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Hull City Takeover


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Hull City are in talks with three interested parties over a takeover, according to Sky Sources.

Current owner Assem Allam, who took over the club in 2010, put the club up for sale in April 2014.

In 2013, Allam attempted to rename the club 'Hull Tigers' but had the move blocked by the Football Association. He subsequently looked to sell and has come close on two occasions.

Allam agreed to sell the club to the Dai family in 2016, but they eventually bought Reading when the deal collapsed. He also held negotiations with a consortium led by Chien Lee, who bought Barnsley in 2017.

Hull currently sit 21st in the Championship, having won just two of their first 11 games this season.

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Geoff Bielby, chair of the Hull City Supporters’ Trust, says: “I have been engaged with three or four sets of potential buyers now who have all become frustrated with the owners’ intransigence in asking for a valuation which is probably twice the market value currently.

“We do not own the ground, which is owned by Hull City Council. We have a small training ground in Cottingham, which we do own. But the players… we have had a managed decline of playing assets for four years now. The asking price factors in the loan the club owes to the owners and their business. This is interest-bearing, so it increases their income.

“The owner claimed infamously a year ago he has never taken a penny, not even a pound, out of the club but he is playing semantics. He doesn’t take money out of the club but the club pays his parent company interest and management consultant fees.

“It is true the wages to income ratio is very good. We are top of the league for that. They claim to be the best-run club in the EFL and financially, they are very prudently run. They are the shareholders. I put the statement where they say they are the best run club in the EFL together with their statement that the club is run for the shareholders. The club is just an asset within their portfolio of businesses. It is a cash cow.”

 

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