£130m Hull City sale on the table
THERE could be a light at the end of the tunnel for Hull City owners the Allams, who have been looking to exit the club for months.
Details of a £130m (HK$1.27bn) deal for the club have been uploaded to the Hong Kong Stock Exchange by Greater China Professional Services, an investment holding company which deals in asset appraisal and advisory services, media advertising and corporate and financial services.
It said that the acquisition would open up new revenue streams in franchising, merchandising and advertising Hull City.
The company, led by managing director Mr Ip Kwok Kwong said that it had entered into an agreement with the Allam family vehicle Allamhouse, owners of Hull City Tigers, but that it was not legally binding as of 13 October 2016.
The terms of the deal with the Chinese consortium are conditional on the agreement of the Football Association Premier League.
The consortium includes Camsing Global, which provides sports event and promotion management. It was founded in 1996 in Hong Kong and has subsidiaries in in Guangzhou, Beijing, Shenzhen, Singapore, Australia and the United States.
Takeover talks from a Chinese consortium led by businesswoman Hawken Xiu Li and her brother Dai Yongge fell through in September after company leaders failed the fit and proper persons test.
Egyptian-born British businessman and Hull City owner Assem Allam, and his son and vice chairman Ehab had put the club up for sale in 2014 after the Football Association denied requests to to change its name officially to Hull Tigers.
