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| Quote ="hull_lad01"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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wrong going into administration does not mean the company's folded, look what happend at Crystal Palace, Victor Moses went to Wigan for 2.5mill and Palace were and still are in administration.
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| Quote ="Holty"wrong going into administration does not mean the company's folded, look what happend at Crystal Palace, Victor Moses went to Wigan for 2.5mill and Palace were and still are in administration.'"
And now P Diddy is buying Crystal Palace!
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| Quote ="Kosh"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.'"
I guess that we should be ok, but the situation as a whole is a worrying one. Hopefully Pearson will sort it all out, as he seems to have his head screwed on correctly.
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| Ive always thought we should have had an arrangement like Udders, where both clubs own part of the ground, with the majority owned by the council
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| Quote ="Hull Kingston Convicts"And now P Diddy is buying Crystal Palace!'" Wouldn't want Puff in Hull he's too much of a party animal, the weir bar would look like a picnic compared to his parties.
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| Quote ="Holty"Wouldn't want Puff in Hull he's too much of a party animal, the weir bar would look like a picnic compared to his parties.
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Imagine the ho's that would be kicking about!
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| Quote ="Hull Kingston Convicts"Imagine the ho's that would be kicking about!'"
dont want no dobbin fans anywhere near the KC
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| But the cheerleaders would be vastly improved
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| Quote ="Hull Kingston Convicts"Imagine the ho's that would be kicking about!'"
Would be impressive!
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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
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?
I was at a Q&A presentation the other week at which Adam Pearson spoke and, whilst he came across as very sincere / honest he was clearly a worried man.
The 25 lease which the SMC has from the council is a valuable asset which, according to the Guardian, has been mortgaged to RBS as it has an income stream (from us and the Tiggers) which will repay a level of debt. Whilst I have no inside information I have always assumed that our user agreement is with SMC.
Have SMC guaranteed any of the Tiggers/Bartletts debts as they clearly could given the trading relationship and dependency? Could the administration of the Tiggers drag the SMC down? (I'm sure that it would find a buyer but who?). Has the council got a clause in the lease which means that it reverts to them on insolvency - RBS would probably step in and sell SMC/lease as a going concern to avoid insolvency.
I feel sure that our only issue might be dealing with a "new" SMC (and we may no longer be allowed to use the jazzy scoreboard). Would be nice if the SMC could be acquired by Hull FC or a neutral party in this eventuality rather than being always linked to the football club's owners who seem to abuse it rather than respect it as an asset of the city..
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| The SMC will be safe
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| Stop the clocks.
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| Quote ="Holty"The SMC will be safe'"
Or rather the KC stadium will be safe. Who runs it, well, that may change.
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| Look on the bright side, it may revert to being run by our fine council !
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| Quote ="Hutchie"Look on the bright side, it may revert to being run by our fine council !'"
Yup, joyous!
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| The Stadium is owned by The Hull City Council
And is managed by the SMC who hold a 50 year lease
That lease has clauses in it for thing that go wrong
But the true owners are Hull City Council who meet with the SMC on all matter to do with the Stadium ..Hull FC has the agreement with the City Council but pay they share of the rent to the SMC ..The SMC cannot do any changes to the Stadium without permission from the Council .. All the SMC do is run the Stadium for Hull City Council ... Hull City,s Football Club problems are not our or the other parties that share the KC Stadium ps other people have friends in high places as well
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| Quote ="kt170496"The Stadium is owned by The Hull City Council
And is managed by the SMC who hold a 50 year lease
That lease has clauses in it for thing that go wrong
But the true owners are Hull City Council who meet with the SMC on all matter to do with the Stadium ..Hull FC has the agreement with the City Council but pay they share of the rent to the SMC ..The SMC cannot do any changes to the Stadium without permission from the Council .. All the SMC do is run the Stadium for Hull City Council ... Hull City,s Football Club problems are not our or the other parties that share the KC Stadium
ps other people have friends in high places as well'"
Plus ours is a 25 year deal with an option for another 25 year, there is no doubt if you speak to those in the know that City will go into administration if they go down, but the SMC is a seperate entity altogether. It is constituted as seperate from the football and rugby clubs and as you say beholden to the owners o the Stadium, the Council. The biggest threat to RL clubs at the moment particulaly those who are really struggling, is the Sky/Ofcom issue, which if they don't successfully appeal, could see clubs TV money cut by 40% at least that would see some borderline clubs immedately go to the wall!
If for any reason the SMC should go to the wall the owners of the facilty, the Council, would simply replace it!
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| Quote ="The Dentist Wilf"Plus ours is a 25 year deal with an option for another 25 year, there is no doubt if you speak to those in the know that City will go into administration if they go down, but the SMC is a seperate entity altogether. It is constituted as seperate from the football and rugby clubs and as you say beholden to the owners o the Stadium, the Council. The biggest threat to RL clubs at the moment particulaly those who are really struggling, is the Sky/Ofcom issue, which if they don't successfully appeal, could see clubs TV money cut by 40% at least that would see some borderline clubs immedately go to the wall!
If for any reason the SMC should go to the wall the owners of the facilty, the Council, would simply replace it!'"
From scanning through the information available it looks to me like the SMC and city are pretty much one and the same to RBS as bartlett owns both, has provided guarantees and hocked the lease. I'm assuming it is the SMC lease, not city's as the former has commercial value whereas the 2nd one doesn't.
The council really, IMO, should have had clauses in the lease to prevent this so maybe it is city's lease they have which really isn't worth anything other than to someone who buys city.
You'd hope also that there are clauses in the lease where it is cancelled in circumstances of insolvency, which will protect us in these circumstances.
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| Quote ="diggergraves"How can you have such a negative attitude over your local football team?
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Because Hull is like a big village
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| Quote ="Jake the Peg"Because Hull is like a big village'"
Cottingham?
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| Quote ="Jake the Peg"Because Hull is like a big village'"
royston vasey
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| Quote ="hull smallears"Cottingham?'"
North Hull in disguise
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| Quote ="Jake the Peg"From scanning through the information available it looks to me like the SMC and city are pretty much one and the same to RBS as bartlett owns both, has provided guarantees and hocked the lease. I'm assuming it is the SMC lease, not city's as the former has commercial value whereas the 2nd one doesn't.
The council really, IMO, should have had clauses in the lease to prevent this so maybe it is city's lease they have which really isn't worth anything other than to someone who buys city.
You'd hope also that there are clauses in the lease where it is cancelled in circumstances of insolvency, which will protect us in these circumstances.'"
They 'Should' be totally separate!
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| Quote ="Holty"They 'Should' be totally separate!'"
But i think now we know they are not......
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