Allams confirm Tigers takeover and promise January spending spree
Thursday 11 November 2010
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.
Latest in Sport
How Liverpool can catch Manchester United and secure Champions League football next season
Arsenal transfer news: Arsene Wenger reveals: 'We are not close to signing anybody. We need to lose some players'
Danny Jones: Keighley Cougars half-back dies after cardiac arrest during league game
Chelsea season player ratings: Grading the entire squad of the new Premier League champions
Which celebrities were ringside in Las Vegas to watch Floyd Mayweather v Manny Pacquiao?
- 5 How the language you speak changes your view of the world
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils