https://www.theguardian.com/footbal...e-blackpool-owen-oyston-fit-and-proper-person It could be worse. More confirmation the premier league are ****e at managing their league.
That's unbelievable. To think all the **** they've put up with would never have happened if the PL had just followed through with their own ruling and got rid of the twat. I don't understand why the football authorities are always so completely toothless on anything to do with owners.
I don't think Ehab has a Scooby Do about what's going on. He comes across as arrogant as a defence mechanism whilst it's more likely he's completely out of his depth.
Hull City Tigers Limited hasn't paid a penny off the debt since we were relegated. Hull City has less than £10 million in the bank and unless it makes a profit of around £50 million between now and the end of July 2018 we'll still owe them more than the club's worth. Of course they could borrow the money to pay themselves back but that would be very naughty. It looks like they are staying for the foreseeable future.
Cash in the bank doesn't tell you enough of the story, if there's large staged payment from player sales and the parachute staged payments after the accounting period, you've no way of knowing about it.
I see it slightly differently to that. Allamhouse was (and is) owed £60m, per last club accounts liabilities exceeded assets by £38m. Per group accounts, club seems to have made £20m profit in last six months leaving liabilities exceeding assets by £18m. If that happens again in the six months to June 2018 then assets will exceed liabilities by £2m. I appreciate that this relates to solvency and you're talking about liquidity. I'm guessing that a lot of the debtors relating to player sales will be satisfied sooner rather than later.
When Allam Marine's accounts are published we will have a clearer idea. We can deduct their trade debtors from the global figure of £46.8 million in Allamhouse's accounts. That would give us a rough and ready guide to how much City are owed from transfers. The accounts should be available within the next week or so.
Unless he sells the players a profit £40 million for the season isn't going to be enough to repay the debt. On paper our assets may exceed our liabilities at the end of the season but that includes players currently valued at £27 million.
I can't imagine that much amortisation left. £3m for a third of Hernandez contract? £6-8m for 2.5 years of Grosicki? Ryan Mason. Massive write off of £10m or is any reclaimable?
I would imagine that, on a pro rata basis, they still have parachute payments payable of £20m+ (half of this year's payment) and another £35m+ next year. That's all cash. I'm guessing that the monies owed on sales is greater than the monies due on purchases. Just depends on the current wage figures.
Another point of view from the CI board. An analysis of the Hull City accounts tells a few stories, though I hasten to add, not all the secrets, since 2010. It wasn’t a bed of roses before, but football has moved on in recent years, so comparisons are not always relevant. A case in point here, the 2010/2011 season had revenue of £11.4m, plus parachute payments of £13m. Revenue in the last year submitted, £116.9m. Ten times the amount. Ok, Prem v Champs, but you get the picture. So, cut to the chase, where did the money go. Not in salaries. In 2009,Duffen got paid £1m, half of the total directors pay of £2m. In 2012, total directors pay was £37k. The answer is the interest payments, mostly. Since the 2010 accounts total interest payable was £21.6m, though some small amount by comparison is third party interest to banks and leasing. There is a bit more juice in the SMC accounts to the tune of another £1m. What we don’t and can’t see is if there is any transfer pricing going on between Allam admin and that being absorbed by City and SMC. Could be a lot, could be nothing much. Hence, unless you get your hands on the internals we have got to speculate. £20m doesn’t seem much in relation to the profit on transfers and tv money. They have previously talked about bringing money in from abroad and if so, it makes the laundering of said funds a valid reason for the process. Running the numbers there wasn’t really any time when the loan money was at risk. parachute payments when relegated last season are £47m this season and £38m for next season. As it was only a one season sojourn in the Prem we miss out on a third tranche of £17m. Accordingly, my guess is this time next season we will be heading for administration unless the Allams use up the £30m tax credit they have from accumulated losses at City in the Allam group. That is worth another £10m for them, thank you. The loan value at the end of 2017 was £81m. Gain on transfers will reduce that. I don’t know if Maguire, Robertson were included in the 2017 accounts, Clucas won’t be. £47 in parachute payments helps reduce £81m closer to nil. In a nutshell, we are aware they have taken a minimum of £20m from owning City via the interest payment route. Tax might add another £10m. Offshore funding probably another £10m And I’d estimate internal transfer pricing for admin costs etc would be £5-£10m. Total, £50m. Ok, it’s an estimate, but it’s not a bad one. In 2009/10 the loans at the company were £15m. In 2016, it was £100m. Back to square one though now. It was worth the ride for the Allams. Possible free land and grants at the outset, ending up circa £50m in their pocket. CTID
Hull City Tigers Limited at £20 million in the bank at the end of July 1917. The group have £11million in the bank at the end of December 2017.
I expect an insurance pay-out for Ryan Mason which may well be substantial. I would have thought this season's transfer receipts would have been made before 31 December with the next set of instalments being made in July. That way we get any bank interest rather than the buying club. But you never know with them two. Once we get Allam Marine's trade debtor figure we'll have a better idea on how much City is still owed in transfer fees. Even with the remaining parachute payments it is going to be difficult for Hull City to pay off the Allamhouse loans. I was expecting the profits of Hull City to be far more substantial to enable the debt to be repaid. City have to find £60 million in cash to be financially free of the Allams. On the basis of the accounts that looks unlikely. especially as we sold no-one in the January window.
