Fair enough. The day one thing was registered at the Land Registry, I know that much. That's where my knowledge ends though.
City Independent would have been my go-to source. At the time of the takeover there was much discussion, there were the pro's, the anti's and the fence sitters. Me, being one of the latter. That thread disappeared into the interwebs darkest vaults one site crash too many. It was suggested at the time that they got the club on the basis of them being at the front of a queue of one. This was rebutted by a poster suggesting, on the contrary, there were many other parties interested in buying us. Only they were blindsided by the haste in which the deal was done. An inference that while everybody was carrying out due diligence, papa steamed ahead. Why the haste? This is where things descend into conspiracy theory, but this was suggested at the time, and it is what I believe to be the reason why. Shoot holes in it, mock it, I really dont give a flying, but it makes sense to me. Here goes, once upon a time... A meeting, a chat, an off the cuff remark, to Assem, that yes, the liberal council would be willing to sell the stadium and land for development. As you look from Spring Bank to Anlaby Road you see a seriously large area of land that to a property developer would be very appealing. The key to unlocking this was ownership of the club. The value of the club, owning the stadium and the surrounding land would be considerably more than any debts that had to be paid. Retain ownership for in house development, or sell it on for a big profit. Win win, either way. This came about and Assem approached the labour council, (yes, read back carefully, the liberal council, the labour council) who said No. Not only was there a lack of due diligence on behalf of the accounts, the view from Spring bank includes a sacrosanct fair ground and West Park. Not quite the vast area it appears. Lambo has put the map on here many times as to exactly what the stadium and environs comprise. Develop that area? Two portakabins and ya done. The council's refusal to sell the stadium, never mind the land, made the easy bucks vanish as quickly as the the waving of the fairy godmothers wand. (Sorry, Iliked that so much, thought i would use it myself) And we all wake up to a picture of them on a piece of land in Melton**, City becoming common, and the name change. My take on it, as I said, take the mick, doubt it, but to me, makes sense. ps** Please Dad can I colour it in - post of the year.
You could write a book on the takeover, well a handful of books depending on which version of events you want to cover. So he paid a pound and took on the debt, 1 why was he in such a hurry when if he waited until it had gone bust it would have cost less? 2 how could he not find out the debts outstanding in the due diligence stage? 3 Did they really believe the were getting the stadium and surrounding area included in the deal?
I still can't believe, after everything that has happened, that people STILL defend those two ****s' actions.
I am grateful to Lambo for my enlightenment. The correct terminology is, no, not splitting hairs. It is semantics.
Charge/Mortgage: The lease provides that the tenant may at anytime charge the property to a “respectable and responsible financial institution”. Briefing Note to the Finance & Value for Money Overview & Scrutiny Commission Date 12 December 2014 - copy and paste this and check for yourself
I've supported the Tigers all my life. My Dad started taking me when I was seven. Between us went to City for 125 years, but lve never seen owners who spitefully and deliberately oversaw our downfall. Of course nobody has a magic wand. If only Adam Pearson had the money or the backing to lead us where we could go, but unfortunately he didn't. He definitely had the want to. Anyway, no hard feelings, people should do what they think is right.
Not splitting has at all. The contractual purchase price was £1 When mike astley purchased house of Fraser or Debenhams - they mention the purchase price not the debts (which reflect the sale price!) nor the ongoing liabilies such as rent, rates, pensions etc. You are splitting hairs. The purchase price was £1
Whilst it was originally reported that Allam intended to only purchase a majority shareholding in the club, and would continue to work with Russell Bartlett, a protracted period of due diligence indicated that the investment required would be substantially higher than originally planned; this resulted in a move to completely seize control of the club.[125] The deal was formally completed at 10.45 pm on 16 December 2010, with the club exchanging hands for the nominal fee of £1, but with Allam, and his son, Ehab committing to invest £30 million, as well as providing assurances for a further £10 million.[126][127]
Please, please, it is semantics. I thought, like the CI thread I referred to, when you said you were going to google for half an hour, you too had been swallowed by the darkest reaches of the net.
In a nutshell as all this is out of my wheelhouse... We were bought by ****s These ****s didn't do their homework This got these ****s in deeper than they thought These ****s thought this was a quick buck situation The council ****ed the ****s over We are still left with ****s who own the club and **** 2 has ****ed us all over (his favourite thing) and lastly Until these ****s **** off or leave this mortal coil (option 2 for me please) We are still left as Hull City and no **** can take that away. Its our ball and you cant play with it.
Oh, if only you had posted that an hour ago, would have saved the trawl through the memory bank. And saved a lot of typing.
I've answered the question, he bought it for a pound and took on all the debt, which was £30m, along with an additional debt guarantee of £10m, it's all in my post #445 earlier in the thread.
If we argue all day between ourselves will it matter one dot ? They bought/gambled/what ever the club, the gamble paid off and they managed to **** it up big time. My take on it is that the council don't come out of it clean faced either, but that doesn't matter now because we are where we are. Back in the old Third Division, aka League 1. I've already been asked this morning by a 'I'm HKR me, and Liverpool' fan what all the fuss is about because 'aren't you back to where you've always been' ? I thought Geoff Bielby spoke some sense last night on RH. We need to show a united front as supporters. but sadly I think the club is fractured beyond repair right now.
For gods sake. If you buy a car for 4k but you then find out it needs 2k of work after you buy it, you still only paid 4k for it not 6.
Here's a scenario with absolutely no basis in fact at all, but what if a person was running a business on behalf of someone else, and got it to look like it was in dire straits, so that a takeover was needed and the sale price very low? The owner gets wind of it, and gets his mate to whisper in the ear of the wealthy, that there's an opportunity to buy the business dirt cheap, generate an add on by getting an extension approved and grant funded, with a ready made buyer in the wings that can't be involved just yet, but it's got to be done quickly to avoid other penalties. The original person running the business is left in the cold, the owner gets his cash, and the new owner is left wondering when the buyer is going to turn up like the ginger kid in the orphanage. All totally made up, but it's as credible as some ITK versions.
