Hull City takeover agreed
Wed 10th Nov 2010 | Clubs Ownership
Hull City owner Russell Bartlett has agreed to sell a controlling interest in the club to local businessmen Assem and Ehab Allam.
Under the terms of the deal, agreed on yesterday (Tuesday), the Allams will have a majority shareholding in both the club and the KC Stadium management company.
"We see our role as bringing financial stability to the club," said Allam.
"Our strengths are in business expertise and financial management. We will leave the football decisions to those who know best."
The Allams confirmed they intended to deal with the club's debts, understood to be around £35m following relegation from the Premier League last season.
"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."
Bartlett will remain a shareholder and non-executive director while Adam Pearson will continue in his current role as head of football operations.
Speaking to the Hull Daily Mail, Allam explained the reasons behind his takeover.
"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 said.
"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."
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