I know some will see this as City related (see that "Dr" Allam...CITY!) but it's the SMC.

rlDisputing the legality of the loanrl

Now, in 1996 I bought my first flat in Hull, it was built by a well known building company and I bought it on a 99 year lease, with a mortgage, said building company still own the freehold of the property, but I have never had to seek their approval for any loan or other credit secured against it. What makes the "Dr" think the SMC are any different?

Am sure there are others on here that have bought leasehold with a mortgage without the freeholder having any say in it.

Depends on the terms of the lease

It's the 'private company associated with the SMC' bit that sounds a bit iffy. Assuming this relates to Bartlett & not Pearson?

It's been long known that Bartlett hocked the SMC lease when he owned city. Chances are allam has taken advice and believes the bank are on shaky ground

Not sure about the precedent set by having made payments, could be some kind of implied validity (which occurs with tenancy agreements even when evictions are sought)

Its all Bartletts fault, cant see any issues with the "mortgage"

They mortgaged city's user agreement with the SMC, which in effect is a guaranteed income for City, RBS advanced funds, end of

What happend to the 3 years season tickets Bartlett flogged to ticketmaster?

Begs the question, if Allam is the business man hie claims, did the Due Diligence people not pick this up?

Bit more detail rlhererl, perhaps.

David Burns ‏@bbcburnsy 2h
Assem Allam also said to me he's been offered the freehold of the KC stadium but he won't have anything to do with Hull City Council.#hcafc

Something of a volte face by the council, then. Very interesting statement. Wonder if surrounding land was involved? Also must be a question as to how the council knows Allam would represent best value as purchaser without tendering it or inviting other bids. Is that even legal? Crazy times.

I seriously hope they have not offered him anything, apart from short-shrift. Wouldn't trust him as far as I could throw him. Comes across as a despot.

Would make more sense. Hope the council clarify tomorrow.

Not going to happen

What, the council clarifying?