Any one heard out?

Sold for a £1. In return, Allam is going to refurbish three care homes and pay for their upkeep for 25 years.

Going to buy out our lease for 17 million and the Council will gift us Costello for redevelopment.

And he's the official sponsor of the Big screen at Craven Park!



Nothing will happen for months too many hurdles on sale of land etc. They had an amicable meeting according to the Rdaio and Mr Allam thought he was further on than before they met.

Allam said he would have to put up 10-20% of his money upfront,with the rest mortgage based,so nothing really new.

One has to wonder whether his estimate of £110m for the village includes £43m for the ground or does he expect to get than on the cheap. He is obviously by what he said raising the other £ 90m by loans against the real estate and I wonder how much a lump of land that big in the centre of a City is worth.

The more I hear about this, the less convinced I am.

In order to raise the funds to build a £110m "sports village" he says he needs the freehold of the site to use as security. The repayments on a sports village of say £100m are pretty steep and will require a hell of an ongoing incremental income stream to pay for them. Where will that money come from? Entrance fees from a few new squash courts and and an extra 5,000 City supporters? Personally I don't this is about sport at all, unless someone can demonstrate where the money for the £100m mortgage is coming from. The stadium is a good cover for a land development project that could see the removal of West Park and Hull Fair to put in housing or commercial elements like a retail park.
Chuck in the supposition that City will be running at a loss which he needs to underwrite and the fact that he's 70 and maybe his son's not that bothered and the whole thing looks a bag of spanners to me.

them man is a loon

He's got no intention of building a Sports Village either at the KC or Melton. It's just the sweetener to get the council to sell him the stadium.

Once he's got it, the Sports Village mirage will fade away. Allam will claim he can't raise the funds and, as pointed out above, he'll gradually make it known that the income from it won't balance the repayments, and it'll all be forgotten.

And Allam will have a shiny newish stadium at a knock down price.

[url=http://www.thisishullandeastriding.co.uk/news/New-Hull-City-Council-leader-Brady-beaten-maiden-cabinet-meeting/article-3586668-detail/article.htmlBrady lost his first Cabinet vote today.[/url It appears to be as a result of poor research and ill-prepared papers with=#000040 Is not dotted nor =#000040Ts crossed. Fancy that.

Good to see Phil Webbo admitting that the result was not pre-ordained. Hmm, is that generally not the case in your experience with council dealings then, Phil?

He wants it for next to nothing. The wail have already been saying it's worth less than it's build cost.

I can't see how a public asset can be sold for less than market value

It's what I said the other day. No way will they be able to fund debts of £100m+ through sporting activities. My guess is that he'll expect to sell pockets of land to retailers and leisure based businesses (gym's and hotels) which is where I reckon he sees himself being able to get back the cash he's put into city and make a decent profit on the deal.

Can't see any lenders touching it

Apologies, hadn't seen that. Not plagiarising at all, just seems obvious now a few details are starting to emerge. For a £20m-ish downpayment he gets the land and sells off/lets parcels of the site as and when he can get a tenant or make a capital gain. He's already backing City which I can't imagine is profitable, and is unlikely to get them to and competing in the Premiership. Personally I don't believe the demand is there even if he did build a gym/retail park/hotel for a commercial income to fund the repayments. Hull is a relatively fixed population, and really this is almost an "out of town" development rather than city centre, which over recent years councils have tightened up planning consent for. You already see that within the centre when you build one new precinct it just pulls shoppers away from another area, it's not incremental to the city as a whole. I'd love to see the business plan for this. The actual one, not the glossy one for sales pitch purposes.

Does this mean he wants the whole Walton Street hard standing area. I assume that if he does then Hull Fair will need relocating and Walton market will cease to exist. I can see this causing numerous problems because who's gonna want the fair on their doorstep and where in Hull could take a fair that size.

Oh yes, Allam dismissed Hull Fair as a triviality he wouldn't stoop to discuss as part of his plan.

That's where his problems will start. The fair is over seven hundred years old and I really cant see this as been a trivial matter to be swept under the carpet.

East Park could easily take it, in fact id say it could be even bigger

East park would need to be made into a large hard standing area to take the heavy rides then surely. Would the good folk of Hull want the parks natural look to be spoilt by a huge area of concrete and tarmac?

Why not? It's been done before in East Hull.

Quite Right The criteria for building a new fairground would be completely different as you say they get away with a lot on Walton Street because it is a traditional site, tarmacing over cables, lack of toilets, baby changing, use of generators, temporary overhead electric supplies in Walton Street etc. If a new site was designated it would need piled bases for big rides tons of hard standing, extensive car parking, massive three phase electric supply to do away with generators etc it would be a big expense to do it and then there are the people who would live nearby who certainly would not want it. If the Village comes off it would be for better or worse I think the end of the Fair which has survived since the 1200's. Mr Allam talks with a lot of disdain about it and it is only for a week but its the largest travelling fun fair in Europe and as such quite an Icon in the City!

I am aware you are of financial stock (no pun intended).

I posted this on another thread. If he took title of the stadium alone, would it actually provide any security for raising debt? Its not like the stadium could be used for office rental or housing. So if Mr Allam were to go into financial difficulty, the lender would have an asset of very limited use in its present state. If he were to gain legal title he would have to pay for it (either out of his pocket or via debt). On its own the stadium is a pointless purchase as it can only be used for sporting events / concerts.

the only way he could gain from the stadium alone would be by increasing its capacity and trying to claim its value in use was greater (more bums on seats) than before. That would only be the case if Hull City were in the Premier League and actually in with a shout of staying there. Very recent history suggests that, although they did well to attract some new fans, many of their games against less prestigous opposition did not see out with a 25k capacity.

The only way MR Allam could make anything out if this venture is be having ownership of the park and the fair ground.

Id like to think that any council would not be that thick

allam = muppet

Hull fair could yet turn out to be the plans undoing.

Many people within Hull go to the fair, its part of the culture like it or loath it the people of Hull love tradition. Many have little interest in City or FC but mention losing the fair for good and I can see many Hullensians getting upset. East Park would need massive changes and the place has just had millions spent on it. You try and put the fair anywhere else in the city and you are going to get problems with local objections, even if you could find anywhere big enough.

The council I think are on top of it and playing very much a long game, we must be vigilant and patient

Mr Allam talks with a lot of disdain about anything at all that stands between him and his money making property venture. He has, on a number of occasions, referred to the stadium itself as a "poor old stadium" (or at least that is what it would be if he didn't get it). It's less than 10 years old FFS. He has spoken about merging the two rugby teams - treating supporters with disdain in doing so. The guy is a dangerous chancer. The way the local media sucking up to him is nauseating.

Isn't that the point though? From what he said (and I could be wrong) isn't his intention to build the village on the whole plot, I'd assumed he would go for ownership of the park/fairground. I think he was saying he'd buy the freehold of the whole lot? His Plan B being spending £160m at Melton. Which would probably have even less value from an external lender's perspective.

And possibly the most dangerous bit of all. Why [iare[/i they being so unilateral about this?