Charge for Hull City re MacQuarrie Bank

https://s3.eu-west-2.amazonaws.com/...9cc6f637d285c85477bf0444001d0cfc4d908ede67499

 

Can you copy and paste or summarise Pete, as the link won't open.

 

Can’t open the link but not sure what connection we have to a National Trust property near Manchester Airport?

 

I do hope we're not tied up with them, assuming it's the bank...

 

What is this all about?

 

We're waiting for Peter to translate.

 

I suspect it relates to the document you can view on this link and selecting the .pdf.

https://find-and-update.company-inf.../04032392/charges/JiIbebmGEnzKo7ZkODSxBNyHeFU

I have little to no idea what any of it means.

 

From Google...

Hull City did not receive a fine or a specific "charge" from the football authorities related to Macquarie Bank.
The connection between Hull City and Macquarie Bank relates to the bank holding a mortgage charge (a type of loan security) on the club's assets, which was later released, and Macquarie's involvement in other, separate business dealings within the city of Hull.

Here is a breakdown of the known connections:

• Mortgage Charge: In December 2010, when the Allam family rescued the club, one potential barrier to a takeover was a mortgage charge on the Tigers held by Macquarie Bank. This charge was a form of security for a loan, and its release meant the only outstanding loan was that owed to the Allams themselves.
• Transfer Deal Financing: In a separate context, details within a transfer deal (specifically related to a player moving to West Ham from Leicester, which involved a sell-on clause for a former club Brondby) showed West Ham was due to pay yearly instalments to Macquarie Bank, suggesting the bank had financed a portion of that transfer fee. This is a common practice in football financing, not a "charge" or fine against Hull City.
• KCOM Takeover: Macquarie Infrastructure and Real Assets (MIRA) took over KCOM, a major telecommunications firm based in Hull, in a deal worth £627 million in 2019. This was a corporate acquisition and unrelated to Hull City's football operations, other than KCOM being a significant local company and former stadium sponsor.

Hull City has faced charges and sanctions from the English Football League (EFL) and the Football Association (FA) for other issues, such as late payments for player transfers (leading to a transfer embargo in 2025) and failing to control their players during a match, but these were unrelated to Macquarie Bank.

 

It's about Alzate, looks like we are owed money.

 

I mean it literally says that at the top and "instalments payable by the MLS" should be a dead giveaway too!

 

Looks to me like we've taken a loan out against the money we will receive in future from the sale of Alzate?

"A security assignment of receivables is a legal agreement where a company transfers its accounts receivable (money owed to it) to a lender as collateral to secure a loan. The lender can then claim these receivables if the company defaults on the loan. This process is a form of asset-based financing, allowing companies to obtain short-term funding by leveraging their future income streams."

 

HULL CITY TIGERS LIMITED
and
MACQUARIE BANK LIMITED, LONDON BRANCH
SECURITY ASSIGNMENT OF
RECEIVABLES IN RELATION TO
THE TRANSFER OF STEVEN
ALZATE

 

is this normal practice ? Or another indicator that we have serious cash flow issues?

 

they must have cash flow issues
we are only talking about a few million pounds

 

Alzate would have been a boss in this team.

 

I'm not 100% sure, it's not something I've ever heard of.

I have just had a look at other English clubs who sold players to the MLS this summer.

Sunderland sold Triantis to Minnesota, and they also have a recent charge with Macquarie Bank, but theirs doesn't seem to be as detailed as ours, so there is no mention of the MLS on that one.

https://find-and-update.company-inf.../00049116/charges/NEOFPRbBNoN_4nFBmO_WIV2Y8ws

Watford also have a charge for their sale of Juan Camilo Hernandez Suarez to the MLS.

https://find-and-update.company-inf.../00104194/charges/3VTOpgm2oAnOS4UkLYVeHv7Utvg

Clear as mud tbh, hopefully someone else can shed some more light.

 

https://www.sunderlandecho.com/spor...nderland-news-finances-premier-league-5377413

Looks like Sunderland's relates to future TV money.

 

Looks to me like we’ve mortgaged to Álzate transfer fee. Further evidence that the club is being run into the ground.

 

I believe Maguire explained Sunderland’s approach as a way to manage regular cash flow, since Premier League and EFL payments tend to arrive in chunks rather than monthly — which doesn’t always align with when outgoings occur. I imagine player instalments can be equally frustrating and out of sync.

While this is linked to Alzate, it does raise broader questions around cash flow and could be viewed negatively. Our main issue over the summer was waiting on incoming funds — or in Barry’s case, leveraging future money from the Philogene deal. That didn’t work out, and it highlighted how misaligned our incomings and outgoings were.

The positive spin on the Alzate situation is that, rather than risk missing payments due to timing mismatches, we’ve opted to bring the funds forward (at a cost) to avoid penalties. It’s not ideal, but could be seen it’s a proactive step to stay ahead of potential issues.