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essexgull

8980 posts
First used 12/01/17

#1
16/09/2018 at 12:19

Lot in there, some may be true, some may be not. Like gauging a holiday from a single photo.

Essentially seems that the club somehow still owes the Allans ca. £60 million and the Allans have now made more in interest and salary than they allegedly put into the club to save it from bankruptcy. Another parachute payment due in January of around £30 million and will remain to be seen what this is spent on. The playing squad has suffered 'negative' investment over the last 4 seasons. The 'good health' that Ehan refers to regarding the economy of the club actually includes the parachute payments as standard income (?). As of next season, if continues, the turnover of the club will be around a third of what it is now, to be £16 million, which will equate to the salary bill alone.. ie the club will be doing it's nuts.

Commercial and matchday income is at a 13 year low, lower than when Pearson left, and club allegedly losing £90k a week in operating costs (this doesn't entirely make sense to me from the figures). Basically means that the club will not function at Championship level without a benefactor coming in and funding and/or crowds going back over the 20k mark.

Without doubt, there are many clubs in the Championship in the same predicament. Hard to see sustainability for the league model really.


ESSEX GULL 

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NationalTiger

Administrator
First used 09/01/17

Group
Hull City

#2
16/09/2018 at 12:55

So in summary, then, exactly as we expected, with the Allams leaving just as the final parachute payment clears. Into the Allams account of course. 

Now then... 

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essexgull

8980 posts
First used 12/01/17

#3
17/09/2018 at 08:12

We all have our idiosyncrasies. I personally don't like to defecate whilst wearing a jumper - have to take it off to be able to relax properly. A shirt/t-shirt etc. is not an issue though.


ESSEX GULL 

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Obadiah

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6475 posts
First used 09/01/17

#4
17/09/2018 at 16:59

I thought they'd have paid off some of the debt. It means they only way they'll get their money back is if they sell before the parachute payments run out. 

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NationalTiger

Administrator
First used 09/01/17

Group
Hull City

#5
17/09/2018 at 21:40

The latest gossip doing the rounds is Duffen coming back as a front man for a new consortium.

It seems none of our ex-chairman can keep away from the place, if the rumour mill is to be believed. 

Now then... 

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Driff_Tiger

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8426 posts
First used 09/01/17

Group
Hull City

#6
18/09/2018 at 07:52

Could do a lot worse.
He'll have learnt from last time.
Clearly has City now in his blood.
And, like Nige, he will go above and beyond in terms of engaging with the fans, and bring a positivity. He understands football and football fans.
All things that are desperately needed.
Any more info? 

The fish rots from the head #AllamOut 

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KingstonKid

3843 posts
First used 09/01/17

Group
Hull City

#7
18/09/2018 at 13:33

I actually wonder how well received our ex chairmen have been in terms of their sterling efforts in trying to broker previous deals?!
Those goal posts at the North and South stands seemed to be moved a lot!
So near but so far hey?
Anyone been to the golden mile lately looking at "kiss me quick hats!
I see that the Oystons are still in office.
One wonders which club will be sold first?! 

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The Prince of Munster

8468 posts
First used 20/01/17

Group
Hull City

#8
18/09/2018 at 14:18

Some of the best times being a City fan was when Duffman and Brown were at the helm.

I would have mixed feelings about either coming back. But I’d take Duffen over the Allan’s just to welcome EGD WRIGHT and his bi-weekly complaint about Carly Duffen’s contribution to the matchday programme. 

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The Prince of Munster

8468 posts
First used 20/01/17

Group
Hull City

#9
18/09/2018 at 14:18

Some of the best times being a City fan was when Duffman and Brown were at the helm.

I would have mixed feelings about either coming back. But I’d take Duffen over the Allan’s just to welcome EGD WRIGHT and his bi-weekly complaint about Carly Duffen’s contribution to the matchday programme. 

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RichardCheatham - City AFC

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7356 posts
First used 09/01/17

#10
18/09/2018 at 15:07

I’ll weigh in with my two bobs worth.

Accounts. Profits in the last two years exclusively down to profits on transfers. Aside from some bargain basement squabbling - a mill or so for Stewart, Grosicki, Bowen, Irvine, Evandro, it’s not something that will be replicated. The £9m contingency for performances is unlikely to materialise now Harold has signed Lester extension and Clucas moved to Stoke. So, future income is the lump sum £34,000,000 final parachute payment and the standard £7m championship/Prem handout. Its not sustainable.

True the Allams are due £63m. With the parachute money it’s then £30m. If they have profits elsewhere, and they appear to, they can reduce that by £6m by taking the £30m loss on the chin. If I were advising them, I’d seek to get the money out elsewhere and write the whole lot off, gain another £6m courtesy of HMRC. Ta.

Further, 10years of £3m to £4m in interest is also equal to the balance if they take the cash upfront. I haven’t looked in to SMC much but maybe there is some shenanigans going on in there too.

Upshot, the Allams will be leaving the business with their money repaid, in some shape or form. I recall the overseas investment comment by Assem so wouldn’t be surprised to hear of some laundering going on. Feel free to sue mefor that comment!

Explains why no money has been spent and won’t be spent. The man from the Pru simply playing a part in the charade, he knows there is no money for players.

Duffen. FFS, really? He stole money from the club, I’m sure you all understand that. Being better than the Sheffield stealers or Martin Fish Out isn’t much of a yardstick. Maybe he’ll get Jimmy “Jimbo” “Bully” Bullard as the new manager if he comes back. Duffen failed by a country mile trying to get the Chinese in the door. He will fail again. Don’t ever look back.

Owners. Obvious really, but owners are owners until they have had their fill, or gone bust. Oystons, dildo brothers, Allams, Chinese Laundry siblings at Reading, Cyril’s yankees etc, etc. None of them have any footballing interest, yet will walk away with millions more in their arse pockets. Until the game takes a grip, it will get even worse.

The product is becoming a dud anyway. Bubble proportions. Hull Brunswick here we come. 

Post edited on 18/09/2018 at 15:09 by RichardCheatham - City AFC

Bunkers Hill - See you in the next life 

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essexgull

8980 posts
First used 12/01/17

#11
18/09/2018 at 15:24

There's a suicide thread on not606, which you're welcome to join if it all gets too much, Cheats old bean. We've all stared into the abyss at some point and it scars you for life. Don't give up.


ESSEX GULL  

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essexgull

8980 posts
First used 12/01/17

#12
18/09/2018 at 15:27

originallambrettaman said: ↑
The Allams have now taken £21m in interest payments on their 'gift', in addition to using group losses to avoid paying any tax on the profits of Allam Marine (I make those profits roughly £60m during the period they've owned the club). There's also the mysterious trebling of the admin costs from £3m a year in 2013, to £9.4m last year) all of which means they're not far off having had back all the money they put in, while still being owed it all. Nice work if you can get it.


ESSEX GULL  

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NationalTiger

Administrator
First used 09/01/17

Group
Hull City

#13
18/09/2018 at 22:17

The Allams.

The 'gift' that keeps on giving.

Giving to them, anyway. 

Now then... 

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RichardCheatham - City AFC

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7356 posts
First used 09/01/17

#14
19/09/2018 at 08:53

Quote Quote by essexgull on 18/09/2018 at 15:24
There's a suicide thread on not606, which you're welcome to join if it all gets too much, Cheats old bean. We've all stared into the abyss at some point and it scars you for life. Don't give up.


ESSEX GULL


You would be thinking of suicide if you read the shite on not606, which I don’t, ever, as I’m not 14.

CI is the only substance abuse for me.

Pint

Bunkers Hill - See you in the next life 

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RichardCheatham - City AFC

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7356 posts
First used 09/01/17

#15
19/09/2018 at 09:13

Quote Quote by essexgull on 18/09/2018 at 15:27
originallambrettaman said: ↑
The Allams have now taken £21m in interest payments on their 'gift', in addition to using group losses to avoid paying any tax on the profits of Allam Marine (I make those profits roughly £60m during the period they've owned the club). There's also the mysterious trebling of the admin costs from £3m a year in 2013, to £9.4m last year) all of which means they're not far off having had back all the money they put in, while still being owed it all. Nice work if you can get it.


ESSEX GULL


Yeah, the Lambrettaman that posts on here is far sharper than the charlatan on no606bollox.

£20m, £30m in interest. Is what it is, but despite the Allams gross inefficiency in running a professional football club for on-field success, they are not so short on coming up with ideas on how to fleece said monetary vehicle, Hull City Tigers Ltd. What I will say and have said, is that unsecured lending of up to £100m at 4% or 5% is very favourable. I’m not coming out with flowers and a thank you note but you have to be realistic about these transactions and, it could have been worse. The HMRC technical releases quote “commercial rates”. I just saw 9% + LIBOR on. £15m loan for a business with owned assets and proven reserves. A football club bordering on division three pales in to insignificance by comparison.

With no other shareholders to report to, it’s an easy win for them. We may never know the true extent of it all but they are having all the fun while the club and fans are in a desperate position.

They makes it worse by grabbing a platform to replicate Donald Trump telling the world they are the best there has ever been, while the opposite is true.

And still the Trust has failed to reply.

Bunkers Hill - See you in the next life 

31 posts. < 1 2 3 > Show 15 30 50