic to me
Or he pulls the plug putting us into administration & selling our players to recoup some of his losses leaving us just where Duffen & Bartlett did but with larger debts. It is their overspending which has supposedly left us in need of new investment and the name change (not that I believe any sponsorship deal would make a dent in that debt)
Bartlett borrowed the money directly from the banks which left Hull City AFC Ltd with the debts. Assem Allam has borrowed the money from the banks using Allam Marine and Allamhouse and lent it to Hull City Tigers Limited. The debts are only serviceable if Allam Marine and Allamhouse have the profits to pay the increased bank loans. Here's some light reading on the financial position of Allamhouse http://twohundredpercent.net/?p=25235
https://www.youtube.com/watch?v=kLivVk4HckA&app=desktop Approx 13:50 "The more money the club generates, the more the, the money will stay in the club. The more money it makes the better chance of acquiring better players, improving the squad over time, to maintain the status of premier league and hopefully the cup matches and going to Europe in the future." This isn't about solving an overspend, its about increasing income to strengthen the club. Remember, the club is expecting to make a profit next year subject to premier league survival. Pulling the plug and selling players would be a ridiculous business decision. How much of his 100 million do you think he would recoup? 20 million? Maybe 30 million. His best bet would be to sell the club for what he paid, £1, and collect the debt repayments at the current level for the next 10 years.
That is making a big assumption that someone will come in & but £100 million debt for £1 with no assets to secure that loan on and that he would recoup much of that debt over 10 years, especially when interest rates to his group are raised by the banks when they realise how insecure they are It is no more stupid than allowing someone else to buy the club for £1 & only get 5% interest on his debt while the club makes profits over & above the loan repayments
Hardly informative, more like personal attack on Assam Allam. As for your above quote, would it be fair to say he mortgaged his Allamhouse business to lend money to Hull City? I'm no accountant, but doesn't that mean that Allamhouse owes the banks but Hull City owe Allamhouse?
don't be daft - selling the club for £1 with liabilities of £100mill with or without 5% interest still means he's sold the club for £100 mill and no-one will buy it for that - he's not going to walk, just more Allam bullshit - the only hope he has of getting his money back is to stay and hope he keeps the team in the Prem and slowly recoup his investment
He'd sell the club for an amount of money with all the amount owed to him written off as part of the deal. If we end the season in 14th place this might be a good time for him to sell.
I'm not sure. I'm waiting for the next set of accounts to be published. The year end is 31 December. If Allam Marine are making enough profit to service the increased bank borrowing then its covered. Ignoring the 200% rhetoric and just looking at the figures it makes worrying reading, but the next set of accounts are the key.
It'll be worded in a way that attempts to persuade us to vote in favour of the change (i.e. "Would you like to have Hull City AFC renamed to Hull Tigers and receive x millions of pounds worth of sponsorship investment, or would you rather remain as Hull City AFC, also remaining unsustainable?")
And this is the rhetoric we're going to hear continuously for the next week, he knows he can't win a vote on the name change, so he's going to try and make into a vote of confidence instead. It's blackmail, pure and simple.
I perrsted this in t'other thread. I think this poll is a get out of jail free card, therefore will be straight and honest. Even if it's not, I still think it will be a genuine poll.
I agree, if it's not a straight question then it will be dismissed and ignored, it will be the rhetoric around the vote that will be iffy, not the vote question itself.
If it's a straight yes/no vote on the name change, it will be a landslide..............................................YES
im gonna start telling me kids that 100 & odd years ago hull city afc were ****e now we have success we are called ??...............................hahahaha
If they are being honest the wording on the ballot should be : Do you wish the Allam family to retain ownership of this football club, and by accepting this acknowledge that we may take any action we wish to with regard to the club, this may mean that all future changes will take place without consideration of the views or the fans or football authorities. YES NO
