The interest payments in the accounts for 2016 and 2017 will include the amount paid to the bank. We borrowed over £20 million in the year ending 2016 and still owed over £20 million in 2017. The interest in the earlier years include monies owed to the financial institutions Bartlett borrowed from. Allamhouse didn't make £6m from the failed sale otherwise it would have been mentioned in the accounts of Allamhouse Limited. I can't remember which year it was but only a small percentage of the corporation tax losses were used by other group companies. Most have been used to offset the tax liability of Hull City Tigers Limited. From memory I think the Allams paid one pound for Hull City and it won't be shown in the loan account.
You are right. I thought bank interest was meant to be shown separate to other interest or am I getting confused with the actual creditor needing to be shown separately? It's been a while. The loan to Allamhouse is similar in 2015 and 2016 so I guess I've overstated the interest by about £1.2m in 2016 and another £1.8m in 2017. Let's say £3m overall. So we are assuming that the non-refundable deposit from the Chinese didn't exist? Again, you are right that most of the losses were used against HCT Ltd profits.
So let's remove £3m in loan interest, £6m from failed takeover, reduce losses to £16.8m (saving £3.4m tax), that suggests that 7 years ownership has netted them around £20.7m, with £60m still at stake.
In the last accounts, Allamhouse Ltd was still owed £60m by Hull City Tigers Ltd. If the club goes under then they won't get this back. Obviously parachute payments and selling our best players has probably made a decent dent into it already since June. Edit to add: Hopefully every pound they reduce off the £60m takes a pound off the asking price, making a sale more likely.
The £6m from the Chinese was never going to appear in Hull City’s accounts. It will have been received by the entity selling the club, not the entity being sold.
Surely the ongoing losses will be offset against group profits, rather than just the cumulative losses at the time of the purchase?
There is no mention of the £6 million in the last accounts of Allamhouse Limited, which cover the period of the sale.
I wouldn't have counted the management charges as they cover Ehab's time and services paid for by Allamhouse, for example accountancy. But that may just be me. From memory, which may be wrong, tax relief was used to reduce the corporation tax bill of other companies within the group only once. Was it worth £3.4 million or are you including the tax-saving benefit to Hull City Tigers Limited as well? I'd be inclined to only include the tax benefit to the other companies within the group.
I don't think it existed. Any deposit was probably significantly less than the rumoured £6 million. So small in fact, it didn't warrant a mention in the accounts.
That can't be right, we've been assured it was paid. In fact some have used it as a stick a number of times.
The Dai's confirmed they paid the Allams £6m and they probably know more than some people guessing on not606.
Yes. Wouldn't they be paying themselves a wage directly from the club also? A rather substantial one at that. What about dividends etc? Surely they've made more out of it than that.
I had it in my head that the Allams bought us for a pound and just tok over the debt. I also believe that they paid off any interest accruing loans and the late tax bill immediately.
That maybe so, but it is certain it won’t have been paid into Hull City Tigers. If the sale had gone through, that would mean they would have given the £6m back to the buyers.
As much as everyone wants that **** to **** off he won't,he is happy to think he is getting at the supporters like some revenge mission. He keeps dangling the thought of a sale to us but it never happens,he enjoys ****ing everyone about,likes to think he is the big cheese and he will continue to just milk the club take as much as he can forever ,he will never leave he does not give a **** about a protest at a game it is only 90 minutes of crap and he has all week every week to keep ****ing us about.
