It was actually a serious question, nevermind

Another reason to be glad we're shut of them all.

For mine, AP sees the chance to make some money through FC, but is in it for the long haul. With a successful club on the field, we would normally see pass sales and gates increase and merchandise sales increase too, so there is definitely money to be made.

Maybe in view of the possibility of a loss, the tax bill, the drugs case and the general falling out between the previous regime and the fans, he got the club at a better price than expected, coupled with the old board's willingness to sell.

We may be getting over-optimistic, but lets face it, a few years of debt for increased onfield success is a small price to pay. Optimism puts money in AP's pocket too.

If the search facility on here wasnt so slow and rubbish id find posts where a couple of people were suggesting how bad it was with Kath and Rule and how spin and flim flam was the order of the day. Its a shame those posters were put doen by the club apologists

IIRC the qualification concerned the inclusion of player valuations. This had no effect on P&L and hence on profit, but would have inflated the value of the club when it came to a potential sale.


No it doesn't. In fact he specifically states that he went into the deal with his eyes wide open.

Rather than 'spinning' anything I'd say that AP is being exceptionally open about the state of the club and how the issues are going to be addressed. In particular the information about how the cost base of the club was unrealistically low and hence the profits of the past several years were unsupportable in the long term is interesting reading and sheds welcome light on an area of much speculation. Long may such 'spin' continue.

Will they? The report says "The club will be ending the financial year for 2011". Is that not April 2011? I though the financial year was April to April?

Genuine question - I'm not a finance person (as my bank manager keeps saying )

Indeed

If Kath et al were as open as this it would have helped. AP is the only shareholder at the club, he has no reason to be so open, but well played that man

Ta!

I’m surprised at the comment by Mr Pearson that he was “shocked by the state of the club's finances since taking over” Someone contacted the Radio Humberside programme Sports talk last year to ask guest presenter Pete Smurthwaite if he would be prepared to buy the club his reply was something along the lines of “not after seeing the books”.
On the same programme at the time of Pearson’s purchase of the club Dave Burns stated he got it cheap because of a large outstanding tax bill

Took no prisoners with city neither,Brian Little,Jan Molby,Phil Parkinson.If they weren't doing the business they were on their bikes out of hull.

For me once again this just shows at last we have the right man for the job.

Everytime I hear from Adam Pearson I get the feeling of there is a man telling me the whole truth, we might not like it but this is how it is. I only see this news as an extention of the old board. We all knew what they were like but we choose to ignore what we didnt like but then again in life who doesn't.

The club is being run in a professional manner, he is investing now from the off and has spared no expense in making sure we have the best facilities with the best equipment for the players to prepare in. Changes from top to bottom in the coaching staff and hopefully the way we play.

For me all this just doesnt seem bad news it's just shows me just how right the club are doing it now and that can only rub off on the players, they see the best they want to be the best. So it doesnt sound good for a few months but if this is what I have to put up with whilst he gets the club back to where I want it to be then so be it.

In Adam Pearson I trust, we are climbing up that mountain and I cannot wait until we reach the top.

Totally agree with that.

Great post mate

Not a world exclusive really, pretty much just confirmation of what most fans already knew that the club was only making a profit by not spending much of the incomes. Much rather have Pearson being honest with the fans than the last lot who thought we were mugs and would swallow any old tosh.

Think the shock from Pearson is not so much about the loss (as think he already knew this) but the serious lack of investment within the club.
Still rather be where we are now than last season as I am confident that Pearson can move this club forward and bring success and sustain it at the top.