Leaders
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

Massimo Cellino Leaves Leeds After Takeover

Wed 24th May 2017 | Clubs Ownership

Andrea Radrizzani has completed his takeover of Leeds United after purchasing Massimo Cellino’s 50% stake in the club. Radrizzani, who purchased 50% of the club in January, has acquired the...

EFL Approve Chinese Investment At Reading

Wed 17th May 2017 | Clubs Ownership

EFL approval granted as Chinese investors Dai Yongge and Dai Xiu Li take majority shareholding of club. Reading Football Club has confirmed Chinese brother and sister, Dai Yongge and Dai Xiu Li, have...

Hartlepool United Chairman Announces Resignation

Thu 4th May 2017 | Clubs Ownership

Hartlepool United’s Chairman, Gary Coxall has announced his resignation from the League Two club. The club faces relegation from the Football League for the first time in their history this...

Sam Rush Sacked By Derby County

Thu 4th May 2017 | Clubs Ownership

Sam Rush, President and Chief Executive Officer of Derby County has been sacked by the club it was announced yesterday. A brief statement released by the club read: “Derby County Football Club...