Do we have any other sources, apart from the Allams, that proves beyond a reasonable doubt that we were going bust just before they bought the club?
New owner confirmed…
- Thread starter Hutch-tiger69
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How's this for a totally made up conspiracy theory?
Finances were bad, but someone wanted it to look bad enough so the club went into admin, and they could appear on a white charger and buy it for bottom dollar, albeit with points deducted.
Someone else involved in the sale, got their buddy to spread the word that they'd pay top dollar IF it included the ground. Not a serious claim, but aimed at shifting the banger.
In step the next main players, sniffing a quick turn round...
The story, all names, characters, and incidents portrayed in this production are fictitious. No identification with actual persons, places, buildings, and products is intended or should be inferred.
Was one of the main characters a former racing car driver? Ex SAS? Wide boy bankrupt?
Perhaps someone with a better memory then I could assist, but didn`t we sell Turner to cover debts, which lead to us bringing in that world beater Sonkho ? I cannot recall exactly what debts they were, be it due wages or credit payments for transfers. Also the awarding of a ridiculous contract to an injured James Bullshit also added to the circus that surrounded the Duffen/ Bartlett era. I for one have no doubt their total mismanagement of funding saw us heading down the pan.
I seem to recall we were in the ****
McShane, kilbane, ghilas , Bullard all on ridiculous contracts
We owed quite abit in transfer instalments too, and I may be wrong but didn't we have a big tax bill that we came to an arrangement to pay a percentage off
McShane, kilbane, ghilas , Bullard all on ridiculous contracts
We owed quite abit in transfer instalments too, and I may be wrong but didn't we have a big tax bill that we came to an arrangement to pay a percentage off
We owed a large amount of cash to several creditors including HMRC.
If the debts had been called in we would have gone bust. The problem was the regime in charge had offset future income against liability, so we struggled to pay the increasing wage costs and the drop compounded things.
It is completely true that the Allams could have watched it go bang, and picked up the club for much less, albeit worth less due to points deductions.
They decided to pay to cover the liabilities, making the creditors happy, and picked up a more expensive but better quality "asset".
If we hadn't gone back up again to smooth a lot of the risk over it would have been very apparent just how bad it had become...
We were not far off disaster. As in bankrupt... HMRC usually kick that off as they move to get paid before the cash left gets squirrelled away when it becomes clear the end is nigh. See BhS for details!
If the debts had been called in we would have gone bust. The problem was the regime in charge had offset future income against liability, so we struggled to pay the increasing wage costs and the drop compounded things.
It is completely true that the Allams could have watched it go bang, and picked up the club for much less, albeit worth less due to points deductions.
They decided to pay to cover the liabilities, making the creditors happy, and picked up a more expensive but better quality "asset".
If we hadn't gone back up again to smooth a lot of the risk over it would have been very apparent just how bad it had become...
We were not far off disaster. As in bankrupt... HMRC usually kick that off as they move to get paid before the cash left gets squirrelled away when it becomes clear the end is nigh. See BhS for details!
We sold Turner so that we could pay players wages. From what I was told at the time we were on the verge of borrowing from the PFA.
The Allam's were originally told they would need 20 million to pay the debts, they rushed into it and soon found it was at least twice that amount.
I also remember an interview with AP shortly after that administration was never an option because the club
had no assets (most future income had been mortgaged) so liquidation was the likely outcome if no buyer was found.
Ironically, the Allams could have saved a lot of heartache if they let the club go bust and start a new club in the lower echelons of the football pyramid, called it Hull Tigers and easily climbed the leagues with the sort of money
they used to buy the club.
had no assets (most future income had been mortgaged) so liquidation was the likely outcome if no buyer was found.
Ironically, the Allams could have saved a lot of heartache if they let the club go bust and start a new club in the lower echelons of the football pyramid, called it Hull Tigers and easily climbed the leagues with the sort of money
they used to buy the club.
I think we should pay Assem Allam what is due to him. He came in and paid our debts. He didn't need to, but he did.What his motivation was I don't know. Its tempting to look at the past from the perspective of the present but we should resist that.
I think we was promised the KC as it would explain why he called the Council liars. It would also explain his subsequent attitude towards them. Having jumped in with both feet the only way he'd get his money back was by promotion to the Premier League. That also gave him the chance to get revenge on the Council.
Everything since has been his own work. He should have had a statue, instead he's one of our worst owners.
I think we was promised the KC as it would explain why he called the Council liars. It would also explain his subsequent attitude towards them. Having jumped in with both feet the only way he'd get his money back was by promotion to the Premier League. That also gave him the chance to get revenge on the Council.
Everything since has been his own work. He should have had a statue, instead he's one of our worst owners.
You don't need any assets to go into administration. Its gives a breathing space to try and sell the club as a going concern. The secured creditors would have supported administration otherwise they wouldn't have got paid.
Very true
His purchase was a big gamble and our promotion made it easier to forget that.
I believe he had a genuine desire to reinvigorate the area, build up the club, and make a difference to the facilities and city.
When it all got difficult the frustration began to manifest itself in more and more contrived ideas to make the club sustainable. Sadly, many of these ideas took from the supporters rather than giving to them. Had we got a bigger stadium I suspect prices and policies may have been different.
It's sad, and as much as they caused the mess I believe they began with good intentions.
His purchase was a big gamble and our promotion made it easier to forget that.
I believe he had a genuine desire to reinvigorate the area, build up the club, and make a difference to the facilities and city.
When it all got difficult the frustration began to manifest itself in more and more contrived ideas to make the club sustainable. Sadly, many of these ideas took from the supporters rather than giving to them. Had we got a bigger stadium I suspect prices and policies may have been different.
It's sad, and as much as they caused the mess I believe they began with good intentions.
Thing is, everyone makes mistakes and even if he didn't fall out with the council, at some point he would have come up with an idea which people didn't like even if nowhere near as stupid as name changes or removing concessions. His way of dealing with being questioned is to dig his heels in and become vindictive and malicious to those who oppose him. That would have become a problem at some point. He's seriously flawed but had good intentions originally.
Ehab I don't think would ever have bought the club. He doesn't have his father's redeeming factors such as the generosity. He's spoilt, entitled and done nothing to earn what he's got. But now he's got a PL club and thinks he can impress people with it he wants to keep it.
Do you know what "everything" means?
"He doesn't have his father's redeeming factors such as the generosity."
Balanced opinion as far as I can see
Compliments AA on a couple of occasions
Some of them fail to see what's in front of their eyes. Although I recognise it must be difficult when they're neck deep in Egyptian arse.
