VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

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."

 

 

 

 

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

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Portsmouth Enter Possible Takeover Talks

Thu 23rd Mar 2017 | Clubs Ownership

Portsmouth Football Club has confirmed it’s in talks regarding a potential takeover. In a statement released by the club, they said: “Portsmouth Community Football Club would like to...

Walker Morris Advise On Leeds United Sale

Thu 5th Jan 2017 | Clubs Ownership

Specialist Sports Law Team at Walker Morris reinforces its national reputation for football club acquisitions/sales with the latest sale of Leeds United FC. Specialist sports lawyers at Walker Morris...

Aser Group Holding Acquires 50% Of Leeds United

Wed 4th Jan 2017 | Clubs Ownership

Aser Group Holding has completed its investment in Leeds United Football Club today. Leeds United Football Club has confirmed Aser Group Holding, through its acquisition vehicle Greenfield Investment...

Notts County Sold To Local Businessman

Mon 19th Dec 2016 | Clubs Ownership

Notts County owner Ray Trew has confirmed the sale of the club after reaching an agreement with local businessman Alan Hardy. Having held discussions with a number of prospective buyers in recent...