you clearly know nothing about Public Sector finance, crown expenditure, covenants, grant funding and the like.

Martin?

I think RBS have a floating charge over the assets (lease) of the SMC. The loan was made to the holding company who don't hold the lease. Although as a result of Allam contesting the legality of the loan there is a new agreement to repay over three years. I haven't checked to see if there is any additional security as a result.

Is the following though still true or not;

1. Whatever Hull City pay the SMC, is largely Allam paying himself some money from one company to another one.
2. They have not disclosed fully the SMC accounts so that they can be scrutinised as to why and how the alleged losses are accrued?
3. I would think a lot of expenditure lumped under the SMC is as a direct result of Hull Tigers promotion, and so therefore should be borne solely out of the outrageous additional income the Tigers received. Seems convenient though to show this as an SMC loss.

I believe you are right, I have looked for full SMC accounts and can find only the most basic returns, the SMC should always have been independent of any organisation operating commercially within the stadium (regardless of that being City,FC, Kr etc.) the Airco Arena should also simply not be available to City, it was intended as a community facility.

The sooner this sorry mess gets cleared up the better, for everyone, including the toothless tigers.

1. Only if the SMC makes profits. If they make losses the money for the losses has to be found from somewhere else within the Allam empire. The accounts suggest that Hull City AFC lent monies to the SMC to fund the losses.

2. The last set of accounts showed the SMC made a loss of £1.1 million from hosting Hull FC matches. Without opening the books it is impossible to say whether that figure is accurate, but that's the figure in the published accounts.

3. Hull Tigers don't exist and have never been promoted.

4. I think a large part of the additional expenditure came from structural repairs to the stadium. Again without open books we'll never know.

Is it not true the SMC made a loss from selling training grounds?
That have nothing at all to do with the SMC but are every thing to do with Hull City AFC.

Yes they did, nearly half a million.

m.hulldailymail.co.uk/Airco-Aren ... story.html Airco Arena Hull City Council applies for injunction in SMC row

m.hulldailymail.co.uk/Airco-Aren ... story.html Airco Arena Hull City Council applies for injunction in SMC row

I would not expect any councillors to comment on this from now on, the council officers will have gone through it with a fine tooth comb with the legal boys. It would to have got as far as it has without them being fairly confident of the facts and the outcome. If this goes in favour I think it will be the end of the Allams, they loss of face would be too much to bear and they will run away. I understand the family home is up for sale already and his city empire is slowly falling apart.

Sadly it has been for ages, but its such a tip they cant shift it

City Academy granted Category 2 status, with this proviso....

Will be interesting to see what the councils next move is.

Quote: Fields of Fire "Will be interesting to see what the councils next move is.'" The council have already instigated court proceedings, the next court hearing is in Leeds in August. www.hulldailymail.co.uk/Airco-Ar ... story.html

Quote: Fields of Fire "Will be interesting to see what the councils next move is.'" The council have already instigated court proceedings, the next court hearing is in Leeds in August. www.hulldailymail.co.uk/Airco-Ar ... story.html

Quote: weaver93 "The council have already instigated court proceedings, the next court hearing is in Leeds in August. www.hulldailymail.co.uk/Airco-Ar ... story.html[/quo I wonder if they can pull it off

Quote: weaver93 "The council have already instigated court proceedings, the next court hearing is in Leeds in August. www.hulldailymail.co.uk/Airco-Ar ... story.html[/quo I wonder if they can pull it off