My Uncle Harry wrote:
He didn't get to the opportunity to even talk to the 'deal brokers'.
How poor must that look to any other potential investors.
For anyone else reading, lose any idea I'm defending Mr Alam, I've mentioned a few times where he has his share of the blame. My issue is with how it's been dealt with.
You must see the problem with his approach though. Dismissing the project out of sight on the basis the council will not automatically hand over the stadium site for a massive knock down price. Allam claims to want the freehold to borrow against. I would question whether any major lender would be happy to use as sporting venue as security on a loan. If Allam defaults then the lender gets to repossess a building which has extremely restricted use and not real sell on value.
What will look poor to potential investors is the main instigators attitude, afterall, would YOU go into a business proposition with him?
I also doubt that this project would raiset he profile of the city or even provide the many jobs some seem to suggest it would.
Allam is his own worst enemy on this. Threatening to take Hull City to Melton was a childish and ill thought out comment which I can only imagine he wishes he never made. Effectively the Council have called his bluff on this.
At the of the day if he is as wealthy has some would live to thing and his has the finances to fund his Melton project, you would think someone with 40 plus years in the business world would realise that making throw away comment doesn't work unless you are dealing with small business's.
What ever you think of the individuals at the council, they have to protect teh interests of more than just a very small number of people who are trying to profiteer.
