Hull City AFC to unveil new owners
Fri 17th Dec 2010 | Clubs Ownership
Hull City will unveil its new owners at a press conference this afternoon at the KC Stadium.
The club will officially announce Assem Allam and Ehab Allam as the new owners of the club after they completed the takeover following five weeks of due diligence.
The pair are reportedly preparing to clear the club’s £9m of bank debt cutting the overall debt to £12m..
That will leave a debt of £5m owing to Barclays Bank and £7m in outstanding transfer fees.
Last week, BBC Radio Humberside reported that the Allams have set aside £1m to keep HM Revenue & Customs at bay once the sale goes through.
And with the Egyptian businessmen having to invest more than initially anticipated, current owner Russell Bartlett is now expected to leave without any stake in the club.
SUBSCRIBE TO THE F.C. BUSINESS RSS FEED
If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk
Google
Yahoo
Live
del.icio
DiggRelated Articles
Ebbsfleet United Appoint New Chairman
Wed 23rd May 2012 | Clubs Ownership
MyFootballclub have announced today that Jessica McQueen has been appointed as Chairman of Ebbsfleet United Football Club for the coming year following a member vote. Jessica, a member of...
Liverpool fans call for end to 'chaos'
Tue 22nd May 2012 | Clubs Ownership
Liverpool owners have been challenged to publicly explain their strategy for the club by a leading fans group. Spirit of Shankly, who led the protests against the despised former regime of Tom Hicks...
Premier League rule out Rovers investigation
Thu 10th May 2012 | Clubs Ownership
The Premier League have dismissed an MP's calls for an investigation into Venky's takeover of relegated Blackburn Rovers. And the Premier League say they are confident the club will remain financially...
Rangers Administrators Announce Preferred Bidder
Thu 3rd May 2012 | Clubs Ownership
Rangers Administrators Duff & Phelps have announced Bill Miller as the preferred bidder for the Scottish Premier League side. Paul Clark, joint administrator announced the American...
