He's a good generator manufacturer as you have said, however when he first came to the club we were £30million in debt and now we are £100million in debt most of it to himself when he goes. Also any credit for the fantastic past few years on the pitch that this club has had, we have to thank Steve Bruce, on the most part, he is the one the players to Hull City for. Yes, Allam's "paid" for Bruce to come, but they did that on the back of knowledge from people who actually know about the game and the business of football.
Re. how the debt is administered ... agreed .... I doubt Dr. Allam is just giving money to the club but, then again, who WOULD do that?. The clubs accounts, due this week I believe will reveal a lot. Now the £1million minimum we allegedly have already lost from the name-change failing, relative to what's been spent on players seems peanuts but how much do Premier League clubs make in sponsorship? Sunderland's deal was worth up to £20 million a year so it's easy to see why Dr. Allam thought making the club more attractive to sponsors could help him walk away leaving a re-branded club less vulnerable to the Bartlett's of this world.
The £1,000,000 is very much alleged, as Ehab said there was none, but the price hike in passes was to cover that anyway. You're at least realising that your earlier argument about him putting his money in was bollocks, so there's progress in this. Next for you is to face the reality that the name change is nothing at all to do with income, it's a petulant reaction to the local authority.
I've just ordered a hip flask with 'Vaslav Is A ****' engraved on it, I shall be tweeting a picture of it later.
Isn't the debt underwritten with the assets of his main business though? In addition as the main stakeholder he in essence owns the debt anyway, and it would be subtracted from the value of the equity by any potential buyer, so to try and make out that he's done nothing in terms of 'investment' merely because he borrowed the bulk of the cash is somewhat disingenuous imo.
I see you have avoided answering my questions by asking another. Very clever. Assem Allam is very successful at making generators and selling them.
we'll soon find out who'll replace him, if Bruce gets on with them, if he stays, how many of the squad leave to join him at his new club, and if they're (the new owners) any better than Dr. Allam. It's quite possible the new owner will simply use City to strengthen their own brand (do Leicester actually get any income from "King Power" or is it a case of "I own the club, my company's name's going on the shirt and no, the club doesn't get any money for that!") ....
The debt remains a debt no matter how it is underwritten. It can be recalled at anytime. Assem Allam's legacy is a Premier League football owing nearly £100 million to Allamhouse. When it is repaid, either with cash from Hull City, by being converted into equity or from the sale proceeds of the club we'll know what his true legacy is. We are still in the first half of his ownership, the second half is still to come.
We don't know the details of the Allamhouse investment, we don't know how much was cash, how much was borrowing, or what is secured and what isn't. It's obviously all his debt, so it's far better than owing it all to a bank, but if he finds himself short of a bit of cash, he could call it in and the debt level now exceeds the value of the club, which leaves him with a bit of an issue when it comes to flogging it.
...and you know that how? OLM has said no-one knows the exact details of the loan arrangements, so you've no idea what the detail of them are and what clauses there are for calling in the loan, ergo you can't state that as 'fact'. The debt remains his whichever way you choose to cut it.
The pro_allam brigade seem to say they think he's liable to just pull the plug and bancrupt the club, which makes me question why they like him, and why they don't believe him when he says he'll only sell us to the right buyer, and act in the best interests of Hull City until they find that buyer.
But those "peanuts" would not be too far off what the Allams reckon the club would get in extra sponsorship from a name change. So they have already wasted a sizeable chunk of the extra that they said they don't have anyone lined up to pay anyway! I think in these parts it's called throwing good money after bad.
OK, so I think Dr. Allam knows more about running a business than Mark Gretton. Is that satisfactory for you? ... and a businessman is likely to run a business better than a nurse ... just as I wouldn't expect Mr. Allam to do a better job of giving someone a bed bath than Mark Gretton. Happy now?
He would be able to call in the debt whenever he likes, nobody's going to loan money to themselves and put in clauses that would prevent them taking it back.
Everton got £4m for their Chang Beer sponsorship and that has no connection to the name "Everton", "Liverpool" or "The Toffees". Is it far-fetched to suggest Hull Tigers could have got a similar amount at least from "Tiger Beer"? These are decent sums of money .... this gives some idea of the revenue the name-change could facilitate. Why can Sunderland do such a good deal and Hull City can't? Good question!! Why ARE their deals worth more than so many other clubs? http://www.sportingintelligence.com...record-high-thanks-to-north-east-boom-240702/ anyway ... we can just hope the post Allam era doesn't see us lumbered with the kind of owner City tend to attract ....
Its in the published accounts of Allamhouse Limited and Hull City Tigers Limited. Both are available for a small price from Companies House. What I've said is a matter of public record.
