They've had half a season to learn any lessons. They're almost as slow learning as our squad has been.
Which is like buying a car for £4k then finding out there is £2k outstanding credit still to pay on it and you are responsible for settling it, so it's cost you £6k not £4k.
And to chuck a few more logs onto your fire, it's a bit odd that the bloke you bought it off and hid the millions of extra costs that you had to cover is still your bessy friend and seen with you in directors boxes up and down the country.
I think mate probably ignorance is bliss for most to past shenanigans at the club for you and me and most of us. Ulrika has the real score on past owners And gets pissed off when it’s made out the allams are the only ones to do ****. As tho they’re the only ones ever. When it’s through our history of the last fifty years.
Don’t think so no but maybe as my memory is ****e It was definitely dodgy tho Bartlett Allowed to mortgage on the smc Turned down once and then pushed through
They'll be able to close 90% of the stadium and still have plenty of room to accommodate the 'crowd' well after social distancing has bitten the dust.
It was Bartlett, nothing to do with AP and it's actually this that Assem claimed he didn't find out about until afterwards, we had a thread on it... https://www.not606.com/threads/alla...of-control-over-running-of-kc-stadium.282707/
Yep Conservative group leader Councillor John Fareham spoke out after criticism of the council over its role in a mortgage deal arranged on the lease by former Hull City owner Russell Bartlett. The latest annual accounts published by the Stadium Management Company (SMC) have detailed how Mr Bartlett set up a holding company to own the SMC, which then provided guarantees on the stadium lease to secure two loans from the Royal Bank of Scotland used to help fund his takeover of the Tigers in 2007. Current City owner Assem Allam and his son Ehab, who are also the only directors of the SMC, claim the mortgage deal should not have been sanctioned by the city council, which owns the KC Stadium. They face having to spend £4.5m to clear outstanding loan repayments from the deal inherited after taking over Hull City and the SMC in late 2010. In the accounts, the Allams also claim that by failing to intervene, the council "lost control" over any future transfer of the SMC's ownership as any buyer could purchase the holding company. Now Cllr Fareham has called for a review intothe issue. He said: "I have been advised by our officersthere was no obligation within the lease for us to sign off anything because the loans were being secured through a responsible financial institution, namely RBS. "While some might argue that subsequent events elsewhere showed RBS were anything but responsible, at the time it was seen to be a responsible institution as defined in the lease. "However, I do think it is time we had afull and frank review into the SMC and the terms of the deal when it was originally set up to operate the stadium lease. "In the past, this has been pushed into the long grass but with national newspapers now taking an interest it can no longer be viewed as a little local difficulty." He said he would be urging a panel ofcouncillors currently examining the council's relationship with the private sector to pay special attention to the SMC deal. The 50-year lease agreement with the SMC was struck shortly before the council-funded stadium opened in 2002.
Well, I don’t understand how you secure a loan against something you don’t own and will never own. Mental. It can’t be a mortgage as we know it.
