Quote: Vicenzo "Neither! Lets be honest, until Hull SL have cleared the remaining debt to the directors ( who took it out in the first place) they will not make a profit until it is all paid off, unless the said directors decide to write it off.Is that likely?'"
It is better to owe money to directors rather than financial institutions as a director is much less likely to recall the loans until they are able to repay them and these loans will not have many of the covenants that banks impose. Having said that I am not aware where rovers debt lies, chairman / banks? But the banks do not lend large sums without seeing evidence of future cashflows that will enable its repayment, especially in light of the economic conditions over the last couple of years. Similarily a business man would not unless he was prepared to write some off over time.
I admit the losses posted do not look good on paper but these have to be viewed in context. I might have to take the plunge and order the last few financial statements unless anyone has them? I find it amusing that most fans (both fc and rovers) have now turned into financial experts, some with educated opinions, most with not.
I think hudgell has done a great job so far and achieved a hell of alot, only rovers fans will appreciate this as we see it week in week out. He has achieved the last 3yr business plan (whether it was to budget or not i dont know but it is very possible they forecast making losses) and now rovers are entering a phase wher the business has to and has been re written with a different stratgey. These losses are magnified in hull with the intense fan and media scrutiny which both clubs receieve in every aspect. I think he's right to lobby for what funding is available, who wouldn't, and the vision to turn the area into a real community centre is admirable and is something i think the area needs and would be good for many people over many years. However some comments recently in too quick succession maybe could come across not as intended but the intention is correct in my opinion.
I for one cannot wait for the rugby as this topic is fuelled by the fact there isn't anything else to debate at the moment
