There is a degree of logic in Allam’s plan. Overspending linked to Hull’s last flirtation with the Premier League, 2008-10, ended with bankruptcy looming before Allam rescued them. Through Allamhouse Ltd he has since loaned (not given) £72m (at five per cent interest), bankrolling losses of £20m, £9m and £26m in successive seasons. Allam, notes the current Private Eye, can use these losses to reduce tax on profits by Allam Marine, but would rather turn a profit and cut that debt. Premier League TV income will help, but there may not be much left with a mushrooming wage bill to meet.
It is not just the club that is in the red. There is a reason Hull’s shirt sponsors are a company specialising in pawnbroking and payday loans. Last month the government’s Money Advice Service identified Hull as Britain’s most heavily indebted area, with 43 per cent of the population enduring serious financial problems. Clearly there is a limit to how much money, either individual or corporate, can be leveraged from this supporter base, especially as the KC Stadium is council-owned (another source of contention with Allam).

(Glenn Moore, The Independent)