"Any chance you could explain to us one more time how the club is on the verge of financial meltdown? In your own time sweetie." Boothferry2Wembley I said Assem Allam is running out of cash not that we were heading for melt down. Ehab Allam today said our income is the same as Burnley and if you're income is the same as the bottom clubs you'll be a bottom half team. The next stage of our development is to become a mid-table team. For that you need cash. Our accounts showed an income of £84.4 million last year including £3.9 million from the FA Cup run. With the increases in season passes and the increased amount paid in shirt sponsorship I'd expect a similar amount this season. This may change the higher up the table we are. Our expenditure per the accounts was £60.4 million. This is made up of cost of sales, admin expenses and interest payable. We have to pay the July costs from that income, which comes in at £6.1 million. So for the year our income was £84.4 and our expenditure £66.5. We improved the squad in the last transfer window. Our net spending was around £21 million after deducting the Long and Boyd transfers. If the new contracts are on average 3 years we have to find roughly £7 million in cash to pay the first instalment on the transfer fees, plus the £9 million we owe for the players we've previously bought plus the extra £3.3 million we may have to pay to the players as a result of appearances and results. In total an extra £19.3 million. If last year's wage bill remains the same next year we will make a loss of £1.4 million. However I suspect our wage bill will increase considerably given Jelavic wage will cover a full season, we re-negotiated a number of contracts last year and some of our new players will be on much better wages then our existing players. I have not included the cost of agents' fees either. Allam Marine made £11 million profit last year, which wouldn't cover Hernandez's transfer and agents fees and wages. Some of my figures are estimated but most of them come from the accounts and the introduction to the accounts on the official website.
I think it's fairly obvious that we're trading at pretty much break even and banking on Premier League survival. Nothing wrong with that, as long as we don't get relegated. I think it's unlikely we will be relegated in the short term, but it's likely at some point. If the worst did happen, we'd be in serious bother, meltdown wouldn't come close.
That's fine, we'd be in the same situation as when Dr Allam stepped in. Would give a chance to some other mysterious benefactor(s) to step in and do it properly wouldn't it seeing as its not like the club could disappear entirely is it?
Yes, it could be that Michael Dawson is getting paid the same as Alex Bruce and Hernandez the same as Sagbo. But I don't think so somehow.
If it happened now, we'd be in roughly twice as bad a situation as we were last time, but I don't expect it to happen, so it's not really an issue in the short term. And as you say, the club wouldn't disappear anyway, it would just drop a division or two.
You're like a complaining old woman in every thread. Just shut the **** up looking for hidden motives!
Wow, for all our differences I never had you down as an end of the club denier. How could the entire disappearance of Hull City AFC get twice as bad this time?
Happy, do you ever take notice of anything, or are you just oblivious to the world? Genuine question.
I take notice of everything I can... Like, our club was on the verge of being totally wiped out of existence. I still do not understand how anyone doesn't see that.
The situation would be the same, obviously, the only difference being that the debt is twice as big now.
It's very unlikely that it would be called in, but the fact remains, we're now in twice as much debt as we were when we were taken over.
If City ceased trading wouldn't we at best be at the very bottom of the pyramid? The Northern Counties East League?
