Hull FC have lived beyond their means for a long time.

Adam gambled with a massive wage bill (third highest in superleague). He continued to sign players such as Reynolds, when he knew Covid was still having a massive impact upon income, and he did very little to cut his cloth accordingly. The club still has a mega wage bill, as he has said so himself.

Hull FC have also not paid an proportionate share of the cost for use of the stadium for many years, as the stadium running costs have continually been met by Mr Allam. As the 25 year rental agreement is coming to an end, he knows that its either accept a rent increase to reflect the stadium running costs, or play on pickering park.

So now he starts mentioning a merger, as he is running out of options, and doesn't have a plan B. The Boulevard got sold off the last time the crap hit the fan, so he's got no other assets, apart from flogging off the players.

Any true lifelong supporter would never entertain such a merger proposal, yet he appears to be quite open to such a prospect, should the opportunity arise.

No, me either now. I don’t think you’re missing much.

The only striking change I noticed was ‘other borrowing’ which increased by roughly £1 million. I guess that might be the emergency govt loan. But it is only a guess, because I don’t have any expertise in this area and even if I did, I’ve a suspicion that there’s not enough detail to say anything very definitive.

One thing I find curious (not meaningful, just an oddity) is how precisely the intangible assets are valued. I presume this is the player registrations and maybe the estimated value of a place in super league - if you wanted to transfer all the assets to a new entity, as a going concern, how much you’d be able to realise for creditors and shareholders of Hull FC. Last year it was £1,777,649 and now it is £1,650,880. Like somebody has really worked it out. Surely it is a bit more like valuing a house, and you’d just round off to the nearest £1000 or £5000. Or maybe they started with a round number years ago and there’s some sort of adjustment they apply each year. Appreciation and amortisation algorithms… possibly. Adopting a rigorous approach to updating a purely notional valuation is… I dunno, there’s a kind of sweetly futile conscientiousness to it.

1 - Yes, although a. club have adopted this approach since pre AP's tenure and b.no impact on the P&L.
2. Agreed, and explains partially increase in cash.
3. Plus more re fans paying by DD than upfront now.
4. Made a profit.

https://twitter.com/GaryCarter_1979/sta ... 34851?s=19 Degsy has his say.

https://twitter.com/GaryCarter_1979/sta ... 34851?s=19 Degsy has his say.

So did we make a profit last season or sneaky accounting?