Hull takeover is finalised
Submitted by WG on Thu, 11/11/2010 - 14:05
The takeover of Hull City by father-and-son duo Assem and Ehab Allam has been finalised with the legal process of transfer expected to be completed by the end of the month. They are understood to be providing £10-£12m to meet due repayments. Russell Bartlett will remain a minority owner with a 20 per cent stake.
It brings to an end a difficult year for Hull, starting with an out-of-control wage bill that peaked at just £40m. At one time there were concerns that the club might go into administration.
The Allams are worth £150m and their Allam Marine company is one of the UK's fastest growing in terms of profits.
