Work out how much the interest rate the Allams could borrow at and what they charge the club for the loan. If you are happy with it then fine.
usury - an unconscionable or exorbitant rate or amount of interest; specifically : interest IN EXCESS OF A LEGAL RATE CHARGED TO A BORROWER FOR THE USE OF MONEY hmmm....a matter of opinion I think, but historically, guilty as charged
ffs - all he is doing is transferring some of HIS money out of one of his companies and putting it into another - it's called managing your tax
He claims to run the club to give something back to the city (except for the name) but is quietly taking a million or so out profit over the loan, that combined with any salaries (I cant be bothered to read the accounts) is making a nice pile every year. The loan profit is usually forgotten about but is considerable. I have no problem with them taking a reasonable salary but I object to the statement "Interest they are entitled to.". He's entitled to some, but takes rather more.
He doesn't take a salary. The club pays interest and may pay a management charge which includes part of his salary which is paid by Allamhouse. Its likely to cover other things such as accountancy costs.
I,m one of the last to defend the Allams, But come on taking 5% on his investment of how many millions? even i don't have a problem with that. Oh and for whoever put the line " your money is safe in the bank " people who had money in Cyprus banks would disagree.
The Allams do plenty to be critical of, but the money they get from the club isn't really one of them.
You really are struggling to try and equate what they have done with usury. Makes you wonder why previous owners couldn't get millions for less than 5% interest. If it isn't possible then they can't be accused of usury. Have another read of the definition.
