Would this be the same Total Fitness that have recently gone bust???

If Hull pay £600k per year into the pot (most in super league so I believe) how much do City pay, must be over £1million?

How does the stadium lose so much money? and what is the deal with franchised food outlets, how on earth can they lose £70k per year at the rugby?

Back to my earlier post, how does Huddersfield with two teams how both have lower crowds and with my initial comment a rugby club that must pay less into the pot make £200k profit each year? Looking at the figures £400k profit each year and over £12million Net worth. Older stadium, less crowds better management?

Thats Fitness First

Yup, was just about to correct it but you'd quoted it.

apologies

city pay £1m

they don't lose £70k as such its a subsidy
we are guaranteed £70k each year as that what how much we made from in food and drink sales at boulevard and shane richardson negotiated this into our deal for the kc

Cheers Clubfoot

So per game at the KC City pay less than Hull even with bigger (inflated?) gates?

It must have been hard to set up the original agreement as both clubs were going into the unknown. With over a decade of experience and books you would think now was a sensible time to get this sorted.

Fitness First it was

FC pay around £46,100 per match (x 13) = £599300
City pay around £43,450 per match (x 23) = £999350

I'm pleased that my efforts will result in a much happier life for you. Please don't send me your dry-cleaning bills when you p *ss pants with laughing so much.

The Allams are blaming the SMC losses on a number of factors they claim were inherited from previous owners, and binding commitments that now appear to be unpalatable. Clearly, when they bought the SMC, they knew what they were buying into so there's no justification for the current wringing of hands and finger pointing.

One thing that is intriguing me, however, is the £3.5M mortgage they inherited:


What was this mortgage for, and what was it secured against? It can't have been SMC assets as they don't own any. I was talking to a Hull City fan today and he believes it was taken out to [url=http://www.cnplus.co.uk/regional-news/yorks-and-humber/new-training-ground-plan-for-hull-city/5208332.articlebuy the land at Melton for City's new training facilities[/url. And therefore would be secured against that land.

If this is the case a few questions arise:

1) If this was a mortgage for City, why is it now on the SMC books?

2) The training facility project was shelved. Was the land then sold and if so, was why wasn't the mortgage repaid?

3) The land is 93 acres south of Melton Business Park. This is the proposed site for the new stadium if the Allams shift out of the KC. [url=http://www.thisishullandeastriding.co.uk/Undefined-Headline/story-11975335-detail/story.html#axzz2LHEQcbd1This article seems to say the site wasn't bought but "remains on offer to Hull City to buy".[/url

But if the mortgage wasn't for Hull City's purposes, what has the SMC spent £3.5M on 4 years ago?

My guess is a diamond encrusted sarcophagus. And £1m to rovers

Before Allam's time. What about that "exclusive executive" room Duffen had built for him and his rich cronies' sole use? Same sort of thing, I suppose. Next to the Circle restaurant I think it was.



Still bet it's the Melton land.

It's not difficult to obtain a mortgage against a lease, providing there are sufficient years remaining on the lease and it appers that the SMC lease on the KC met that criterion

You have no idea bout the terms of any agreements between Hull City, Hull FC, or the SMC, neither do I, but then I'm not stupid enough to pretend I do.

You suggest that I know nothing about contract law, but your comments prove that you don't even know what contract law is. Legal agreements between two or more parties are subject to terms agreed by those parties, there are no fixed terms to those agreements, it's whatever the parties involved agree.

I've brought actions in the High Court, I've brought actions in the Court Of Appeal, I've been involved in cases referred to House Of Lords. Where has your expertise come from, wishful thinking on a message board?

You don't know who you're talking to and you don't know what you're talking about.

Feel free to carry on, it's mildly amusing.

Have either of the Allams been seen riding a scooter?

Will there be a scarf tax on FC fans on match days ?

A quid for a and a Fiver for a No. 2 !
Brings a new meaning to 'spend a penny '

Will visiting KC be like flying Ryanair ? Can I buy an express match ticket to get in quicker ?

et al

Pretty sure the £3.5m was used to fund city when in the premiership when their future SKY money was hocked to the max

Borrowing doesn’t necessarily need to be against the stadium. A 40 year lease and identifiable cashflow from secure rental income would be attractive to many lenders. A prudent lender would consider the level of free cash the business had (after commitments) to service the debt so reasonable to assume that the SMC had sufficient spare cashflow to fund the repayments without resorting to selling the family silver (or wallspace).
On the issue of cashflow v profits could the SMC have changed its depreciation policy based on the first 8 years experience? There is talk of the pitch relaying which could well fall into that category. Depreciation being a non-cash item may explain some of the cash balance evident despite the large losses.
Aside from all of the above points what is the protest song to be on Saturday! Happy to leave our club retaining their dignified silence but we need to continue the protest due to the disrespect of our heritage. If just a couple of JW pictures had been restored after realising the disrespect caused then I would have sat back. Until then it is “18th Man v Mr Allam”!

We don't need to know the precise terms to know that a party who has signed a confidentially clause can't opt out of it on a whim or at the behest of one of the other parties made informally in the media.


Actually I do know that, but there are certain invariant properties when it comes to confidentially clauses. The main one being that a party subject to one cannot simply ignore it at will without consequence.


I was once legal adviser to the Crowned Heads of Europe and assisted in purchases of a number of castles, palaces and the like.

Oh, wait - I just made that up. Easy, isn't it?

I cannot be bothered to trawl through the pages, but did you say you are 21 years old and worked in finance at some point in this thread?

He whizzes down to the Old Bailey at weekends on his scooter to do the legal stuff. They're usually shut at weekends mind.

quick edit haha

both speak out of allems anus'

No, this isn't this idiot, this is another idiot who goes under the name of City1904. Although its difficult to tell one idiot from another with all their inane ramblings.

I think we should do what West Yorkshire Police have done, and limit the attendance of City fans on our forum.

This thread has completely lost it's way and that's why it's being locked.

Feel free to start another SMC thread with a review of what's happened and where we are currently but constant squabbling isn't helping.