Allams out

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steverico said:
I always wonder who and how, Ehab paid for his Lambo’s, pimped up Land Rover, his yacht in the South of France, some one was taking a massive income from somewhere to pay for those toys.
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I suppose all his cars will be leased so the costs might not be astronomically eye-watering. Didn't know he had a yacht though.
 
Asterix said:
Serious debt? The revenue wanted 24 million, or else. To quote Adam Pearson "administration was not an option, there was nothing to administer". Before the ink was dry on the revenues check, another similar amount crawled out of the woodwork. From then on, every set of Hull City accounts had the directors note more or less a bust flush without support of the parent company. (That snippet also lays to rest the City money was used to prop up other Allam interests)
From paying a pound for City, he ended up at one point about a hundred million in the hole. He did well to come out of it relatively unscathed.
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£24m or else. That was serious debt, plus all the other unpaid invoices. Someone had to put their name on the cheque and pay it and I don't recall seeing a queue wanting the responsibility. Then they had to finance the promotion on top of that. So are you agreeing it wasn't luck?
 
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bradymk2 said:
weren't the family worth almost 200m?
sure that has something to do with having a nice car
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Ehab had an impressive collection of cars long before his family became involved with Hull City. As for the yacht, there are bigger yachts moored up in Hull Marina and I doubt if it would be big enough to double up as a lifeboat on Acuns latest 'toy'.
 
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Urika Peece. said:
£24m or else. That was serious debt, plus all the other unpaid invoices. Someone had to put their name on the cheque and pay it and I don't recall seeing a queue wanting the responsibility. Then they had to finance the promotion on top of that. So are you agreeing it wasn't luck?
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Luck???
If you wish to believe the suitcase full of counterfeit money, the truly skint, from him first arriving in Hull as a penniless student to amassing a multi million pound fortune is not done by luck. It is shrewd business acumen. (Yes, yes. I know the stories, and more that remain a confidence. Let us call it acumen)
Luck??? Most fortuitous that the year we were relegated, with that 100 mlion in the accounts, coincided with new Sky and other broadcasters deal kicking in, City received more for ignominy than man u for winning it the previous season.
Luck??
Sell Bowen and Grosicki in the January window, sufficient to cover the outgoings during lockdown. As I said at the time, not even a clairvoyant could have come up with that strategy.
Luck??
Ehab being put in charge and not indulging another Bruce transfer spree.

A lot of fortuitous circumstances, but luck? After the name change refusal, the final word was the cheque book remains shut. City never had to call on the parent company to bail them out. Run as a stand alone business. They got out with, more or less, what they were in for all those years ago.

A business. They never were running a football club.
 
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Asterix said:
Luck???
If you wish to believe the suitcase full of counterfeit money, the truly skint, from him first arriving in Hull as a penniless student to amassing a multi million pound fortune is not done by luck. It is shrewd business acumen. (Yes, yes. I know the stories, and more that remain a confidence. Let us call it acumen)
Luck??? Most fortuitous that the year we were relegated, with that 100 mlion in the accounts, coincided with new Sky and other broadcasters deal kicking in, City received more for ignominy than man u for winning it the previous season.
Luck??
Sell Bowen and Grosicki in the January window, sufficient to cover the outgoings during lockdown. As I said at the time, not even a clairvoyant could have come up with that strategy.
Luck??
Ehab being put in charge and not indulging another Bruce transfer spree.

A lot of fortuitous circumstances, but luck? After the name change refusal, the final word was the cheque book remains shut. City never had to call on the parent company to bail them out. Run as a stand alone business. They got out with, more or less, what they were in for all those years ago.

A business. They never were running a football club.
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But it is a business. And people are entitled to change the name of a business the own. Or so some believe…
 
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Please try and differentiate luck in what I’ve said . I said that in general that no matter what great planning and strategy and money you pump in it will only go so far ( unless you are Man City etc) you need luck in choosing all these assets and them blending and succeeding Man Ciiy didn’t do anything for quite a while until they got a great manager and a bigger squad of great players plus Fergie was on the wane. I’m not interested in his business fortune and I am grateful for him saving us at critical time , but nowhere in his or Duffens reign previously could they have expected promotion that soon- luck in that respect was an integral part .
 
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bradymk2 said:
weren't the family worth almost 200m?
sure that has something to do with having a nice car
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The business might have been worth that, but it was losing money, and Ehab was on City’s payroll, City were paying back the loans at a very high rate of interest, so I suppose it’s easy for a company to buy cars etc
 
steverico said:
The business might have been worth that, but it was losing money, and Ehab was on City’s payroll, City were paying back the loans at a very high rate of interest, so I suppose it’s easy for a company to buy cars etc
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Interest repayments would have been payable to any other financial institution at, quite possibly, a higher rate. Payroll? I believe there were years the directors did not draw a salary from City.

Then again, what the directors of Allamhouse decided to do with the interest received, or how much of a dividend the directors of Allamhouse declared.

Then again, they took the risk. and got the reward.
 
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Asterix said:
Interest repayments would have been payable to any other financial institution at, quite possibly, a higher rate. Payroll? I believe there were years the directors did not draw a salary from City.

Then again, what the directors of Allamhouse decided to do with the interest received, or how much of a dividend the directors of Allamhouse declared.

Then again, they took the risk. and got the reward.
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There were plenty of times they said that, but it always showed up on the accounts that they were getting a management/fee.

In fact they increased their own management fee when we were relegated from the PL in 2015, whilst everyone else was taking a pay cut.

Their ability to get people to believe their version of so many events was their greatest skill.
 
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PLT said:
There were plenty of times they said that, but it always showed up on the accounts that they were getting a management/fee.

In fact they increased their own management fee when we were relegated from the PL in 2015, whilst everyone else was taking a pay cut.

Their ability to get people to believe their version of so many events was their greatest skill.
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The accounting version, some years the accounts showed the directors of Hull City did not draw a salary. Management fees paid to Allamhouse is not salary. That is not speculation or believing their version of events.
 
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Asterix said:
The accounting version, some years the accounts showed the directors of Hull City did not draw a salary. Management fees paid to Allamhouse is not salary. That is not speculation or believing their version of events.
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Likely more tax efficient to them that way.
 
Looks like the wake is at the MKM on Tuesday. Got sent an email address at work where I can get an invite to join the Allam family at the celebration.

Seems a bit bizarre to me.
 
springtiger said:
There’s no connection between falling out with the council then spitefully trying a name change- he saw that as a brand he could sell.
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Sorry. You're totally wrong there.
It was 100% about binning off as much of the link with Hull City Council and it was all borne from the strop he had after meeting up with the council bods and expecting to take the stadium and the land surrounding it for £350k.
I was told this by a major player within Hull City Councils "corridors of power". Straight from the horses mouth.
 
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