They will not wish to be the owners if they cannot carry out all their plans, this is where the current owners came unstuck having presumed that they would get their own way regarding the stadium and the locality.
Things seem to be happening. Two mortgages have been satisfied in full re the Superstadium Management Company Limited: Freehold land and buildings on County Road North and Land at Millhouse, Woods Lane, Cottingham.
You are wise to only trust twitter and facebook. I got it from Companies House. They might have deleted it by now or had the account closed.
That sounds significant Not that I even knew they were mortgaged in the first place Easier to sell as part of the whole package without a mortgage ?
I suppose the SMC (or more likely somebody connected to the SMC) borrowed money and the SMC offered the land has security. If the chinese were buying the SMC they wouldn't want a mortgage on the property if somebody else had borrowed the money so they wanted the mortgage cleared. Whatever happened I suppose the chinese, while doing due diligence, wouldn't want a messy balance sheet they they would have to try to unravel at a later date so they would be insisting the Allams make things simple.
Adam Pearson bought the training ground at Cottingham and the Ideal Standard site on North Road with the help of mortgages from Beverley Building Society in the name of the SMC. Assem Allam sold both pieces of land to Hull City Tigers Limited so it may just be a tidying up exercise as a result of the sale. Both mortgages are around 10 years old so the final balance may be quite small and easy to pay off.
I'm sure you know more than me about these kind of things but according to the charges that were satisfied they were in the name of the SMC so they must now be owned by the SMC otherwise there couldn't be two charges to be satisfied.
HCC has to approve of any sale or disposal of shareholding above 51%. HCC cannot refuse to give consent, but they must be satisfied that the new owners will keep to the terms of the lease, manage the property and be of good standing.
This is kind of the same arguement as about the Chinese passing the FA ownership test. My answer will be the same on this as well. HCC just like the FA cannot wait to see the back of the Allams they will welcome the Chinese with open arms.
It's just a formality, it would be approved whatever the circumstances (short of the purchaser being a convicted fraudster).
Exactly it's just knicker twisting by some on here but let us be honest they would need to be VERY dodgy for the FA to turn them a down after how much the Allams have ****ed the FA off. The HCC is exactly the same as I can't ever see them saying 'No sorry we would rather keep dealing with the Allams'.
When Assem Allam was in dispute with the Royal Bank of Scotland he mentioned that the Council lost control over who owns the KC stadium. If I remember correctly he said something along the lines of: the ownership of the SMC remains with the holding company created by Bartlett so there's no need for the Council to give their consent. The Council has no say in who owns the shares in the SMC's holding company.