Hull City agree takeover with Allam family
Hull City owner Russell Bartlett has agreed to sell a controlling interest in the club to local millionaire businessmen Assem and Ehab Allam.
The Allams, who run Melton-based Allam Marine, are believed to have a personal fortune of £150 million, and will release a statement this afternoon confirming their control of the Championship club.
"We see our role as bringing financial stability to the club," Allam said.
"Our strengths are in business expertise and financial management. We will leave the football decisions to those who know best."
The Tigers currently have debts of around £35 million following their relegation from the Premier League last season, but the Allams have confirmed their intention to manage the club’s financial predicament.
"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 70-year-old Egyptian added.
There had been concerns that Hull would enter administration and subsequently incur a 10-point penalty because of the scale of their debts, so news of a pending takeover has been welcomed by the club’s supporters.
Meanwhile, Bartlett will also release a statement today confirming he’s agreed to sell a majority stake in the club, but he is expected to continue as a shareholder and non-executive director. And Adam Pearson will retain his role as head of football operations at the KC Stadium.
Allam said that he wanted to give something back to the area after living there for more than four decades, and even revealed himself as a Tigers’ supporter.
"I have been here for 42 years and I have built up my business while I have been in this area and it is time to pay back to this area," he told the Hull Daily Mail.
"Hull City is very important to this area. I like football and I watch football and I follow things about football.
"I am a Hull City supporter so I would not go to make an offer for say Leeds United or Sheffield Wednesday. No, I would not go as far as that."
Hull currently sit 20th in the Championship table, just one point ahead of bottom side Crystal Palace, and will need to focus on survival rather than promotion back to the top-flight at the start of the Allam family’s reign.
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