Deal agreed for Hull City takeover
CHAMPIONSHIP football club Hull City has been sold to businessmen Assem and Ehab Allam.
The deal was concluded shortly before The Tigers’ match with Leeds United on Tuesday, which ended in a 2-2 draw.
The millionaire pair agreed with Hull’s owner Russell Bartlett to take a controlling interest, after several weeks of negotiations. The legal formalities are expected to be completed by the end of the month.
The Allams, who are behind successful Yorkshire business Allam Marine, which sells diesel generators, will hold the majority shareholding in Hull City AFC and Superstadium Management Company.
In a joint statement, Assem and Ehab Allam said: “We are delighted to have reached agreement with Russell Bartlett to take a controlling stake in Hull City. More details of the agreement will be made public in due course.
“For the time being, it is important to stress to everyone, especially the supporters of Hull City, that we see our role as bringing financial stability to the club to help clear the outstanding debts and to enable it to survive and flourish.
“Our strengths are in business expertise and financial management. We will leave the football decisions to those who know best.
“The arrangements mean we will take over the club’s debts and we have set aside funds for working capital and to secure
new players in the January transfer window. The financial stability of the club and its long-term success is of paramount importance to us both.”
Under the terms of the agreement, Russell Bartlett will remain a shareholder and non-executive director. Adam Pearson will continue in his current role.
