The charges against assets with Macquire were registered in Jan 2017, so fall outside that accounting period.
I was hoping quicker than that, although I may qualify for concessions put back by the new owners if it goes on that long!
As OLM pointed out it's two years parachute payments because we were only PL for one season and the second payment is cancelled if we get promoted this season.
Hull City had to get the permission of the Premier League before giving a charge to Macquarie. The loan is very likely to have been in existence before January 2017. Allamhouse released their charge over the Premier League monies on 6 April 2016. Pure speculation on my part but that may have been necessary before they could give a charge to Macquarie.
I'm pretty sure they must've made a decent trading profit last season too. There's no way that all the £100m tv money was spent on player signings and wages.
There was that £23m loan to pay off from the previous season (assuming it was paid off), but they still should have been able to pull £20-30m out.
You are right. I thought it was earlier than this. We may need to wait for some time then to see what it all means but hopefully a sale will come before that !
From memory the Allamhouse accounts show they hadn't taken very much out, if anything, before 31 December 2016. They then took around £5 million out when they reduced the share capital after complying with the fair play rules and converting some of the loan into shares. Its possible that the amount of wages and fees Silva spent accounted for the bulk of the remaining Premier League money. They would have needed a profit of at least £23 million to have repaid the loan to the bank in full without further increasing the club's debts.
I'd talk to them about the purchase price and the debt. I'd want a big say over how the debt to Allamhouse was repaid. I'd want a say in which players got sold and what happens to the money. Both of which would affect the value of the club the day after I bought it. It would also affect any promotion bid. getting rid of all the players and hoping to have a good January would be like putting your house on a 300/1 outsider in the National. Great if it came off, but a bugger if it didn't. If I had the money I'd pay the debt in full and haggle over the purchase price to get it as low as possible. But then I support Hull City and would like to see them go. Paying over the odds would be worth it. After all its only money. Luckily I have nowhere near that amount of cash. If you didn't want a semi-serious answer, my apologies.
The next Hull City accounts are eagerly awaited. The last 2 years has seen them published mid-October. I think we're all hoping there's been a big surplus last season which is showing as cash or debt repayment. Anything to hasten their exit. Please.
Without seeing the audited accounts, if the charges were put in place in Jan 2017 they would have needed disclosure as a subsequent event as it would be a material event prior to sign off by the directors and auditors. Did the accounts give any useful information on this? I think I know the answer already but worth asking.
Who said footballers have no loyalty. I know he probably made a few quid from his transfer but even so it's great to see Harry helping us out.
Probably the wrong place. I have bought a ticket for Bolton because my mate is coming, does this print off sheet with these square barcode boxes get you in?
I just finished auditing a client who have since announced their results for the year and have 2.1bn sitting in their cash accounts, I wish I could talk them into it..
