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Quote: dessieboy "The same (or very similar) shareholders own Hull City and the Stadium Management Company (SMC). The SMC has a contract from KUHCC to operate the stadium and receives income from

No, you are wrong.

The club gets income from the exec boxes at least.

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Quote: Bertie "Thanks for the reply Mrs Barista, but still unsure what you mean by inter company transactions.....what other companies apart from City and Hull FC are involved ?'"


www.hullcityafc.net/page/WhosWho ... 38,00.html

Your chairman is gets a mention here so it's more than likely rovers who are the "interlinked" club

icon_lol.gif
Quote: Bertie "Thanks for the reply Mrs Barista, but still unsure what you mean by inter company transactions.....what other companies apart from City and Hull FC are involved ?'"


www.hullcityafc.net/page/WhosWho ... 38,00.html

Your chairman is gets a mention here so it's more than likely rovers who are the "interlinked" club

icon_lol.gif


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can anyone explain in hull language please??? icon_rolleyes.gif

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Quote: dessieboy "The same (or very similar) shareholders own Hull City and the Stadium Management Company (SMC). The SMC has a contract from KUHCC to operate the stadium and receives income from Hull City and the SMC that there is the potential for creative accounting between the two'"


They are classed as "related parties" by virtue of common control.

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can someone explain in 'hull' language please?

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People only become accountants because they lack the charisma to become undertakers.:5415.gif



Is it the SMC that run the season pass sales for Hull FC? If so do the SMC take the money first and then pay it over to Hull FC? Anyone know?

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Quote: Bertie "Thanks for the reply Mrs Barista, but still unsure what you mean by inter company transactions.....what other companies apart from City and Hull FC are involved ?'"


Are you being deliberately stupid?

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Come on you ull:



Quote: dandaman "can anyone explain in hull language please???
Hull City and the SMC, who run the ground, are owned by the same people

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given that hull fc pay a rent to the stadium company - and some of this money here will come from us fans - then if any dodgy transfers are taking place between the smc and hull city then is our money indirectly involved?

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Quote: the artist "given that hull fc pay a rent to the stadium company - and some of this money here will come from us fans - then if any dodgy transfers are taking place between the smc and hull city then is our money indirectly involved?'"


I guess it depends how tenuous you want the word "indirectly" to be taken.

Yes, monies are paid to the SMC for rent of the facility, but that rent covers ground maintenance etc. and also forms the basis of the minimum amount the Council recieve.

IF, and it is a massive IF, there have been any irregularities it is more likely to be the loan taken out in advance of the TV monies has been diverted to prop up other associated businesses owned by Burnett, which would be very difficult unless you had some of the most "creative" accountants going.

Corporate Finance is notoriously complex, even more so given the requirements of the audit of Premiership Club accounts, the whole story has very little to do with FC, other than the fact that the SMC is our landlord, but ultimately they are only there because of the Counci.

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Quote: dandaman "can someone explain in 'hull' language please?'"

eh u wha

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Quote: dessieboy "Hull City and the SMC, who run the ground, are owned by the same people'"


Doh.

SMC runs the stadium which is owner by Hull CC.
Hull City own themselves and rent the stadium.

The SMC isnt owner by anyone as far as i can tell.

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Quote: Mrs Barista " I'd be wanting a "belt and braces" audit .'"


Would you just be wearing belt and braces or would you have those shoes on as well? icon_lol.gif

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Quote: Standee "I guess it depends how tenuous you want the word "indirectly" to be taken.

Yes, monies are paid to the SMC for rent of the facility, but that rent covers ground maintenance etc. and also forms the basis of the minimum amount the Council recieve.

IF, and it is a massive IF, there have been any irregularities it is more likely to be the loan taken out in advance of the TV monies has been diverted to prop up other associated businesses owned by Burnett, which would be very difficult unless you had some of the most "creative" accountants going.

Corporate Finance is notoriously complex, even more so given the requirements of the audit of Premiership Club accounts, the whole story has very little to do with FC, other than the fact that the SMC is our landlord, but ultimately they are only there because of the Counci.'"


And if any discrepencies are found the council would choose a different SMC or management thereof, meaning this still has very little to do with Hull FC icon_biggrin.gif

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[i:10za56ci]Hold on to me baby, his bony hands will do you no harm It said in the cards, we lost our souls to the Nameless One[/i:10za56ci]:d7dc4b20b2c2dd7b76ac6eac29d5604e_6505.jpg

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Quote: hull smallears "Are you being deliberately stupid?'"

He's a Rovers fan. They are constitutionally unable to see the SMC and Hull City as two separate companies.

124 posts in 9 pages 
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Subscribe | Moderators: Admin, Kosh , Roland_R , Karen



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