Off Topic Airco for All

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The comments on today's HDM article are interesting, normally you get more pro-Allam posts on there than any other site, but there's not a lot of love for him on there today. This is about as close as he gets to a compliment - I don't like Hull council, I hope the Allams get there own way even though I don't like them much either. <laugh>
 
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originallambrettaman said:
The comments on today's HDM article are interesting, normally you get more pro-Allam posts on there than any other site, but there's not a lot of love for him on there today. This is about as close as he gets to a compliment - I don't like Hull council, I hope the Allams get there own way even though I don't like them much either. <laugh>
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The comments on HDM Articles are never ever interesting. Except in the morbid manner a car crash is.
 
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Chazz Rheinhold said:
Well they did offer it and the council did say they would consider it so they must be able to get out of it. The threat is the council cant run it or subsidise it I imagine
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According to the last accounts the SMC owes the RBS £1.7 million and Hull City Tigers Limited £6.7 million. For its pound the Council would take on around £8m of debt, mostly to the Allams. I thought I read somewhere that the offer was only for 24 hours.

Something true in what you've written but the SMC has to run the stadium until the lease expires or both sides agree its surrender.
 
Obadiah said:
According to the last accounts the SMC owes the RBS £1.7 million and Hull City Tigers Limited £6.7 million. For its pound the Council would take on around £8m of debt, mostly to the Allams. I thought I read somewhere that the offer was only for 24 hours.

Something true in what you've written but the SMC has to run the stadium until the lease expires or both sides agree its surrender.
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How does the smc owe Hull City Tigers Obi?
 
Chazz Rheinhold said:
How does the smc owe Hull City Tigers Obi?
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Hull City has paid around £2 million to the RBS. The rest is because the SMC is losing money and Hull City have funded the shortfall, a bit like Allamhouse funding Hull City's losses. Where the losses came from is more difficult to see from the accounts. I suspect getting the stadium back up to Premier League standard will explain some of the losses. Losing the Council rent for the library and offices will have put a dint in the income as well.

Looking at the accounts I'd be surprised if any potential purchaser would want to take on the SMC.
 
Obadiah said:
Hull City has paid around £2 million to the RBS. The rest is because the SMC is losing money and Hull City have funded the shortfall, a bit like Allamhouse funding Hull City's losses. Where the losses came from is more difficult to see from the accounts. I suspect getting the stadium back up to Premier League standard will explain some of the losses. Losing the Council rent for the library and offices will have put a dint in the income as well.

Looking at the accounts I'd be surprised if any potential purchaser would want to take on the SMC.
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Thanks. How would the smc ever make money?
 
Obadiah said:
Hull City has paid around £2 million to the RBS. The rest is because the SMC is losing money and Hull City have funded the shortfall, a bit like Allamhouse funding Hull City's losses. Where the losses came from is more difficult to see from the accounts. I suspect getting the stadium back up to Premier League standard will explain some of the losses. Losing the Council rent for the library and offices will have put a dint in the income as well.

Looking at the accounts I'd be surprised if any potential purchaser would want to take on the SMC.
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The SMC is a private company so any explanation for the losses are privy to it's directors, shareholders and auditors.

Allam could be billing the SMC for extraordinary management charges and no-one would be any the wiser except those mentioned above.
 
Chazz Rheinhold said:
Thanks. How would the smc ever make money?
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With difficulty as the stadium gets older.

One way would to be to increase the capacity but that would require co-operation between the owners and the council. Moving Hull FC to a new ground would reduce the income but may well reduce the losses. Again that would require co-operation with Hull FC and the Council. A joint venture with the Council to develop the land around the KC would help offset the losses and provide additional income.

The SMC building and running the Academy (not necessarily at the KC) would also increase the income of the SMC whilst Hull City would get the subsidy from the Premier League.

Or they get the Council to agree they can give the lease back and just rent the stadium.

Given the amount of money Assem Allam lent Hull City, the last 5 years have been ones of wasted opportunities regarding the development of the area for both the benefit of City and the City of Hull.
 
Chilton's Hundreds said:
The SMC is a private company so any explanation for the losses are privy to it's directors, shareholders and auditors.

Allam could be billing the SMC for extraordinary management charges and no-one would be any the wiser except those mentioned above.
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I think any such charges have to be declared in the accounts. Its too late tonight but its part of the UK accounting standards convention that the auditors have to follow.
 
Very clever. I missed out a "I think", but just for you I've now looked it up, its called FRS 8 Related Party Disclosures. Management charges by a related party, eg Allamhouse, would have to be declared in the accounts.
 
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