Cheers, penny dropped now. And i suppose on that basis who knows how many shares they 'gave' to the bank? The bastards.
I thought one of the documents showed that transfer fees and Prem money still went to the Allams (or whatever company), and that the Aussies just had Cott and County Road?
this is the whole argument about not knowing what somebody is worth. you can add up the value of their assets (subject to correct valuation) but you dont have a clue about their liabilities
Heavy sense of irony. It could be argued that the Allams ARE the liability and I don't have to be an accountant to work that out.
surely the Premier League would only pay the money to the club and then the money could get paid out as agreed
If that was the case, the Premier League wouldn't need to be involved in the deal, but they were, they issued a letter confirming the claim the bank had a claim on the money.
C'mon Pete, even I can work that out . The debenture is what the Allams had over all of Citys assets. But they released Prem money and transfer fees due, which I presume that is what OLM mentioned above to me. One of those documents is actually from the Premier League apparently agreeing to the money being assigned to the Aussies, for 2016/2017 and 2017/2018 seasons. So presumably it's all above board so to speak
it is if there's an agreement I just think it's a slippery slope if a company's business transactions are made outside the club bank accounts it's a mess designed to happen
never really been interested in this sort of stuff. surprising whats out there, just been reading about Tempest Diesels an Ruscador .....
Hull City Tigers Limited didn't have enough income to pay for our promotion so they borrowed £23.4 million from the bank. Allamhouse had a debenture on Hull City Tigers Ltd's assets which had to be amended to allow the bank to be paid first if they called on the security. The Premier League had to give permission for the bank to have a first charge on the TV monies. This they did and the debenture was then filed at Companies House giving the bank first dibs on the freehold land and the Premier League money. The financial losses incurred to obtain promotion breached the fair play rules. Allamhouse had to buy more shares to avoid a fine. This they did to the tune of nearly £4 million. The bulk of this has now been returned to Allamhouse with the reduction in capital. Little has changed financially since the last accounts other than the Allams have got the bulk of their money back from the investment required to avoid the fair play fine.
In a nutshell - thanks Obi. There's loads of other questions that I've got, probably need to go to college to learn accounts to get the answers. Last thing from me on this, which needs no explaining - Average attendance 2014 24,112 / 2015 23,557 / 2016 14,676. To any layman, less paying customers is a recipe for disaster. The twats.
If you want to look at our history it's something that happens over and over again. The Allams are partly to blame the paying hull public just don't stick around for a long time. They get bored and stop going.