Things We Think We Think #310

Ha ha , very good post.

 

Perhaps at the time they thought there was still a slim chance of getting their hands on Walton St via being on the board at City?

I've heard it said ( no basis in fact) that the Allams will do everything they can to **** up the next owners to make their reign own look more successful.

Every week that passes makes the Allams' reign look shabbier greedier, more destructive and spiteful.

Conclusion: they're beyond caring about their legacy, they're just money-obsessed greedy losers with zero class.

 

That’s exactly what I think they’re doing, and why

 

The club was ****ed up by Assem Allam and Steve Bruce. We are now paying the price for their overspending. Ehab deserves some credit for what he's done with the finances. It may not be a popular opinion but its mine and is confirmed by the accounts.

Assem Allam has one chance and one chance only to get some of his money back and that is to sell us before the January transfer window. If we are still owned by Assem Allam at the end of the season he can say goodbye to ever getting any of his £63 million back.

Bartlett showed what can be achieved with Hull City with a bit of money. As did Assem Allam. We have been promoted three times to the Premier League and that potential is still there. When we are sold we'll have a smaller wage bill and hardly any debt. That is a far better position than having loads of debt and a high wage bill which is what Bartlett left us with.

Nobody remembers the owners outside some supporters of the club. Phil Brown will be remembered for taking Hull City into the Premier League for the first time not Russell Bartlett. The same for our first FA Cup Final, The accolade goes to Steve Bruce not Assem Allam. Maybe tough if you're an owner but that's football.

 

£21 million off £63 million leaves £42 million. That's still a lot of money to lose in a sport he's got no interest in.

 

Very simplistic way of looking at it. Wages, dividends(?), tax benefits, interest on the loan etc.

It all adds up and I bet their overall pot ain't bad at all.

 

They didn't get any wages. There were no dividends paid. The £21 million is the loan interest. The tax benefits for Allamhouse were quite small and I can't be bothered to look them up. Most of Hull City's losses have been used to offset the profits in the past couple of years.

 

Well that's wrong because I remember them taking a multi million pound dividend in the accounts one year and the recent accounts had a directors consultancy cost or something or other for a princely 6 figure sum.

 

It's the allam house accounts I was thinking of but having a quick look at them over the years oh look how massively different their dividends are when Hull City is bringing in the cash, despite falling sales at Allam Marine, compared to before the first promotion. (Read 600,000 vs 6,000,000)

Coincidence? I think not.

Their wages have likely followed suit.

 

They have never taken a dividend from Hull City.

Allamhouse make a management charge of around £150,000 a year covering services provided by the group and, no doubt, an element of Ehab's wages.

 

I do respect your opinion Obi
However even if everything you say is 100% correct I’m afraid he will get no credit from me regardless

 

They can have a kick in the bollocks on credit from me.

 

Hull City transferred £16 million of tax losses to the Allamhouse group in total. A saving of £3 or £4 million in the group's tax bill.

The increase in administrative expenses could include many things, the increase in staff, the costs of maintaining, the training ground which used to belong to the SMC and the costs of maintaining non-playing side of the Academy.

 

After spending half a billion pounds with nothing to show for it other than a few good memories they get no credit from me. However I believe if Assem hadn't been ill then we would be in a worse financial mess. One we may not has escaped from.

 

You might be right, but giving Ehab credit for that is like giving the person trying to deliberately run you over credit for missing you!

 

Things I thought I thunk number 1

1. Obi mate - your popularity ratings just took a tumble with the words "Ehab deserves some credit", he doesn't even deserve a carrot!

2. Admin charges are a foolproof way to syphon off some extra cash without having to explain what it's for exactly

3. Steve Bruce isn't to blame and not even partly - you can't blame a manager for spending money if he's backed by the owners as they're the ones who have to foot the bill and they've presumably signed off on the signings The buck stops with the owners on all things finance.

4. There's no point replacing Adkins, they won't as it will cost more money they don't wish to spend and Lee Darnborough (if he even exists) doesn't yet have his coaching badge

5. Lee Darnborough doesn't exist - not in any meaningful way anyway

6. The club could and should be sold before January but not at the price that Ehab has in his head - we don't know exactly what that figure might be but we can guess it's a pipe dream

7. We had the better of Leeds for nigh on 10 years - cherish that

8. Adkins has made a right cock up of the Henricksen captaincy, now he can't even drop him as he'd look even more of a chump

9. For years we had a decent midfield and decent defence but no 20 goal a season striker, now we have no bloody midfield and some decent strikers while the defence is unsettled

10. We live in hope that Grosicki fancies showing off against the promotion chasers cos they might want to sign him in January so if Adkins picks him for the next 3 games expect a better display.. there you go some hope to finish with.. always end on a positive

 

How much money have the Allams taken out?

Would you care to hazard a guess ? Genuine not rhetorical question

Or is it like Wonga where the debt never gets smaller only bigger no matter how much money is paid back?

 

£19 million in interest. (I think the £3 million for the past accounting year was added to the debt)

£3 to £4 million being the tax benefit from transferring losses totalling £16 million to other group companies

£1 million management charges (although the accounts show no management charges after 2015 so it could be less)

I haven't checked properly but they have taken approximately £20 million out in order to reduce the debt from £80 million to £60 million.

Genuine answer.