Hull City agree to takeover by local businessmen
Russell Bartlett, owner of Championship club Hull City, is set to sell enough shares in the club for Assem and Ehab Allam to become majority shareholders.
Assem Allam, who owns Allam Marine, a generator manufacturer located outside of Hull, came to England from his native Egypt in 1968, settling in East Yorkshire.
"We are delighted to have reached agreement with Russell Bartlett to take a controlling stake in Hull City," the Allams said in a statement to the press, which emphasized that dealing with the club's estimated
£35million debt will be paramount in the coming months.
"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."
Bartlett will remain non-executive director at the club and Adam Pearson is set to continue as head of football operations.
Hull are currently 20th in the Championship table with 15 points from 16 games.
Fans worried about the club going into administration, which would result in a ten-point deduction in the league table, will be relieved at the takeover.
Assem Allam loyal to Hull
Assem Allam, who attended the University of Hull after his arrival in England, explained his loyalty to the city when speaking to BBC Radio Humberside.
"The people are fantastic. Although I've been trying to do things for the area, represented by involvement in medical research, and sport sponsorship, I thought the most important thing for the people
is Hull City Football Club. You have fantastic fans here — people who support the club when they win, and when they lose."
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