20 Oct 2010Local businessmen eye Hull City buyout

Football Clubs News | Football Finance News

A pair of east Yorkshire entrepreneurs are currently lining up a takeover bid for cash-strapped Championship football club Hull City, who are currently burdened by debts of around £20 million.

Egyptian-born Assem Allam and son Ehab - believed to be worth around £150 million - own a Humberside-based diesel generating business and are reportedly in advanced discussions with senior representatives from Hull City.

"We started talks earlier in the year and now we're talking again. Both parties are interested in talking again and it's in the interests of everybody concerned that things don't take a long time," Assem Allam told BBC Radio Humberside.

The Allams are rumoured to have pledged to clear the club's arrears and provide a cash injection for manager Nigel Pearson to spend on improving his threadbare playing squad.

His comments came as the Hull Daily Mail reported that local businessman Ian Richardson had been asked to contribute funds to the buyout, but appears unlikely to become a party to the deal.

Written by Paul Roberts

© Copyright