Assem and Ehab Allam have confirmed their takeover of Championship side Hull City. The Allams have pledged to take over the club's debts which are believed to be around £20m and to make funds available to manager Nigel Pearson in the January transfer window.
A statement from the Allams read: "Businessmen Assem and Ehab Allam have agreed a heads of terms arrangement with Hull City owner Russell Bartlett to take a controlling interest in the Championship club.
"The deal was reached at 7pm last night [Tuesday] after several weeks of negotiations, leaving only the legal processes to be completed by the end of November.
"Once the agreement has been signed by both parties, the Allams will hold the majority shareholding in Hull City AFC and Superstadium Management Company.
"We are delighted to have reached agreement with Russell Bartlett to take a controlling stake in Hull City.
"More details of the agreement will be made public in due course. 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.
"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.
"The financial stability of the club and its long-term success is of paramount importance to us both." As part of the agreement, Bartlett and Adam Pearson will both continue in their current roles at the KC Stadium.
Hull City have yet to formally confirm the takeover.