As promised I've had a look at the accounts covering the Allams' reign and they don't make very good reading. The Allams took control on 17 December 2010. The last accounts filed by Barlett showed a difference between assets and liabilities of just under £20 million with the position getting worse day by day. The first set of accounts filed after the take over for the year ending 31 July 2011 show a difference between assets and liabilities of just under £40.5 million. The accounts show Allamhouse put in a little over £41 million. Another £7 million loan was required the year after to keep Hull City afloat. In the year ending 31 July 2013 the loan jumped to £72 million to fund Bruce's push for promotion. It eventually rose to £77 million before coming down to the£63 million shown in the 2018 accounts. Since 1 August 2010 Hull City's income has been £603 million including transfers out adjusted for monies currently outstanding. During the same period expenditure representing cost of sales (players wages etc), administrative expenses and player purchases (less money owed) totalled £535 million. The expenditure total does not include interest paid to anyone other than the Allams, the loans to the SMC, the purchase of fixed assets, corporation tax nor the debts incurred by Bartlett and repaid by Allamhouse. Without access to the books it is impossible to account for every penny. My gut feeling is the Allams haven't been skimming money off the top. My estimate on how much they have taken out is roughly £23.5 million: Loan interest £21.9 million (it looks like £3 million was added to the outstanding loan and not taken in cash) Management charges £590,000. The last payment shown was in 2015. Tax losses transferred to other group companies £16 million (worth around £3 or £4 million in cash terms) Finally last year our wage bill (including tax and pensions) was £31 million. If the Allams are selling they will be leaving us in a worse position than they found us. Not bad for a family that has gone through well over half a billion pounds in 8 years. The usual health warning. Whilst I've tried to be accurate copying the figures its possible that I've made a few mistakes. Feel free to download the accounts from Companies House if you want to check my figures.
"Feel free to download the accounts from Companies House if you want to check my figures." You've a wicked sense of humour Obi.
I'd like to echo that sentiment too, it shows just how we've gone through some crazy money in less than ten years, the numbers are mind boggling. Thanks Obi. PS I won't be downloading ****-all from Companies House
If that's really you in your avatar, then your legs are too short and your arms are too long. You have tits?
Glad you understand it. Please give a simplified breakdown with respect to the following; Assets. Liabilities. Owner's Equity. Revenue. Expenses.
Over £600 million through their hands. Leaving us in a worse state than when they started, on and off the field, and with a now decimated fan base many of whom may be lost for ever. Note, this talk of 'debt free club' is bollocks; it's costing around £50 million which doesn't come out of thin air .... err, unless it's bought with crypto crowded funded bollocks, and as I understand it, as it stands it's immediately losing money for the new owners. Tangibly, all they've left is a slighter better training ground, and a grass carpet in a stolen community Airco Arena. Clearly business geniuses. Is there really anything else to say? #bestrunclub
I've just read a post from you on the No new owners thread saying you want Paul Duffen back. If Obi has some more spare time I'd like to see the financial figures for his period in charge of the till.
In the first post, 20 million in hock. Adam Pearson at the time said administration was not an option, as there was nothing to administer. The directors state in the 2018 accounts, outside the prem, the club depends on them funding it. Hardly a selling point, but a man/woman can dare to dream.