Would you prefer the club paid interest to the Bank ? Someone has to fund the club because it doesn't run itself on the gates we are currently getting. As for your ability to see into the future could you post this weekends Euro Lottery numbers so someone on here might risk a couple of quid on a ticket then they can lend the club the money and charge interest on it ?
Bit of a pisstake when they get to control how much they're owed, what the interest rate is and when it's paid off, and only leave once they've squeezed out as much as possible, while pretending to have been trying to sell it the whole time. After initially saying it was a gift.
What is the interest rate? How does it compare to commercial rates? Plenty of businesses don't actually work to pay off their debt, it's part of their working business.
I would expect any lender to charge interest at a reasonable rate what irks me is Allams coming out and saying they don't take a penny out of the club it's clearly not true.
Do we know what 'interest' the Allams have taken on their gift to the City of Hull ? Would be interesting to see how it would compare for instance on a business loan.
Have you ever taken out a Business Loan from the Bank ? As for this 'gift' nonsense, how many other people in the clubs entire history have gifted the club anything substantial ? Certainly no owners ever have. The 'gift' was when they saved the club from going into administration, like Derby have just done. Don't recall anyone else in the queue at the time wanting to save the club as a gift to the city, do you ? .......puts tin hat on and waits for OLM's reply.....
"According to many reports from different sources, the average interest rate it typically between 4% and 5%". So, they are taking pretty much in line with commercial rates. As the interest rate has been significantly above CPI during their tenure, it basically means they have been getting richer (from this) off the back of the club. And I guess that, as others allude to, this is a reason they have only been willing to sell the club were someone willing to pay a ridiculous price .... until now, as their golden goose is coming to the end of it's life. They didn't pitch 'the gift' as just being the action of saving the club from administration. They had us believe at the time that the cost of buying the club was 'a gift'. It seemed too good to be true, and so it proved. We don't know if anyone else would have stepped in or not, or what our fate would have been. We do know what has happened since under the Allams (the good, the bad and the damn right ugly).
From their own mouth or that of Assem was the statement of this being a gift to the City of Hull quantifying it with how he and his family had been so welcomed by the City he wished to give something back. Of course it was absolute bollox, like so much of what the slimy pair of twats have said. My question that you quoted was a genuine one, in that I wanted to know the comparisons between the interest that the Allams have accrued during their tenure compared to that of a business loan. The suggestion that the gift was to save us from admin is your slant trying to justify their statement which I think you, I, and everyone else knows is totally shyte. At no stage did Assem mention about such, in fact having bought it I recall because of his failure to do due diligence prior to the purchase he didn't actually realise how much in debt we were ! Another statement made by him. So please, you may have your opinions on such but don't confuse your opinions with facts !
Debt??? What debt???????? Who did they borrow it from? Themselves Who do they pay it back to? Themselves Who do they pay interest to? Themselves I suppose if they refuse to pay, or are late paying the interest they take out a summons and get a court order against themselves Utter Bullshit!
If you wants facts google Business Loans and you will find that a Business Loan rates are way above the 4% interest the Allams charge. He did give something back, he saved the club from administration. I hope you never have to spend a second in the cancer unit and eye hospital that the slimy twats did gift to the city. I wonder why more wealthier local business men have never showed an interest in getting involved with Hull City Football Club ?
Assem Allam stated to me in a conversation that his original intention was to hand the club over to supporters, all he wanted was the property assets to make his money back. This was at £16m, he said that this changed when the money needed to be invested doubled quickly including a payment to Bartlett for his shares. His words were that he would still sell shares to supporters but he would only talk if £8m was on the table. The Tigers Coop was dormant and I was not involved in any group, but I contacted people including posters on here to try to form a group to no avail. No groups or individuals who I contacted wanted to know. So whilst it suits people to throw back into his face the offer, it did exist, but was withdrawn when it became too much and I know who I blame for that. There are plenty of people who know this, including some who drag the “gift” back into posts. They either chose to forget or have agendas. I don’t mind the Allams being knocked for the things they do but for heavens sake just be honest yourselves
Us and Sky, with a little assistance from West Ham and Man United. The Allams haven't put a penny into the club for seven years.
He'd never have handed over the club to supporters, he said he was going to consult with fans before the name change but didn't, he said he was building a new stadium at Melton but never was, he said he would give the club away if he couldn't find a buyer but didn't, he said he'd be gone in 24 hours but is still here. He's completely full of ****.
.... but yes, he has done some great things for the region. It's just in relation to City that I have an issue.