FORUMS > Hull FC > Hull FC lose £300k |
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| Quote: Paul T - HKR "Whether said tongue-in-cheek or not, Sadofsky's did 'qualify' FCs financial statements and the reasons for this will have been investigated by APs advisers (one would have thought).
I have to say I dont like the way AP is spinning FCs losses; on face value it suggests he was kept in the dark about them. If he was, then he isn't the astute businessman I thought he was. Surely APs advisers scrutinised the books going back a minimum of 3 yrs, and been privvy to the latest trading estimates (monthly accounts, budgets, cash flows etc) at the time of buying the club. APs advisers will have highlighted the downward curve in gate receipts and other revenues, and conducted a detailed analysis of expenditure. AP will have been well aware of the loss situation.
Plus, a proportion of the losses will be of his own making, a product of his internal review which will probably impact more in the current financial period ie settlements re Agar, Obst, Rule and other staff unless he has a case to claw them back into the 2011 financial statements. Plus he has appointed Mcrea, Gentle, additional coaching staff, and admin staff which will all mount up. Add to this the investment in the new training facilities and the day to day running costs (which the old regime kept on a shoe string) you can see the base costs AP is talking about spiralling in the short term. Finally, AP has stated he is committed to investing up to the SC limit and in youth development. In other words, the investment (expenditure) of the new regime will mean FC looking at another financial loss for 2012 and beyond, and probably a cash injection from AP to meet them.
On a broader issue, I wonder why AP feels it necessary to keep making a statement about clearing FCs liabilities, and now how he will be underwriting FCs losses. Is this the Allam effect? The Allam's love to bang the drum and hail themselves as Hull City's saviours. Its well documented AP isn't an ardent rugby league supporter, and because of this simple yet important observaton, I wonder even more now about the motive behind his buy-out of FC.'"
When he took over he announced via the HDM that the club would announce a loss,along with confirmation of the tax bill.I wonder if rovers have any outstanding HMRC issues too
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| I still get the feeling Peter Wilkinson is the financial muscle behind things.Pearson was confirmed as city's new owner back in the boothferry days before it came out that wilkinson was his silent partner.Wilkinson hates the limelight but has the wealth,and maybe he is getting bored counting his millions on his ryedale estate?
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| Quote: Punos "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.'"
Great post!!
With any organisation the culture come from the top down, a board that puts in the minimum investment to get by may reflect directly on a playing/coaching performance of also putting in a minimum effort. What will a professional, honest board that invests for the future instill within the playing/coaching staff?
From what we have read from AP, heard at forums etc, it looks like he speaks his mind and is passionate about the club. I hope that he is also telling the truth, if so this is not a good news story but a great news story and a very bright future is ahead of us and hopefully a profitable future over the next few years as we get back towards the glory days of the mid noughties.
For the trolls I do understand exactly what you mean, if these noises were coming from the red side of the City I would also be very jealous
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| Quote: Chris71 "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.'"
And that was 99.9% of people on here!
Pretty much every conversation or disagreement ended with something along the lines of 'at least were not losing money', 'where a profitable club, hows your finances?' etc and Mrs B was the star of this show!
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| Quote: Rupert Pupkin "And that was 99.9% of people on here!
Pretty much every conversation or disagreement ended with something along the lines of 'at least were not losing money', 'where a profitable club, hows your finances?' etc and Mrs B was the star of this show!'"
But we weren't losing money,if they'd have invested in the club as they should have done then yes,we would have been losing money. But you can't change the fact the club posted small profits year after year. Would you rather be in our postion as we are now or the same position as Rovers?
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| Quote: Rupert Pupkin "And that was 99.9% of people on here!
Pretty much every conversation or disagreement ended with something along the lines of 'at least were not losing money', 'where a profitable club, hows your finances?' etc and Mrs B was the star of this show!'"
And i was in the 0.01. I openly said id take some losses and some debt for success but was shot down by the usual suspects
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| Quote: Rupert Pupkin "And that was 99.9% of people on here!
Pretty much every conversation or disagreement ended with something along the lines of 'at least were not losing money', 'where a profitable club, hows your finances?' etc and Mrs B was the star of this show!'"
So what?
How did anyone know what was going on (and there's a load who claim to be in the know on both sides of the river, who know the square root of feck all)?
The news from the club itself was that we were profitable, so it was believed. Woe is me for believing it, but like I say, so what? They're all gone now. History. Let's move on
If Allam says his £1m is a gift, who are we to dispute that?
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| Quote: BESTY "But we weren't losing money,if they'd have invested in the club as they should have done then yes,we would have been losing money. But you can't change the fact the club posted small profits year after year. Would you rather be in our postion as we are now or the same position as Rovers?'"
You had been had over and now finally you guys realise it, I remember the majority on here been over the moon with Rule and the profits the club where making, over the moon!!!
Our position of course but this aint what the thread is about. It looks now like you have the right man in charge but we have had the right man in charge for years and we are now moving in the right direction(money wise).
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| Quote: Sebasteeno "And i was in the 0.01. I openly said id take some losses and some debt for success but was shot down by the usual suspects'"
Cause your not part of the cuddle crew!
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| Quote: Rupert Pupkin "You had been had over and now finally you guys realise it, I remember the majority on here been over the moon with Rule and the profits the club where making, over the moon!!!
Our position of course but this aint what the thread is about. It looks now like you have the right man in charge but we have had the right man in charge for years and we are now moving in the right direction(money wise).'"
erm wasn't this the same person who initally denied rovers were making annual losses of 250k +
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| OH DEAR HULL FC
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| All i can say is thank god Pearson Is In charge Now.. I Just hope he doesnt lose interest
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| Quote: Rupert Pupkin "You had been had over and now finally you guys realise it, I remember the majority on here been over the moon with Rule and the profits the club where making, over the moon!!!
Our position of course but this aint what the thread is about. It looks now like you have the right man in charge but we have had the right man in charge for years and we are now moving in the right direction(money wise).'"
The right man who has placed you in a large 7 figure debt,and numerous county court judgement's,and relied upon Rob Crossland to underwite most of the debt,which he admitted last year he couldn't afford to carry on doing so?
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| Quote: jimmyfivebellies "]]
The right man who has placed you in a large 7 figure debt,and numerous county court judgement's,and relied upon Rob Crossland to underwite most of the debt,which he admitted last year he couldn't afford to carry on doing so?'"
We needed to invest to be competitive, something you guys have clearly not been doing. Now we are heading in the right direction.
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| Fuck me put away your sock, all clubs should be aiming to be self sufficient for their long term futures.
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