Does anyone know how to get hold of this form? What experience, qualifications and financial assets do you need? I have an ISA account with Nationwide and several Premium Bonds hidden away. What sort of questions do you think they'll ask. My biggest attribute is I'm as mad as a hatter so I think I've got what it takes to run a top flight Premier League club. If I'm successful I may need someone to help out with the annual £45million players wage bill. Is it worth the hassle? What do you think?
No need, just admin it, there's no football debt so you'd get to keep everything and have a debt free club, all it would cost is ten points.
Is that right? I'm not sure how these things work. I assumed AA had guaranteed the loans to the club to buy players, so assumed it was all football debt?
The debt is all to Allamhouse, so is not football debt. I was only joking though, there's no way they'd let someone take over while their debt was unsecured.
OLM is right. Assem Allam has created a financially well run football club. The majority of the debt is to Allamhouse and if he handed over the shares free of charge, as he said Hull City Tigers Limited would owe Allamhouse nearly £100 million. There are no assets to secure that debt on which means that any new owner could put the club into administration, with a pre-pack agreement to buy it, leaving Assem Allam with nothing. The new Hull City AFC (2015) Limited will be left with the players, the TV money and a 10 point deduction, but not the debt. All it would take to remain a Premier League club is to have enough points on the board for safety before putting the club into administration. Unless someone is prepared to pay over £120 million the Allams will remain owners for a long time to come. Yesterday was all about frightening the FA into agreeing to change their minds and let him have his way.
Driff from CI says that Assem Allam paid upfront for transfer fees, but he may have agreed to pay the Premier League fees in instalments. The owners would take into account the transfer costs, say for argument, £10 million this year, £12 million next and £5 million for the year after in their forward planning. They would know they'd have to pay out £27 million over 3 years. They'd also know that staying in the Premier League would make paying those monies easier. By picking the right time to enter administration they'll get rid of the £5 million a year interest payments and the £100 million debt to Allamhouse. The cost of taking on Hull City as a gift could be either £27 million or £127 million, with the new owners in total control over how much they pay. Assem Allam would have built a financially sound club at a cost close to £100 million whilst somebody else walks away with it for next to nothing. It is unlikely he would give the club away whilst being owed any money, if he did it would be to a family member just so he could say he's a man of his word.
