Off Topic Airco for All

Stopping dictators is not a waste of taxpayers money.
Would you feel differently if you or your team had been kicked out of the Airco.
Allams motto was "sport for all". Seems like he spouts a lot of hot air to me.

 

Good job your opinion doesn't matter then.

 

The comments on HDM Articles are never ever interesting. Except in the morbid manner a car crash is.

 

According to the last accounts the SMC owes the RBS £1.7 million and Hull City Tigers Limited £6.7 million. For its pound the Council would take on around £8m of debt, mostly to the Allams. I thought I read somewhere that the offer was only for 24 hours.

Something true in what you've written but the SMC has to run the stadium until the lease expires or both sides agree its surrender.

 

How does the smc owe Hull City Tigers Obi?

 

Hull City has paid around £2 million to the RBS. The rest is because the SMC is losing money and Hull City have funded the shortfall, a bit like Allamhouse funding Hull City's losses. Where the losses came from is more difficult to see from the accounts. I suspect getting the stadium back up to Premier League standard will explain some of the losses. Losing the Council rent for the library and offices will have put a dint in the income as well.

Looking at the accounts I'd be surprised if any potential purchaser would want to take on the SMC.

 

Thanks. How would the smc ever make money?

 

The SMC is a private company so any explanation for the losses are privy to it's directors, shareholders and auditors.

Allam could be billing the SMC for extraordinary management charges and no-one would be any the wiser except those mentioned above.

 

With difficulty as the stadium gets older.

One way would to be to increase the capacity but that would require co-operation between the owners and the council. Moving Hull FC to a new ground would reduce the income but may well reduce the losses. Again that would require co-operation with Hull FC and the Council. A joint venture with the Council to develop the land around the KC would help offset the losses and provide additional income.

The SMC building and running the Academy (not necessarily at the KC) would also increase the income of the SMC whilst Hull City would get the subsidy from the Premier League.

Or they get the Council to agree they can give the lease back and just rent the stadium.

Given the amount of money Assem Allam lent Hull City, the last 5 years have been ones of wasted opportunities regarding the development of the area for both the benefit of City and the City of Hull.

 

I think any such charges have to be declared in the accounts. Its too late tonight but its part of the UK accounting standards convention that the auditors have to follow.

 

Very clever. I missed out a "I think", but just for you I've now looked it up, its called FRS 8 Related Party Disclosures. Management charges by a related party, eg Allamhouse, would have to be declared in the accounts.

 

Excuse my ignorance but who actually decides on injunctions?
Magistrates?

 

What does it actually mean if they get an injunction?

 

Basically Hull City will not be allowed to use the arena while any injunction is in place......that should apply if granted until a full hearing on any breach of the terms of the lease on the arena.