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Hull owner Assem Allam claims he will give the club away for nothing if he cannot sell it or win an appeal over his controversial 'Tigers' rebrand.
The outspoken Egyptian made a rare appearance in front of the media on Thursday to address growing speculation over his future and made a number of revelations.
First he announced that the club had been on the market since April 10 - less than a day after the Football Association Council rejected his proposal to rename the team Hull Tigers.
Secondly, the 75-year-old confirmed he had taken the matter to the Court of Arbitration for Sport and hoped to have the verdict overturned.
Hull City - the latest match in picturesShow all 114 1 /114Hull City - the latest match in pictures Hull City - the latest match in pictures Leicester 0 Hull 0 Nikica Jelevic of Hull City shoots past Jeffrey Schlupp
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Hull City - the latest match in pictures Leicester 0 Hull 0 Mark Schwarzer punches the ball clear
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Hull City - the latest match in pictures Leicester 0 Hull 0 Tom Huddlestone was shown a red card but there were no goals at the King Power Stadium
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Hull City - the latest match in pictures Hull 1 Sunderland 1 Dame N'Doye puts Hull City ahead
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Hull City - the latest match in pictures Hull 1 Sunderland 1 Steve Bruce and Gus Poyet clash
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Hull City - the latest match in pictures Hull 1 Sunderland 1 Steve Bruce and Gus Poyet clash
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Hull City - the latest match in pictures Hull 1 Sunderland 1 Jack Rodwell scores the equaliser
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Hull City - the latest match in pictures Hull 2 QPR 1 Charlie Austin eased the pressure on QPR with a well-time equaliser before the break.
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Hull City - the latest match in pictures Hull 2 QPR 1 Joey Barton added to Rangers' woes with a foolish red card after lashing out at Tom Huddlestone.
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Hull City - the latest match in pictures Hull 2 QPR 1 Nikica Jelavic blasted Hull ahead in a vital relegation battle with QPR.
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Hull City - the latest match in pictures Hull 2 Aston Villa 0 Dame N'Doye celebrates his goal for Hull.
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Hull City - the latest match in pictures Manchester City 1 Hull 1 Samir Nasri celebrates with James Milner after the latter scores the equaliser against Hull
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Hull City - the latest match in pictures Manchester City 1 Hull 1 James Milner curls a free-kick in to the back of the net to salvage a 1-1 draw with Hull
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Hull City - the latest match in pictures Manchester City 1 Hull 1 Sergio Aguero has a close-range shot stopped by Allan McGregor
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Hull City - the latest match in pictures Manchester City 1 Hull 1 David Meylor scores to put Hull into the lead against Manchester City
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Hull City - the latest match in pictures Hull 0 Newcastle 3 Yoan Gouffran scores Newcastle's third against Hull
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Hull City - the latest match in pictures Hull 0 Newcastle 3 Newcastle players congratulate Sammy Ameobi after his goal against Hull
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Hull City - the latest match in pictures Hull 0 Newcastle 3 Sammy Ameobi scores from 30-yards out
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Hull City - the latest match in pictures Hull 0 Newcastle 3 Ahmed Elmohamady reacts after he realises his goal is ruled out for a clear handball
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Hull City - the latest match in pictures Hull 0 Newcastle 3 Ahmed Elmohamady punches the ball into the back of the net during the 3-0 defeat to Newcastle
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Hull City - the latest match in pictures Hull 0 Newcastle 3 Remy Cabella celebrates his goal against Hull
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Hull City - the latest match in pictures West Ham 3 Hull City 0 Stewart Downing celebrates scoring the Hammers' third
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Hull City - the latest match in pictures West Ham 3 Hull City 0 Andy Carroll opens the scoring
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Hull City - the latest match in pictures West Brom 1 Hull 0 Allan McGregor of Hull City argues with team mate Ahmed Elmohamady
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Hull City - the latest match in pictures West Brom 1 Hull 0 Saido Berahino scores to give West Brom a 1-0 win over Hull
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Hull City - the latest match in pictures West Brom 1 Hull 0 West Brom players celebrate Saido Berahino's goal
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Hull City - the latest match in pictures Hull 2 Everton 0 Ahmed Elmohamady of Hull City celebrates scoring the opening goal against Everton
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Hull City - the latest match in pictures Hull 2 Everton 0 Nikica Jelavic of Hull City touches the ball over Joel Robles of Everton for his team's second goal
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Hull City - the latest match in pictures Hull 2 Everton 0 Romelu Lukaku of Everton reacts during defeat to Hull
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Hull City - the latest match in pictures Hull 0 Leicester 1 Riyad Mahrez of Leicester scores the only goal of the game
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Hull City - the latest match in pictures Hull 0 Leicester 1 Nigel Pearson, manager of Leicester, congratulates Mahrez for scoring a goal that provided a first win for Leicester since they beat Manchester United in September
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Hull City - the latest match in pictures Hull 0 Leicester 1 Steve Bruce sees his team lose to Leicester
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Hull City - the latest match in pictures Sunderland 1 Hull 3 Hull Striker Nikica Jelavic rounds out the victory after coming off the bench
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Hull City - the latest match in pictures Sunderland 1 Hull 3 James Chester heads Hull into the lead as he gets the better of Sebastian Coates
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Hull City - the latest match in pictures Sunderland 1 Hull 3 Gaston Ramirez scores the equaliser for Hull
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Hull City - the latest match in pictures Sunderland 1 Hull 3 Adam Johnson scores the opener for Sunderland
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Hull City - the latest match in pictures Hull 0 Swansea 1 Jonjo Shelvey and Ki Sung-yeung celebrate putting Swansea ahead against Hull
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Hull City - the latest match in pictures Chelsea 2 Hull City 0 Eden Hazard rises to head Chelsea into an early lead, heading in a FIlipe Luis cross
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Hull City - the latest match in pictures Chelsea 2 Hull City 0 Hull City players were furious that Gary Cahill was only shown a yellow card for a high tackle on Sone Aluko
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Hull City - the latest match in pictures Chelsea 2 Hull City 0 Diego Costa was booked for diving on the edge of the box
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Hull City - the latest match in pictures Chelsea 2 Hull City 0 Tom Huddlestone was shown a straight red card for stamping on Filipe Luis
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Hull City - the latest match in pictures Chelsea 2 Hull City 0 Diego Costa scored his first goal since 22 November to make it 2-0 to Chelsea
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Hull City - the latest match in pictures Chelsea 2 Hull City 0 The Blues keep their three-point lead at the top of the Premier League
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Hull City - the latest match in pictures Hull 0 West Brom 0 Graham Dorrans of West Brom has his penalty kick saved in the goalless draw with Hull
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Hull City - the latest match in pictures Hull 0 West Brom 0 Victor Anichebe of West Brom goes down as James Chester of Hull City and Michael Dawson
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Hull City - the latest match in pictures Hull 0 West Brom 0 Liam Rosenior of Hull City and Andre Wisdom of West Brom compete for the ball
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Hull City - the latest match in pictures Hull 0 West Brom 0 Ahmed Elmohamady of Hull City is challenged by Stephane Sessegnon of West Brom
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Hull City - the latest match in pictures Hull 1 Everton 1 Sone Aluko celebrates his goal for Hull
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Hull City - the latest match in pictures Hull 1 Everton 1 Lukaku celebrates putting Everton in front
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Hull City - the latest match in pictures Hull 1 Everton 1 The managers on the touchline
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Hull City - the latest match in pictures Manchester United 3 Hull 0 Juan Mata attempts to close down Ahmed Elmohamady as he passes
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Hull City - the latest match in pictures Manchester United 3 Hull 0 Ashley Young stretches to control a high ball
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Hull City - the latest match in pictures Manchester United 3 Hull 0 Wayne Rooney scored again, netting United's second
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Hull City - the latest match in pictures Manchester United 3 Hull 0 The United players congratulate Robin van Persie after he scores a much-needed goal
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Hull City - the latest match in pictures Manchester United 3 Hull 0 Chris Smalling scores United's opener after a goalmouth scramble
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Hull City - the latest match in pictures Manchester United 3 Hull 0 Maroune Fellaini controls the ball as Curtis Davies looks on
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Hull City - the latest match in pictures Hull 1 Tottenham 2 Christian Eriksen celebrates his late winner
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Hull City - the latest match in pictures Hull 1 Tottenham 2 Gaston Ramires was sent off for kicking out at the Spurs defender
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Hull City - the latest match in pictures Burnley 1 Hull 0 Hull players protest to referee Mark Clattenburg over the awarding of a free-kick
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Hull City - the latest match in pictures Burnley 1 Hull 0 The evening sky over Turf Moor
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Hull City - the latest match in pictures Burnley 1 Hull 0 George Boyd and Ahmed Elmohamady battle for the ball
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Hull City - the latest match in pictures Burnley 1 Hull 0 Ashley Barnes heads in Burnley's winner
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Hull City - the latest match in pictures Burnley 1 Hull 0 Barnes celebrates with his Burnley team-mates
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Hull City - the latest match in pictures Burnley 1 Hull 0 The win is Sean Dyche's first in the Premier League this season
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Hull City - the latest match in pictures Hull 0 Southampton 1 Victor Wanyama scored a superb goal from 40 yards in the opening stages
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Hull City - the latest match in pictures Hull 0 Southampton 1 The midfielder latched on to a poor clearance and lobbed a stranded goalkeeper
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Hull City - the latest match in pictures Hull 0 Southampton 1 England manager Roy Hodgson was at the KC Stadium to see high-flying Southampton
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Hull City - the latest match in pictures Hull 0 Southampton 1 Mo Diame and Morgan Schneiderlin battle for possession
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Hull City - the latest match in pictures Hull 0 Southampton 1 Ryan Bertrand falls under a heavy challenge from Ahmed Elmohamady
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Hull City - the latest match in pictures Hull 0 Southampton 1 James Chester complains at the challenge from in-form striker Graziano Pelle
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Hull City - the latest match in pictures Liverpool 0 Hull 0 Mario Balotelli pictured in the 0-0 draw with Hull in which he missed an excellent chance at the death to score
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Hull City - the latest match in pictures Liverpool 0 Hull 0 Adam Lallana of Liverpool battles for the ball with James Chester
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Hull City - the latest match in pictures Liverpool 0 Hull 0 Joe Allen of Liverpool runs through the Hull players
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Hull City - the latest match in pictures Liverpool 0 Hull 0 Liverpool's Italian forward Mario Balotelli (L) vies for the ball with with Hull City's English defender James Chester
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Hull City - the latest match in pictures Liverpool 0 Hull 0 Brendan Rodgers, manager of Liverpool speaks with his captain Steven Gerrard as Steve Bruce manager of Hull City looks on
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Hull City - the latest match in pictures Arsenal 2 Hull 2 Danny Welbeck scores the equaliser for Arsenal
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Hull City - the latest match in pictures Arsenal 2 Hull 2 Abel Hernandez completes the turn around for Hull
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Hull City - the latest match in pictures Arsenal 2 Hull 2 Mo Diame draws Hull level
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Hull City - the latest match in pictures Arsenal 2 Hull 2 Alexis Sanchez celebrates after putting the Gunners in front
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Hull City - the latest match in pictures Hull City 2 Crystal Palace 0 Curtis Davies celebrates as Nikica Jelavic's late strike gives Hull the three points.
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Hull City - the latest match in pictures Hull City 2 Crystal Palace 0 The deadline is finally broken by Mo Diame in the 60th minute. The new Hull City signing is making quite an impression in East Yorkshire.
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Hull City - the latest match in pictures Hull City 2 Crystal Palace 0 Dr Assem Allam was watching from the stands as Hull City took the lead through Mo Diame.
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Hull City - the latest match in pictures Hull City 2 Crystal Palace 0 After a scrappy first half, both sides were struggling to take their chances.
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Hull City - the latest match in pictures Hull City 2 Crystal Palace 0 With a tough fixture list ahead, Steve Bruce's men needed a win against Crystal Palace.
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Hull City - the latest match in pictures Hull City 2 Manchester City 4 Substitute Frank Lampard made in four goals in three matches to secure the three points for City at the KC Stadium
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Hull City - the latest match in pictures Hull City 2 Manchester City 4 But Edin Dzeko then rolled the ball past Allan McGregor to put City noses in front
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Hull City - the latest match in pictures Hull City 2 Manchester City 4 Mangala was at fault again, giving away a penalty, that Abel Hernandez fired home
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Hull City - the latest match in pictures Hull City 2 Manchester City 4 But Eliaquim Mangala then turned into his own net to bring Hull City back into the match
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Hull City - the latest match in pictures Hull City 2 Manchester City 4 Edin Dzeko then put City two up just four minutes later and the game seemed to be over
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Hull City - the latest match in pictures Hull City 2 Manchester City 4 Sergio Aguero fired Manuel Pellegrini's side in front after just seven minutes
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Hull City - the latest match in pictures West Brom 3 Hull City 2 Saido Berahino is mobbed by his West Brom team-mates after scoring a late winner against Hull City in the third round of the Capital One Cup
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Hull City - the latest match in pictures Newcastle 2 Hull 2 Papiss Cisse gets his second and equalises for Newcastle
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Hull City - the latest match in pictures Newcastle 2 Hull 2 Alan Pardew and Papiss Cisse celebrate the goal
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Hull City - the latest match in pictures Newcastle 2 Hull 2 Under-fire boss Alan Pardew looks away after his team go behind
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Hull City - the latest match in pictures Newcastle 2 Hull 2 Nikica Jelavic celebrates after opening the scoring
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Hull City - the latest match in pictures Newcastle 2 Hull 2 Newcastle fans hold up protest banners against their manager Alan Pardew
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Hull City - the latest match in pictures Newcastle 2 Hull 2 Stephen Quinn is tackled by Paul Dummett
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Hull City - the latest match in pictures Newcastle 2 Hull 2 Moussa Sissoko goes past the challenge from Jake Livermore
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Hull City - the latest match in pictures Newcastle 2 Hull 2 Nikica Jelavic holds off Paul Dummett
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Hull City - the latest match in pictures Hull 2-2 West Ham Enner Valencia's rocket for West Ham makes it 1-1
Hull City - the latest match in pictures Hull 2-2 West Ham Abel Hernandez puts Hull ahead with a header
Hull City - the latest match in pictures Hull 2-2 West Ham Hull's Mohamed Diame (left) challenges West Ham's inston Reid (right)
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Hull City - the latest match in pictures Hull City 1-1 Stoke City Ryan Shawcross grabbed a late equaliser for Stoke City as the goal line technology system proved his bundles effort had crossed the line.
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Hull City - the latest match in pictures Hull City 1-1 Stoke City Dr. Assem Allam, the Hull City chairman who was widely criticised for his rejected rebrand plans, looked happy from the stands.
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Hull City - the latest match in pictures Hull City 1-1 Stoke City Nikica Jelavic, on the stroke of half-time, then lifted the mood at the KC Stadium by tapping in the rebound from Tom Huddlestone's ambitious long-range effort.
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Hull City - the latest match in pictures Hull City 1-1 Stoke City Steve Bruce was visibly furious with the decision but his side remained calm and refused to let Stoke City's possession game tire them out.
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Hull City - the latest match in pictures Hull City 1-1 Stoke City James Chester was sent off for Hull City after just 13 minutes after a clumsy last-ditch tackle on Glenn Whelan.
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Hull City - the latest match in pictures QPR 0 Hull City 1 The two managers Steve Bruce (left) and Harry Redknapp watch the action unfold at Loftus Road
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Hull City - the latest match in pictures QPR 0 Hull City 1 QPR left-back Armond Traore and Hull striker Nikica Jelavic get tangled up in the corner
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Hull City - the latest match in pictures QPR 0 Hull City 1 QPR's new signing Jordan Mutch tries to avoid an incoming tackle from Hull midfielder Tom Huddlestone
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Hull City - the latest match in pictures QPR 0 Hull City 1 Despite speculation linking him with a move away from Loftus Road, Loic Remy started in the blue and white of QPR
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Hull City - the latest match in pictures QPR 0 Hull City 1 James Chester makes it 1-0 to the visitors, heading home from a corner early in the second half
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Hull City - the latest match in pictures QPR 0 Hull City 1 Referee Craig Pawson lays down vanishing spray to mark out a free-kick at Loftus Road
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Hull City - the latest match in pictures QPR 0 Hull City 1 Charlie Austin, last season's top scorer for QPR, saw a late penalty that would have earned a point for the home side saved
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Then, midway through a dizzying 45-minute press conference littered with obscure metaphors and non-sequiturs, he was asked what he would do if he could not find a buyer or persuade CAS to back his name change.
"Give it away," said the man who took the club from the brink of financial oblivion in 2010 and has since sunk at least £70million of his own money into the project.
"Out means I'm out. Have I ever said something and gone back on it?
"I am a man of principles. Money doesn't come into it."
Allam's preference is clearly to remain at the helm, with lofty talk of taking the club into the Champions League places, but his hard-line stance means he looks certain to depart if he continues to be barred from adopting the Tigers name that has enraged sections of the club's support.
"We stated earlier this year that the club would be for sale if our attempt to globally promote Hull Tigers as a brand name and playing name be blocked," he said in a prepared statement.
"As a consequence of the FA's decision on April 9 I announced on April 10 that Hull City is for sale.
"This announcement is in accordance with my decision 10 months ago that I would walk away within 24 hours (if the rebrand was unsuccessful).
"In actual fact it was 22 hours. I don't call bluffs.
"We have also begun the appeal against the FA decision via arbitration and we are hopeful of a positive outcome or that the FA reconsider their decision
"Until the conclusion of that appeal or the sale, whichever comes first, we will remain fully committed to the club."
Steve Bruce led Hull to the FA Cup final last season (Getty Images) Allam believes marketing the club as Hull Tigers, rather than the historic Hull City AFC, will bring in foreign investment to make it self-sustaining.
"There was a sponsor for the shirt (this summer), no names mentioned," he said.
"We had an offer in writing from the Far East for an amount. The day the FA said no, they withdrew the offer. We found an alternative, £1m a year less.
"You want 'AFC', you want 'City', come and pay for it.
"At the moment, because we have no other income, I pay, as evidence of my commitment to the local community but there is a limit and I have gone past that limit."
PA
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