Hartley Hare Posted November 10, 2010 Share Posted November 10, 2010 Hull City owner Russell Bartlett has agreed to sell a controlling interest in the club to local businessmen Assem and Ehab Allam. According to the Sunday Times Rich List, Assem Allam, who moved to East Yorkshire from Egypt, is worth £150m. Under the terms of the deal, agreed on 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 70-year-old left Egypt in 1968 and studied economics at the University of Hull. His business, generator manufacturer Allam Marine based at Melton, near Hull, had a turnover of £116m last year. 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 size of the debt had led to concern among supporters that the club would eventually be forced into administration, incurring an automatic 10-point penalty. But the Allams said: "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." http://news.bbc.co.uk/sport1/hi/football/teams/h/hull_city/9175197.stm Link to comment Share on other sites More sharing options...
Boycie Posted November 10, 2010 Share Posted November 10, 2010 Adam Pearson = kerching! Link to comment Share on other sites More sharing options...
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