SMC is one big financial liability, as such based on accumulated losses these can be used to offset the corporation tax liabilities of any holding company/ies. So it's tax mitigation, NOT avoidance.
The SMC made a profit under AP (not a big one, but he did pay some cash to the Council), Bartlett was taking money wherever he could get it, he mortgaged anything he could, but even in his last year in charge the SMC made a profit and had a net debt of just £325k (now it loses £2m a year and has net debt of over £16m).
Bartlett also managed to wangle a mortgage on the stadium, which he didn't own, which takes some doing, not to mention some co-operation from the people that did own it, allegedly.
The £3.4m mortgage that Bartlett took out on the stadium looks rather insignificant against almost £60m of debt that the SMC and football club have run up since.
Didn’t realise Rocco Coyle is the youngest brother. But reading about the Coyles led me to their Coyle Sports Community. That’s pretty much what I’m on about ( in roundabout turns ) Tommy wants to leave a ‘legacy’ . With a bit of foresight the Allams could leave a similar legacy, going some way to repairing historic damage. Why, the Allams could even link up with the Coyles ....
What's £3.4m between friends ? I meant the loan he obtained to buy the club off Pearson. Are you saying that the club is almost £60m in debt which would make the asking price at least that ? Because I don't believe that.
The club debt is £42m and the SMC debt is a bit over £16m, it's not a matter of opinion, it's clearly stated in the accounts. Bartlett didn't take out a loan to buy the club, he effectively used club money to pay for itself (at least partly), it was after we were promoted that he got a £22m loan, against future ticket sales and PL income, to fund player purchases.
Wasting the rest? 'Some' ignore the possibility that we may still be at Boothferry Park if the council hadn't funded the KC.
Some clubs manage to finance the building of a stadium and cover the maintenance costs, ours can't keep a stadium they were given in a good state of repair and have racked up a debt of 16 million.
It is possible there might not have been a Hull City or an FC if they hadn't. In fact there was more likelihood of FC going down the Swannee. Good job Pat Doyle was an FC fan. Of course we cold have ended up at a 2 sided, 8,000 capacity stadium which was seriously suggested at one time.
No new owner is going to want to take on the SMC in that state unless the club value is reduced by that amount, which ain't likely to happen. Which creates a problem for the seller, purchaser, and HCC.
