Hull FC have lived beyond their means for a long time.



Adam gambled with a massive wage bill (third highest in superleague). He continued to sign players such as Reynolds, when he knew Covid was still having a massive impact upon income, and he did very little to cut his cloth accordingly. The club still has a mega wage bill, as he has said so himself.



Hull FC have also not paid an proportionate share of the cost for use of the stadium for many years, as the stadium running costs have continually been met by Mr Allam. As the 25 year rental agreement is coming to an end, he knows that its either accept a rent increase to reflect the stadium running costs, or play on pickering park.



So now he starts mentioning a merger, as he is running out of options, and doesn't have a plan B. The Boulevard got sold off the last time the crap hit the fan, so he's got no other assets, apart from flogging off the players.



Any true lifelong supporter would never entertain such a merger proposal, yet he appears to be quite open to such a prospect, should the opportunity arise.

No, me either now. I don’t think you’re missing much.



The only striking change I noticed was ‘other borrowing’ which increased by roughly £1 million. I guess that might be the emergency govt loan. But it is only a guess, because I don’t have any expertise in this area and even if I did, I’ve a suspicion that there’s not enough detail to say anything very definitive.



One thing I find curious (not meaningful, just an oddity) is how precisely the intangible assets are valued. I presume this is the player registrations and maybe the estimated value of a place in super league - if you wanted to transfer all the assets to a new entity, as a going concern, how much you’d be able to realise for creditors and shareholders of Hull FC. Last year it was £1,777,649 and now it is £1,650,880. Like somebody has really worked it out. Surely it is a bit more like valuing a house, and you’d just round off to the nearest £1000 or £5000. Or maybe they started with a round number years ago and there’s some sort of adjustment they apply each year. Appreciation and amortisation algorithms… possibly. Adopting a rigorous approach to updating a purely notional valuation is… I dunno, there’s a kind of sweetly futile conscientiousness to it.

Quote ="The Ghost of '99"Nah, Hull FC 2011 Ltd is the vehicle Pearson used to acquire the club. It doesn't do much as far as I can tell apart from incur a bit of interest or something each year. All the trade is in Hull Super League Ltd. Things I've noticed from a quick glance (and I'm not a Hull fan) - 1. The club continues to use very dubious accounting policies about player valuations which totally prop up the Balance Sheet but are not in line with accounting standards and would result in qualified accounts if these needed auditing. 2. The other borrowings in long term creditors we can be pretty certain is the RFL-administered government loan. Hull got around £1m to £1.3m, similar to other clubs (Leeds as an example got exactly £1.25m). 3. Check out note 7. The fall in deferred income from £672k to £276k is likely to relate to people paying for season tickets or sponsorship before the end of November for the following season. It looks like these only went on sale in December last year which presumably is rather later than in previous years which will explain most of the fall, hopefully, rather than it being a permanent reduction in ticket holders. 4. Club looks to have essentially broken even on a net profit level for the year but without even a summary P&L and notes or an understanding of what the aim of the business is (most RL clubs aren't really run to make money but one without a sugar daddy like this probably is) and of what, if anything, senior management take out as remuneration it's really hard to understand what is actually going ">on.'" 1 - Yes, although a. club have adopted this approach since pre AP's tenure and b.no impact on the P&L. 2. Agreed, and explains partially increase in cash. 3. Plus more re fans paying by DD than upfront now. 4. Made a profit.

Quote ="The Ghost of '99"Nah, Hull FC 2011 Ltd is the vehicle Pearson used to acquire the club. It doesn't do much as far as I can tell apart from incur a bit of interest or something each year. All the trade is in Hull Super League Ltd. Things I've noticed from a quick glance (and I'm not a Hull fan) - 1. The club continues to use very dubious accounting policies about player valuations which totally prop up the Balance Sheet but are not in line with accounting standards and would result in qualified accounts if these needed auditing. 2. The other borrowings in long term creditors we can be pretty certain is the RFL-administered government loan. Hull got around £1m to £1.3m, similar to other clubs (Leeds as an example got exactly £1.25m). 3. Check out note 7. The fall in deferred income from £672k to £276k is likely to relate to people paying for season tickets or sponsorship before the end of November for the following season. It looks like these only went on sale in December last year which presumably is rather later than in previous years which will explain most of the fall, hopefully, rather than it being a permanent reduction in ticket holders. 4. Club looks to have essentially broken even on a net profit level for the year but without even a summary P&L and notes or an understanding of what the aim of the business is (most RL clubs aren't really run to make money but one without a sugar daddy like this probably is) and of what, if anything, senior management take out as remuneration it's really hard to understand what is actually going ">on.'" 1 - Yes, although a. club have adopted this approach since pre AP's tenure and b.no impact on the P&L. 2. Agreed, and explains partially increase in cash. 3. Plus more re fans paying by DD than upfront now. 4. Made a profit.

https://twitter.com/GaryCarter_1979/sta">https://twitter.com/GaryCarter_1979/status/1431913328784334851?s=19">https://twitter.com/GaryCarter_1979/sta ... 34851?s=19 Degsy has his say.

https://twitter.com/GaryCarter_1979/sta">https://twitter.com/GaryCarter_1979/status/1431913328784334851?s=19">https://twitter.com/GaryCarter_1979/sta ... 34851?s=19 Degsy has his say.

So did we make a profit last season or sneaky accounting?