why do we need this self elected group anyway?
Why can't they just **** off and form a chess club or something else?
Why can't they just **** off and form a chess club or something else?
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Under Bartlett the companies owning the lease to the KC and Hull City AFC were insolvent to the tune of £40 million. Their shares had no value, they were worthless. Assem Allam bought the shares off Bartlett for a few quid. What he bought in reality was a football club which was £40 million in debt, mainly to the banks and tax man. Assem Allam then lent Hull City Tigers Limited £40 million quid to pay off these debts, plus a further £30 million to get us promoted to the Premier League. The monies weren't gifts but loans on which he charged 5% interest. The tax losses incurred by the SMC and Hull City were given to his other companies to reduce their corporation tax bills saving them millions.
If the debts are finally repaid his investment in the football club will be exactly what he paid Bartlett, a few quid.
Assem Allam is an astute businessman, not an idiot. If he sells now for £40 or £50 million he'll have made all his money back and then some. If he continues to take out £5 or £6 million a year to pay off his loans he'll have made his money back in 10 years together with the profit from the interest charged. If he, or his family, sells after the loans are repaid it will all be profit, even if he only sells us for £25 million.
The 10 years is hypothetical of course and requires Hull City to retain premier league status during that time whilst still managing to balance the books. alternatively he could have just not bothered in the first place and reinvested the loan monies back into his own profitable and growing business.
I bet he had to fight off dozens of other investors with a stick covered in **** to get to the front of the hull city investment queue.
Which brings us back to his fall out with the council. He wanted the freehold as part of their contribution to his sports village. Hull City AFC would have been worth far more with the freehold, especially if it was handed over for nothing. All water under the bridge though.
He could have just collected the profits from Allamhouse and Allam Marine but he'd have had to pay millions in corporation tax. This way he collects interest on the loans and pays nothing in corporation tax, at least until Hull City's losses have been used up.
Damned with faint praise. kinell. Laughable.
Exactly, interesting times we live in.
Eyup ****,
It won't affect you if Hull City are relegated. Your Saturday afternoons will then be spent down the chess club waiting for your "2nd team's" result to filter through with only your hat & glove combo to remind you of the "good ole days" when you got to watch all the big boys for real..
That would be a bummer. Plus I'd have to keep switching my second team based on who had spent the most money in the transfer window.
It's a good job we are under the ownership of such an astute businessman who will make sure the Hull Tigers don't get relegated.
My God!! Where to begin???
I suppose first of all, we beginning with your original statement which was that he bought the club for a few quid. You, predictably because it ruins your snivelling, ungrateful, disrespectful viewpoint, you made no mention of the debt until you were challenged.
Secondly, if what he did was so insignificant and such a good business move, how come nobody else was in there pitching? Also, how come Adam Pearson stated the purchase made "No business sense"? Or are you saying you are a better businessman than Mr. Pearson?
Thirdly, you seem to completely ignore the risk. You talk as if it's all been a bed of roses, that success was completely inevitable, that at no time was he putting his families wealth at risk. What if we hadn't been promoted? What would happen if we are relegated now?
Finally, if the debt was £40m and he spent £30 on players (both of which I suspect are well under the actual) and he takes £5m a year out, just how does he get his money back in 10 years?
What really makes me laff about you people is you slate the man with some appalling abuse, despite his fantastic philanthropic gifts to the people of Hull, and then you say you'll always be grateful. Just what is your definition of gratitude?
Yes, it's a joy walking to the KC Stadium. To see all the landscaped grounds, the sports complexes, the hotels and bars, the 1000 jobs and secondary businesses bringing prosperity to an otherwise derelict and run-down scar on the area, all thanks to the fantastic relationship our council has with the business community...............................Oh Wait!
Oh **** please tell. These Hull Tigers of who you speak, what is their purpose? What is their game? When do you watch? Are they the greatest you've ever seen? Who are they? Do they do hat & glove combos?
Do they exist anywhere but in the mind of a bitter, ill advised, batty old man & his minion like family & hangers on?
This astute businessman who runs your mystery club does he know his FA from his Court of Arbitration for Sport? Does he understand what "give it away" means? Does he know what "gift to the community" means? Does he know what "60% supporter owned" means? Does he know what "fully retire in 4 years" means? Does he know what "out means I'm out" means? Does he know what a "man of principle" is? Does he know what "walk away" means? Does he know whether Hull City is a shorter name than "Hull Tigers"? Does he "carry out market research & publish the results" when he says he will? Does he know the name of his club? Does he know what "The club has not changed names and I will not change the club's name" means? Does he know what "float on the stock market" means? Does he know what "giving fans the opportunity to become stakeholders" means? Does he know what "bring down ticket prices" means? Would he consider a statement like ""I expect the council to come to me to discuss the plans. I do not hope, I expect the council to initiate these discussions" as aggressive? Would he consider a subsequent comment like "I would welcome any opportunity to speak to Hull City Council with open arms" as backtracking? Would he ever offer to fully fund a football match for charity so all the money involved would be for families affected by a tragedy only for it not to materialise or ever be mentioned again? When he says he'll do something does he ever go back on his word? Would he find it hard to live without being true to his principles? If he were to threaten to "walk away" from something "in 24 hours" if he doesn't get his own way would he carry out the threat? If the crest of his club were to be changed & he promised to consult with supporters in the design would he fulfil his promise? Does he ever go back on his word?
Just asking.
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They offered him a joint venture to develop the sports village Assem Allam said no.
no sure i can full support paragraph 2 of the statement .
Im sure Deano is grown up enough to make his own decisions , foresee the consequences
and weigh up the pros and cons of taking a wedge as opposed to staying onside with the vocal sections of the fans
Booing him or more importantly his actions doesnt detract one bit from what he has done for the club in the past
Im sure Deano is grown up enough to make his own decisions , foresee the consequences
and weigh up the pros and cons of taking a wedge as opposed to staying onside with the vocal sections of the fans
Booing him or more importantly his actions doesnt detract one bit from what he has done for the club in the past
I thought you understood the difference between buying and lending. The debt is currently £67 million. £5 to £6 million a year over 10 years is between £50 to £60 million. If we get relegated he may have to wait longer before getting his money back. As long as the club remains profitable he'll get it back.
I'm saying Assem Allam is a better businessman than Adam Pearson. When he finally sells the club he'll have made a significant amount of money from his investment in Hull City.
I don't blame him. Why would he want to invest his own hard earned money only to share control with a bunch of incompetent nobodies?
So here we are, a deteriorating stadium surrounded by wasteland, gypsy horses and dumped matresses, no jobs, no ameneties, no outside investment. What a great outcome for the people oh Hull.
I've never heard on criticise AA for making a profit on City.
What annoys people his constant claim it's a gift when he's making £5m in interest.
What annoys people his constant claim it's a gift when he's making £5m in interest.
You keep making false statements, wonder why that is?
In 2012/13 there was only one Championship Club that was in profit, that was Blackpool, whose owners chose to take the money and run and who are now staring relegation in the face. The total debt of Championship clubs was over £1bn.
"If we get relegated, it may take him longer".....LOL!
Assem Allam is an astute businessman, but you are trying to make out that that is a dirty word, that he is somehow taking us for a ride.
His first objective is and has always been to save and protect the football club for the people of Hull, and to do that he put HIS money at enormous risk in a way that NOBODY else was prepared to do. It was THAT that Adam Pearson said made no business sense.
Thanks to his business acumen he is NOW able to reap some reward for what he has done, BUT THAT IN NO WAY DISCOUNTS HIS AMAZING GIFT IN THE FIRST PLACE.
In future you need to not just tell your own little stories where you only look at the picture from your own narrow little viewpoint. TELL THE WHOLE TRUTH.
The GIFT was him putting his families fortune at risk in order to save the club. Which part of that is too difficult to understand?