I can’t see how those set of accounts make us look attractive to anyone. Why would someone buy City when we have such poor assets against the debt. Am I missing something ?
Accounts Released
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I suppose it’s all relative, it’s bad but not as worse as other football club accounts
I boycott because of the Allams, when they leave completely I will return.
Maybe they can't read them correctly, after all, it's all English to them.
-> Looking at that again if Hull City are 40 million in debt and the SMC is 20 million in debt, are we in the ****?
It's not that pretty. But those figures are a bit academic to my mind, if we are sold.
The £20 mill is owed to City (according to the accounts). The £40 mill is 'owed' to the Allams. It could all be cleared by whatever sales price is agreed with the Allams. So for example if the Allams were willing to sell for a sensible price e.g. £15 - 20 million, then the £60 mill could be gone. Albeit the Allams and sensible don't often go together though.
-> I can’t see how those set of accounts make us look attractive to anyone. Why would someone buy City when we have such poor assets against the debt. Am I missing something ?
I guess it's all relative.
If they really do want a Championship club for them to try to turn into a PL club, then , again assuming the Allams are now finally sensible with their asking price, they can get a Championship club for not a lot of money (compared to some others) and without a lot of external debt / complications (as in the finances are relatively 'clean'). Plus there's this FFP advantage that some people keep mentioning, but that I (and I expect most others) don't really understand.
It's not that pretty. But those figures are a bit academic to my mind, if we are sold.
The £20 mill is owed to City (according to the accounts). The £40 mill is 'owed' to the Allams. It could all be cleared by whatever sales price is agreed with the Allams. So for example if the Allams were willing to sell for a sensible price e.g. £15 - 20 million, then the £60 mill could be gone. Albeit the Allams and sensible don't often go together though.
-> I can’t see how those set of accounts make us look attractive to anyone. Why would someone buy City when we have such poor assets against the debt. Am I missing something ?
I guess it's all relative.
If they really do want a Championship club for them to try to turn into a PL club, then , again assuming the Allams are now finally sensible with their asking price, they can get a Championship club for not a lot of money (compared to some others) and without a lot of external debt / complications (as in the finances are relatively 'clean'). Plus there's this FFP advantage that some people keep mentioning, but that I (and I expect most others) don't really understand.
Close the thread...no one is paying 40 million for us.
The only way it would happen if by some miracle we was competitive/showing promise that we could kick on up the league.
A new owner even with a transfer window in January can't turn this league 1 bound oil tanker!
The only way it would happen if by some miracle we was competitive/showing promise that we could kick on up the league.
A new owner even with a transfer window in January can't turn this league 1 bound oil tanker!
Could the outstanding fees owed now be owed to Allam instead of the club as part of offsetting the asking price?
Howden suggested in May that any deal might be structured this way...
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At the end of the day the debt has always been to the Allams. If they are serious about selling now they are going to have to write off a whole load of money.
Can they offset the losses against profits from other businesses?
Also, if they sell will they limit those losses as opposed to losing it all as will be the case if the club is not sold and continues to lose money?
So if losses are transferable, am I right in thinking thses accounts need to be taken alongside Allamhouse accounts to get the full picture....?
There's actually five companies linked and there's some funny going's on in a few of them, so it's hard to establish the exact details from the published accounts.
We may actually find that the £39.5m debt is across all the companies (ie the SMC debt has been lumped in with the club debt), the stadium holding company was registered as dormant in 2019, possibly in preparation for a sale of both.
We may actually find that the £39.5m debt is across all the companies (ie the SMC debt has been lumped in with the club debt), the stadium holding company was registered as dormant in 2019, possibly in preparation for a sale of both.
If a prospective buyer believes that the club owns assets worth c£20m (the value of the playing squad referenced in the accounts), then the liability (or commercial risk) is c£20m, reduced further by the balance of transfer fees remaining outstanding, and potentially should any player already sold moves again and triggers a further payment to City.
Also if a deal is agreed based on payment/investment with payments over 5 years (as was the case with Huddersfield Town) then this would support buyer interest also, and allows the Allams to talk up and gain a return against any further academy players that can step up.
I can see how a deal could be structured that financially could be attractive to a potential buyer, but then we are talking The Allams
By not investing any of their own money into Hull City & by keeping Hull City permanently in debt to Allamhouse Limited our owners continue to make millions every year in interest payments.
I don't have an issue with owners making money from a football club, it's the way they make it that matters
What we should have is our 25,400 seat stadium full every home game, the club shop mobbed with people buying merchandise & money being generated on a matchday. In this scenario the owners are doing a good job & have earnt their money.
What we actually have is a paltry 10,000 fans for a home game in our 25,400 seater stadium (which includes season ticket holders that didn't actually turn up for the game) & owners who have no respect for the fans, have alienated themselves from the fans & make their money out of misery ie by keeping the club in debt to themselves & plundering millions in interest since 2010
They have done nothing to legitimally earn their money & thats why I despise them both (more Assem Allem as he is clearly running the club with his clueless son installed as a puppett Chaiman) & pray for the day they finally leave & stop draining the lifeblood out of our club,which was here long before them & will be here long after they have gone.
I don't have an issue with owners making money from a football club, it's the way they make it that matters
What we should have is our 25,400 seat stadium full every home game, the club shop mobbed with people buying merchandise & money being generated on a matchday. In this scenario the owners are doing a good job & have earnt their money.
What we actually have is a paltry 10,000 fans for a home game in our 25,400 seater stadium (which includes season ticket holders that didn't actually turn up for the game) & owners who have no respect for the fans, have alienated themselves from the fans & make their money out of misery ie by keeping the club in debt to themselves & plundering millions in interest since 2010
They have done nothing to legitimally earn their money & thats why I despise them both (more Assem Allem as he is clearly running the club with his clueless son installed as a puppett Chaiman) & pray for the day they finally leave & stop draining the lifeblood out of our club,which was here long before them & will be here long after they have gone.
How they can structure a deal would include any payments to them from selling future players. Get to f*** out of our club you money grabbing Arseholes.
On page 4 (page 6 if going by PDF page numbers) it does say that the net debt across the group is £39.5m so you should be right and the should include the SMC debt too.