Bartlett took out a £2m mortgage against the SMC lease, though the Allams ended up paying back £4.5m, so I assume they ran up a load of additional interest and charges while they were trying to get out of it.
The mortgage was in the name of the holding company of the SMC, not Allamhouse. The SMC paid it and then wrote it off. Its all in the accounts. As is the £9.2 million the SMC owed to Hull City Tigers Limited as at 30 June 2015.
I think you are way off the mark. The three bits are all separate. 1. Hull City a football club with some players and an unknown potential income. The SMC who have to maintain the stadium and arena, their income should come from renting out the facilities and sharing any profit with the council. The land around the stadium and arena is not connected to either part it is owned by the council. Of course it makes sense for the club and or the SMC to do a deal with council and utilise the area but any Tom Dick or Harry has the same opportunity to do so. If someone was to buy the club but not the SMC you can be sure that the rent payable to the SMC would go up to the market rate, 1 or 2 million a year? Just not sure how the Allams could pocket that and pay nowt to the council.
He did indeed. That's why it's now called the Premier Tiger and the Premier Club no longer exists. Premier Tiger ffs.
Hull City ( i'm not typing the rest out ) pay 4 million a year in rent and yet the SMC owe Hull City 9.2 million, and still manage to make no profit so pay next to nothing back to the council. How does that work?
You are absolutely correct it's way way more complicated. That's why people use analogies as a comparison between one thing and another, to simplify an explanation or clarification. Most people can relate to buying a car very few can relate to buy a group of interconnected companies. I quite like analogies for some reason. On point again have the official supports club said anything about the current situation? (Genuine question)
The costs of running the SMC cost more than the income from Hull City, the Airco Arena and Hull FC. The losses are funded by loans from Hull City. If substantial losses are made the Council gets sweet fa from the deal. When this year's accounts are published we may see how much rent the Tigers Trust are paying for the Airco Arena.
http://www.hulldailymail.co.uk/assem-allam-hull-city-council-smc-1/story-26189277-detail/story.html only worth £1 a year ago
The SMC can be as profitable or loss-making as the owner wants it to be, there's all sorts of accounting interactions between the two companies, they can make the accounts show pretty much anything they want.
