What have we spent? In the last 18 months the only big deals I can think of are: Proschwitz: Reported £2.6 million, although we know it was significantly less. Brady: £2 million Meyler: £1.5 million Let us know if I've missed anyone. I'm sure Leicester, Cardiff, Blackburn and probably a few others like Wolves or Forest have spent considerably more, as well as Watford having their significant advantages. Not to mention the calibre of player Bruce has managed to recruit. If we'd appointed Warnock in the Summer I'm fairly sure we'd be outside the top 6 now, and playing woeful hoof-ball instead of the quality pass-and-move style Bruce has us playing.
£6 million spent on transfer fees alone in 18 months is a lot of money, especially when you consider you haven't sold any of your star players to fund it.
According to Companies House, THE HULL CITY ASSOCIATION FOOTBALL CLUB (TIGERS) LIMITED Business Summary The Hull City Association Football Club (tigers) Limited is an Active business incorporated in England & Wales on 12th July 2000. Their business activity is recorded as Operation Of Sports Facilities. The Hull City Association Football Club (tigers) Limited is run by 3 current members. 1 shareholders own the total shares within the company. It is also part of a group. The latest Annual Accounts submitted to Companies House for the year up to 31/07/2012 reported 'cash at bank' of £79,250, 'liabilities' worth £57,507,187, 'net worth' of £-51,122,012 and 'assets' worth £6,695,874. The Hull City Association Football Club (tigers) Limited's risk score was amended on 05/02/2013. £50M in debt http://companycheck.co.uk/company/04032392
Interesting too that their risk score has gone from 25 to 23. Financeial institutes usually use this score as a guide aand will not give credit to companies whose score is below 20 (Like Leeds was before takeover)
We've still got players on Premier League wages. Last year we'll have had the likes of Oli, Ghilas, McShane, etc all around the £20k mark and none of them played, or at least not regularly. One of our posters who pays attention to these kind of financial reports like Ricardo could probably explain that for you. The Allams wrote the debt off when they came in and have spent somewhere around £60 million so far. I'm far from concerned about our financial situation, I'm happy the way we are investing reasonable amounts, speculating to accumulate. I'd rather operate on that basis than the 'sell your best players' policy employed by 2 clubs I know of in this league ...
That particular quote is what is all wrong with football. Leeds United have lived above their means and we got a lot lot higher than Hull ever will. Now we are a football club that if the owners ****ed off could still run sound. How many others can say that? once sugar daddys **** off and get bored of their toys you will lose ur best players and end up back where you belong
Rosie the Allams didn't write off the debt. They loaned the club the money to pay off its creditors, and secured the loan against our assets
I think Rosie is mistaken. When our owners bought the club they loaned the club the money to pay off its creditors to ensure its existence. That loan is secured against the assets of the club which do not cover the amounts loaned. They cannot just **** off now because if they did they will lose over £40m. The only way they can recoup their money is to get the club operating within its means (which is the stated aim), get back into to the top flight and stay there
I think that's a little too simplistic to be honest TC. The figure of -£47m is the shareholders funds, which is the total assets (not just current assets) less total liabilities (not just current liabilities). There is called up share capital to take into account, but the bottom line is that it appears to be £47m in debt for some reason
The reason why there is £47m debt is because the Allams paid off your debt but it is a loan to the club. They may even write it off in time. But if they don't, it will remain your debt. The chances are that if you go up, they'll probably recoup some of it back from some of the huge TV revenues you would bring in.
