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.