| FORUMS > Hull FC > VERY worrying conversation just had |
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East stand extension anyone?
On that point i have been informed that Duffen approached the council, basically saying there was no money but the extension needed building and he wanted the council to fund it. He'd be more than happy having the income that would have given him for about 6 games once it opened mid this season.
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| Quote: Hull Kingston Convicts "Basically thats what i said! The lease has been mortgaged, the mortgage company can do what they want!'"
Not really. You keep saying that City have mortgaged the lease when in fact Bartlett did it himself and then sucked money out of City to finance the debt.
And IIRC there are some pretty restrictive covenants on the leases which would still be in force and could limit exactly what RBS could so in the event of a repossession and sale. |
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| Quote: hull_lad01 "The current SMC has a 25year lease to run the stadium and should it fold then I'm presuming so would the lease and then the Council would have to tender another lease to another company.'" There was a clause in the lease if thing were not run properly the Council could terminate that lease  ps the SMC still have to report and answer to the Council |
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| Quote: Jake the Peg "Who would buy a lease to play in the KC?
Are we sure it isn't the head lease that's been mortgaged?'"
Who knows at this point?
1, we would know a hell of a lot more if we took the seat we were offered ont he SMC board (thank you Plummer)
2, Who knows what mooney went between the "independant of each other companies" that are Hull City 1999 Ltd and the SMC Ltd
I hear Rovers are in need of a new ground, as are Grimsby and Scunny thanks to their success have just about outgrown Glanford park |
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| Quote: Jake the Peg "Who would buy a lease to play in the KC?
Are we sure it isn't the head lease that's been mortgaged?'"
As far as I can tell from the article it's City's sub-lease that was bought. I think it was a necessary part of the purchase of the club. Looks like the lease was held separately by the former owners.
Effectively only a sports club would buy the lease from RBS if they foreclosed. |
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| Quote: hull_lad01 "But if the company that employs Bullard folds then so does his contract so tough on him he'll have to limp on, or should I say he'll have to Wash and Go
![]()
wrong going into administration does not mean the company's folded, look what happend at Crystal Palace, Victor Moses went to Wigan for 2.5mill and Palace were and still are in administration.
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| Quote: Holty "wrong going into administration does not mean the company's folded, look what happend at Crystal Palace, Victor Moses went to Wigan for 2.5mill and Palace were and still are in administration.'"
And now P Diddy is buying Crystal Palace! |
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| Quote: Kosh "Not really. You keep saying that City have mortgaged the lease when in fact Bartlett did it himself and then sucked money out of City to finance the debt.
And IIRC there are some pretty restrictive covenants on the leases which would still be in force and could limit exactly what RBS could so in the event of a repossession and sale.'"
I guess that we should be ok, but the situation as a whole is a worrying one. Hopefully Pearson will sort it all out, as he seems to have his head screwed on correctly. |
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Ive always thought we should have had an arrangement like Udders, where both clubs own part of the ground, with the majority owned by the council
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| Quote: Hull Kingston Convicts "And now P Diddy is buying Crystal Palace!'" Wouldn't want Puff in Hull he's too much of a party animal, the weir bar would look like a picnic compared to his parties.  |
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| Quote: Holty "Wouldn't want Puff in Hull he's too much of a party animal, the weir bar would look like a picnic compared to his parties. ![]()
Imagine the ho's that would be kicking about!
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| Quote: Hull Kingston Convicts "Imagine the ho's that would be kicking about!'"
dont want no dobbin fans anywhere near the KC |
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| But the cheerleaders would be vastly improved |
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| Quote: Hull Kingston Convicts "Imagine the ho's that would be kicking about!'"
Would be impressive! |
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| Quote: Hull Kingston Convicts "
We have a user contract with the SMC, as do City, they chose to mortgage theirs with RBS to fund the PL
What if they cannot make the required payments? (If/when City go down, i fully expect them to hit the wall, go in to freefall and admin.) Will they offer the lease to someone who can pay their way?
I was at a Q&A presentation the other week at which Adam Pearson spoke and, whilst he came across as very sincere / honest he was clearly a worried man.
The 25 lease which the SMC has from the council is a valuable asset which, according to the Guardian, has been mortgaged to RBS as it has an income stream (from us and the Tiggers) which will repay a level of debt. Whilst I have no inside information I have always assumed that our user agreement is with SMC.
Have SMC guaranteed any of the Tiggers/Bartletts debts as they clearly could given the trading relationship and dependency? Could the administration of the Tiggers drag the SMC down? (I'm sure that it would find a buyer but who?). Has the council got a clause in the lease which means that it reverts to them on insolvency - RBS would probably step in and sell SMC/lease as a going concern to avoid insolvency.
I feel sure that our only issue might be dealing with a "new" SMC (and we may no longer be allowed to use the jazzy scoreboard). Would be nice if the SMC could be acquired by Hull FC or a neutral party in this eventuality rather than being always linked to the football club's owners who seem to abuse it rather than respect it as an asset of the city..
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