HDM's tweets tonight promising a story on the financial situation at City and the amount of money the Allam's are going to have to put in in the future. Not great news by the sound of it but we'll wait and see. Will at least stop some people expecting miracles this summer.
Would be good if they could release an article regarding the financial situation to keep everyone updated on how things are. As you said it'll show people were we stand on the transfer front over the summer and how much we can actually spend.
I'll get crucified for this, but I'm gonna say it anyway: Sometimes I wonder if we'd have been better off being taken over by that large American bank.
Hdm will be desperate for some story because they- along with humberside- are getting nothing from the club. They'll be putting a different spin on information we already know.
Sounds like a day on here I have nothing against the Allams, in fact it's quite the opposite, but I fear our finances are in a such a mess that it's more than they can realistically afford and that they'd have to sell us on anyway and in the end they'll end up losing out on millions. I just fear that they don't have the money to sort the club out and/or the influence to find somebody who can.
It's a non-story though isn't it? We're paying high wages still, we've just had millions of pounds of debts cancelled and the People who did that had to put more in than they planned. Was it expected they'd stick a couple of million in the current account just in case? What else could the Hull Daily Mail be reporting? Did anybody really think the accounts were fabulous? We have no assets beyond playing staff, and essentially what the club takes, the club pays. How could the financial state be better? Just another nothing story in the silly season. I expect Monday's exclusive will be that we're playing our home fixtures at the KC, and at some point next week they'll break that we're also playing in the championship.
I can see where you are coming from on this one, compared to the owners in the Premier League the Allams have a small fortune and not one where they can go around splashing the cash as they please. Hopefully with the offloading of the high earners this will give us more room for manoeuvre in the transfer market but we can't look to the Allams as a bottomless pit of money.
So they're not being told anything about our transfer targets and have responded by publishing an article talking about how we're struggling financially? Sounds a bit fishy. Where've they got the information from? When we were taken over we were told the Allams were committing to putting £30M in to cover the debts and £10M as working capital. We weren't told when that £30M would be put in. Various interest free debts like the transfer fee installments and the presold season tickets there was no advantage in repaying those at the time so it could easily be those the Allams still have to put in (in the case of season ticket presales just to replace the money in our bank account when it's taken), in which case it's meaningless reporting that they still have to put more money in. Since then we've had no final accounts done (they run to July each year) so they can't have obtained those ahead of schedule, and there can only be a few people in the club that are responsible for dealing with the kind of sums involved so any leak should be easy to trace. Is anyone going to take the risk of being dismissed for revealing sensitive information?
We have a budget for players this season, they havnt told us what but ones there and apparntly its competitive. Allams having to pay 7m in this year to cover debt payments. We'l be debt free by december, but the Business structure at the club is a shambles and works in progress to rectify it and work towards a Swansea type business model (apparntly theyve broke even or made profit for the last 10 years) staff cuts, wage and transfer budgets will help achieve this. So while we aint skint, our business model and debts left by the previous owners mean we'd be pretty much ****ed without the Allams bank rolling us till cuts and a proper business model are put in place. I think the competitive transfer budget has more or less been spent and will be spent on Dudgeon, Evans, hobbs, Stewart, McClean, Fryatt, Chester so freebies it'l be now i think.
The full article copy and paste.HULL CITY: Allams face £7m bill for Tigers' losses Friday, June 24, 2011 Hull Daily Mail HULL City owners Assem and Ehab Allam will have to inject another £7m to cover the Tigers' losses in the forthcoming season, the Mail can reveal. But promising to provide a "competitive" budget for manager Nigel Pearson, the Tigers' board remain hopeful of seeing another promotion challenge this season. ​The Allam family have already ploughed in over £40m to tackle City's crippling debts since taking full control from former owner Russell Bartlett six months ago. That investment was enough to save the Tigers from the threat of liquidation last December but chief executive Mark Maguire has warned that the club is still at least 12 months away from being self-sufficient. "With the cost base that we've got, there will be a requirement for the owners to put in another £7m next year," Maguire told the Mail. "That's a combination of the existing costs that sit within the business and the fact that we've created a competitive budget that the football management believe can help compete to achieve Premier League status. "That means a further investment of around £7m will be needed. "If we return to the Premier League at the earliest opportunity then the job will be significantly easier to become self-sufficient. "But it's important to emphasise that we'll always want to compete and get back to the Premier League." City's transfer dealings have so far been limited to the double capture of Joe Dudgeon and Corry Evans from Manchester United last month. Interest in free agents David Norris and Bradley Johnson fell short on financial grounds, while long-standing target Neil Danns also looks like ending in disappointment. Moves for Nottingham Forest pair Dele Adebola and Paul McKenna, both available on free transfers, and £800,000 target Jack Hobbs at Leicester are all close to completion but City's budget has been put in the shade by several of their Championship rivals. "I know Assem and Ehab have sat down with Nigel Pearson and Adam Pearson and they've asked what they believe will be a competitive playing budget for next season to give us the best possible chance of getting back to the Premier League," explained Maguire. "Whilst fans want loads of activity in every window, it has to be strategic and in line with the forecasts. Nothing has changed in the last six months. "The Allam family have always been very supportive in all of the manager's requests and Adam has also been very keen to identify value." Although City stand to receive a total sum of £48m in parachute payments up to 2013-14, existing commitments and footballing debt means the net amount could be as little as £3m over the four years. A £7m payment, due in August, is already pencilled in to cover payments on structured transfer fees dating back as far as two years. "The legacy (of the Premier League) is huge and hugely negative," added Maguire. "Out of £48m of parachute payments, we're looking at perhaps seeing only £3m of that. Everything has been pre-spent.
I will be forever grateful that the Allam's have come in and saved my beloved Club but someone is having a lend of me I believe. I am not one of those who is expecting an immediate return to the EPL nor am I expecting a play-off position. I am expecting consolidation this season in the third quarter of this league. Some of the statements above suggesting that we are aiming to return to the EPL sooner than later are "in yer dreams". We do not have one player in our current team who is capable of playing at EPL level and have very few who could be classed as 'above average' for this league. The didgeridoo is stood in the corner and will continue to gather dust this season.
We got promoted with Championship players the last time Tigerroo apart from Turner, Frazier Campbell is a possible Prem player who has never proven himself and Ricketts is borderline Prem
Koren, Bullard, Rosenior, Oli, Fryatt could all cut it in the premier league IMO. Granted 2 of those probably wont play for city this season. I am frustrated by the lack of news and the quality of signings we seem to be aiming for and wonder what the budget is for signing players but lets just wait and see. It is still early days and we may still be in for a few surprises yet.
