No club has much "real" value, in terms of tangible fixed assets, with the possible exception of Leeds. You might be right that AP paid £0 and just agreed to cover the tax bill, but I think it's a bit unlikely. What's clear is that FC has as good a potential as most clubs to make a profit for the following reasons:

- We've touched averages 13.5k gates in recent years, despite being bab on the pitch
- We have a more decent merchandise set-up that turns over £1m+, again, despite being bab on the pitch
- In that context, we probably have a turnover of ~£5m
- Outgoings are relatively fixed; £0.6m to the SMC for all the ground & matchday services; up to £1.65m on player wages
- That leaves quite a bit of cash to either spend on overheads or keep as profit.
- FC's fans respond well to success on the pitch. In 2005 we made a quarter of a million profit.

I think it's this that has led Pearson to invest. In relative terms, rugby is cheap compared to football in terms of player cost, and he could potentially get, say, 15k in at the KC on a regular basis for more investment in players and coaching than the previous board were able or prepare to make, but in relative to football quite a small amount. Whether we actually spent the cap under Hetherington now seems unclear, but if we did, it seems evident that we got poor value for money, exacerbated by a coach out of his depth. AP will have looked at future cashflows based on increased crowds (incentivised initially by pass and maybe gate, price reduction), associated increased merchandise sales driven by improved performances on the pitch through increased spend on coaching, players and youth development. It's a punt, based on potential and projections, but to me he seems to be doing quite a lot to actually make it happen.

Poor Easty. No one else seems to be answering him.

Probably because the topic is about as interesting as watching a dog wazz up a palm tree.

Bejesus this Croation keyboard is irritating.

When are you coming home? Are you missing your green tights and Brylcreem?

Rovers have no EBT issues to worry about, never used such an agressive tax policy.

Tomorrow.

Off out for a slap up fish supper later, this is the laziest I´ve ever been on holiday.

Brought the Brylcreem with me. I once went to Italy and left all my cosmetics at home, the only hair product I could find was a wax stick. After three days my hair was completely water proof, I could just wash it for an hour and then simply re style, took me about three weeks to get it all out.

Might go swimming in a bit. Rubbish at wimming me. Do frog arms and crawl legs. Ms. Terrorist used to be in a swimming club, think it was run by peadophiles as it was called The Binley Beevers.

So Mrs.B. Having done due diligence on Hull FC what would you give to take it over? You cannot value "potential" as you well know! I will stand by my valuation and the proviso that I would cover the known debts. Be aware that when the Allams took over City they had a cluase that any "unknowns" would be down to the previous owner, not that I am saying this is the situation at your club!!!

Still suffering the same basic failure to understand financials I see.

Oh great, 7 days since our season finished,and we are already into the annual "financial discussions". Can somebody wake me up in February, this is worse than going to work.

I don't even know what EBT stands for, so I can't answer Easty's questions. Maybe it stands for Easty's Boring Thread?

How would you define goodwill, then? It's "That part of business value over and above the value of identifiable business assets." NPV of future cashflows is a pretty standard way to value a business.

Tbf, Hartleystash has definitively answered the question- Rovers have zero exposure on tax issues. The rest is just people derailing the thread to have a go at me .

I'm glad our alleged new coach has a degree in Economics, maybe he can join in conversations on here!

I almost broke out into "My Perfect Cousin" then, but realised that would be de-railment.

I really hope that's true and that by reducing the HMRC debt by £1m he's effectively robbed it from hetherington's purse