[url=http://www.ambernectar.org/blog/2012/01/citys-accounts-observations/This gives a good insight into how the Allamhouse parent company injected £43M into Hull City[/url to, it would appear, transfer their net debt from other creditors to the parent company and to "buy" the club from Bartlett. I too wonder if the £2.8M loan to Bartlett is something to do with this £3.5M mortgage taken out during Bartlett's reign.

As others have said several questions are immediately apparent.

As City don't own the stadium, how could Bartlett procure a mortgage? Against other assets? If this debt was transferred to the SMC on the City buyout, why? How can the SMC take on the debt of one of their tenants? Either way, Hull FC have nothing to do with this mortgage and Allam knew what he was taking on when he bought City. His problem that he has chosen to make the SMC's?
[iOR[/i
Was the Mortgage an SMC mortgage. Taken out for what and secured against what?

What exactly are the £280,000 "rugby related costs"? As our rent covers matchday costs and some maintenance costs, could it be the removal cost of the pictures

? Or what? Without more information, the statement could mean anything. Spurious at the worst.

The agreement changes in 2005 and 2006? Again, meaningless with no meat on the bones.

And "2(f) - The adoption of new accounting procedures since 2010 has provided much greater transparency which has revealed a truer reflection of the company's financial position? "

WTF?

Tomorrows hdm should be very interesting. News on how the smc subsidises Hull fc and news of an astonishing ticket buy up agreement. Crikey.

Agreement. In other words, they agreed to it. Whatever "it" is.

I read that to mean that the costs associated with us using the stadium ran to £280k [imore[/i than we pay in rent. That would put the total at somewhere around £880k for the season, which I find difficult to credit TBH.

@HDMsport: In tomorrow's Mail - we reveal until now unknown agreements between the SMC and #HullFC covering big costs for the Super League club

Blimey. How can the club stay silent now? Will see what's said tomorrow, but in the 2010 accounts they said FC paid £600k rent and FC-specific costs of £200k.

From the same journo regarding SMC finances:

[iPlenty of spare cash in the kitty despite recorded losses[/i

Glad somebody's noticed at last.

That word again

Yeah fair point I would re-phrase it as problematic. As in the longer this goes on the more pressure there will be on Hull FC to make a statement.
They are playing it right by not commenting BTW.

Agree up to now. But in the event we're all wrong and Allam is actually subsidising us to exorbitant levels, a word to let us know how reasonable and amicable everything is wouldn't go amiss.

I don't think Hull have to make a comment yet, Allam is doing a good job with the long length of rope he has.

A small point that when the SMC paid over the small sum of £5,000 they had made £100,000 profit ,this puts more pressure on Allums losses

I was given to understand that Hull City's debt was not paid off by Allums but he just stood as garunteur of it ,thats why he cut back on his clubs wage bill .
Some thing can't get through to City supporters

Still think not enough attention has been paid to the SMC accounts. I have personal experience of a company who manage to show a modest loss every year (hence not paying any corporation tax) and yet have a pile of cash in the bank that gets quietly shuffled off into a Directors fund. And they've been around a long time with a solid credit rating.