Hull FC takeover is officially finalised
Rugby League club Hull FC have today confirmed the takeover by Andrew Thirkill and David Hood has been completed.
It means Adam Pearson’s tenure as owner of the Super League club has now ended.
Pearson had been in control of the club from 2011 but agreed a deal with Thirkill and Hood which has been finalised.
Pearson oversaw back-to-back Challenge Cup wins for the club in 2016 and 2017.
He has pointed to the financial benefits for the club of the deal with Thirkill and Hood going through, adding that he would remain present as a supporter.
In a statement issued by Hull FC, Pearson said: “It gives me great pleasure to confirm that I am today handing over custodianship of this great club to such responsible and worthy individuals as Andrew Thirkill and David Hood OBE.
“I feel incredibly fortunate for them to have agreed to have taken on the responsibility of the future security and prosperity of the club.
“Both have been the ideal purchasers, exemplified throughout a respectful and confidential handover process, which I am pleased to announce has now been finalised.
“Andrew will become our new chairman, and David joins the board. To ensure a smooth transition for the start of a brand new era, Andrew and David have already been working hard behind-the-scenes to ensure the club is in the best condition possible for the season ahead.
“It should be recognised that the new shareholders have not only undertaken to inject substantial sums of money into the club, but have also agreed to take no monies from the club for at least a three-year period; no salaries, no management fees, no loan repayments, and no interest.
“Therefore with immediate effect, I am delighted to say that all receipts that come into our club will now be directly benefiting the club, allowing further investment into our playing roster.
“The club is in a very fortunate position as we look to rebuild.
“I would like to sincerely thank our board members, off-field staff, corporate partners, and our supporters for their incredible support of myself and this great club throughout my ownership across the past 13 years, and I wish the entire club and its personnel every success going forward.”
A team from law firm Brabners, led by partner Dan McCormack, provided buy-side legal advice on the transaction.
