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| Presume this is why brown is on gardening leave and not paid off. If they go into administration he'll get nothing.
As for us, the SMC pays the running costs of the stadium which we contribute towards. If there's less coming in from elsewhere then over time our costs may go up.
Wonder if problems with the SMC would mean a new provider of catering services at the KC?
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| Quote ="Jake the Peg"
Wonder if problems with the SMC would mean a new provider of catering services at the KC?'"
SMC dont run the catering
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| Quote ="Hutchie"SMC dont run the catering'"
No, but they awarded the contract
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| Quote ="east hull FC fan"Don't believe the hype when it comes to players wages and "apparent" clauses not being in place.
They will probably have 6 or 7 players earning "inflated" salaries ie. Bullard, Geovanni etc...these players will not play in the championship so will move on themselves.'"
Depends of the other clubs are willing to match there wages, i doubt Bullard will get another 50 grand a week contract with injury worries.
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| Quote ="Jake the Peg"Presume this is why brown is on gardening leave and not paid off. If they go into administration he'll get nothing.'"
Spot on. Pearson hasn't come out and said this directly but he's said that a payoff would depend on City staying up or not.
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| The SMC can be changed by the City Council if the Council believe they are not doing the job properly..At one stage Hull was offered a place on the SMC but turn it down ..this was back in the early days
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| Quote ="Holty"Depends of the other clubs are willing to match there wages, i doubt Bullard will get another 50 grand a week contract with injury worries.'"
But if the company that employs Bullard folds then so does his contract so tough on him he'll have to limp on, or should I say he'll have to Wash and Go
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| Quote ="kt170496"The SMC can be changed by the City Council if the Council believe they are not doing the job properly..At one stage Hull was offered a place on the SMC but turn it down ..this was back in the early days
'"
The current SMC has a 25year lease to run the stadium and should it fold then I'm presuming so would the lease and then the Council would have to tender another lease to another company.
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| I raised this a few days ago, linked the Bartlett story, and the thread was locked.
Can we leave it open for some debate?
We have a user contract with the SMC, as do City, they chose to mortgage theirs with RBS to fund the PL
What if they cannot make the required payments? (If/when City go down, i fully expect them to hit the wall, go in to freefall and admin.) Will they offer the lease to someone who can pay their way?
Grimsby?
Scunny?
Rovers?
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| I heard that city have pre-sold 7000 passes at £280 to a london based company for next season to balance the books.
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| Quote ="Hull Kingston Convicts"I raised this a few days ago, linked the Bartlett story, and the thread was locked.
Can we leave it open for some debate?
We have a user contract with the SMC, as do City, they chose to mortgage theirs with RBS to fund the PL
What if they cannot make the required payments? (If/when City go down, i fully expect them to hit the wall, go in to freefall and admin.) Will they offer the lease to someone who can pay their way?
Grimsby?
Scunny?
Rovers?
'"
Is it city or the smc who have hocked their lease? Can't see their being any value in city's lease
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| Quote ="Hull Kingston Convicts"I raised this a few days ago, linked the Bartlett story, and the thread was locked.
=#0000FF
Can we leave it open for some debate?'"
Depends. If it turns into a "let's all laugh at City" thread like the last one then no.
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| Quote ="Kosh"Depends. If it turns into a "let's all laugh at City" thread like the last one then no.'"
It has to affect us in some way or another? I hate some city fans. I hate some FC fans. I hate some rovers fans. THis can affect us and is worrying.
Duffen was a complete and utter charlatan and his dealings for city ( and I say this with sympathy for the geniune city fans) have raped them, and the upshot of it all could be bad for us.
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| Quote ="Jake the Peg"Is it city or the smc who have hocked their lease? Can't see their being any value in city's lease'"
City
Basically if you read the linked article its all about the ticket and other revenue as part of their user agreement.
A lease on a ground in the PL is clearly worth something, £4mill i think it was without reading the article
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| Quote ="Hull Kingston Convicts"We have a user contract with the SMC, as do City, they chose to mortgage theirs with RBS to fund the PL'"
Nope. Bartlett (not the club) borrowed the money to buy the lease (not the user agreement) from RBS and personally guaranteed the loan. As a result, RBS own the mortgage on the lease and Bartlett (not City) owns the lease itself.
Quote ="Hull Kingston Convicts"What if they cannot make the required payments? (If/when City go down, i fully expect them to hit the wall, go in to freefall and admin.) Will they offer the lease to someone who can pay their way?'"
If payments are defaulted then RBS can foreclose on the mortgage and take ownership of the lease. They can then choose to sell it to whoever they want - within the covenant that covers it.
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| Quote ="hull smallears"I heard that city have pre-sold 7000 passes at £280 to a london based company for next season to balance the books.'"
Forgot about that!
Now Kosh told me i cant laugh on here at City
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| Quote ="Kosh"Nope. Bartlett (not the club) borrowed the money to buy the lease (not the user agreement) from RBS and personally guaranteed the loan. As a result, RBS own the mortgage on the lease and Bartlett (not City) owns the lease itself.
If payments are defaulted then RBS can foreclose on the mortgage and take ownership of the lease. They can then choose to sell it to whoever they want - within the covenant that covers it.'"
Basically thats what i said! The lease has been mortgaged, the mortgage company can do what they want!
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| Quote ="Hull Kingston Convicts"City
Basically if you read the linked article its all about the ticket and other revenue as part of their user agreement.
A lease on a ground in the PL is clearly worth something, £4mill i think it was without reading the article'"
A lease on the ground is worthless unless the football club closes, a new one is set up and someone is prepared to pay to take it over, which they wouldn't be as the SMC would be desperate to hand out a new lease to anyone wishing to sign it
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| Quote ="Hull Kingston Convicts"City'"
Actually it's Bartlett personally as far as I can make out from the article.
Quote ="Hull Kingston Convicts"A lease on a ground in the PL is clearly worth something, £4mill i think it was without reading the article'"
He bought it for £3.4m but it who knows what RBS would flog it for.
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| Quote ="Kosh"Actually it's Bartlett personally as far as I can make out from the article.
He bought it for £3.4m but it who knows what RBS would flog it for.'"
Who would buy a lease to play in the KC?
Are we sure it isn't the head lease that's been mortgaged?
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| East stand extension anyone?
On that point i have been informed that Duffen approached the council, basically saying there was no money but the extension needed building and he wanted the council to fund it. He'd be more than happy having the income that would have given him for about 6 games once it opened mid this season.
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| Quote ="Hull Kingston Convicts"Basically thats what i said! The lease has been mortgaged, the mortgage company can do what they want!'"
Not really. You keep saying that City have mortgaged the lease when in fact Bartlett did it himself and then sucked money out of City to finance the debt.
And IIRC there are some pretty restrictive covenants on the leases which would still be in force and could limit exactly what RBS could so in the event of a repossession and sale.
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| Quote ="hull_lad01"The current SMC has a 25year lease to run the stadium and should it fold then I'm presuming so would the lease and then the Council would have to tender another lease to another company.'" There was a clause in the lease if thing were not run properly the Council could terminate that lease ps the SMC still have to report and answer to the Council
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| Quote ="Jake the Peg"Who would buy a lease to play in the KC?
Are we sure it isn't the head lease that's been mortgaged?'"
Who knows at this point?
1, we would know a hell of a lot more if we took the seat we were offered ont he SMC board (thank you Plummer)
2, Who knows what mooney went between the "independant of each other companies" that are Hull City 1999 Ltd and the SMC Ltd
I hear Rovers are in need of a new ground, as are Grimsby and Scunny thanks to their success have just about outgrown Glanford park
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| Quote ="Jake the Peg"Who would buy a lease to play in the KC?
Are we sure it isn't the head lease that's been mortgaged?'"
As far as I can tell from the article it's City's sub-lease that was bought. I think it was a necessary part of the purchase of the club. Looks like the lease was held separately by the former owners.
Effectively only a sports club would buy the lease from RBS if they foreclosed.
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