Hull seek brighter future as Allam family prepare to finalise takeover

The two East Riding-based businessmen, who according to the Sunday Times rich list boast a 150m fortune, are the new owners of the Tigers after reaching agreement with Russell Bartlett.

Under the terms of the deal, previous owner Bartlett will remain a minority shareholder – believed to be around 20 per cent – but it is the Allams, together with head of football operations Adam Pearson, who will be in charge of the club.

It means Hull are back on a firm financial footing with the new father and son owners, who run Melton-based Allam Marine, understood to be injecting 10m-12m into the club to meet due repayments.

They have also pledged to back manager Pearson in the January transfer window as he looks to rebuild a side that was relegated last season and has found life difficult in the Championship this time around.

One of the first deals the Hull chief is expected to complete is an extended contract for Liam Rosenior. The full-back joined Hull last month as a free agent until January but the Yorkshire Post understands he was told at the time that a long-term contract would be offered providing the Allams' takeover went through.

Pearson is also believed to be considering moving into the loan market before the deadline closes next week.

Following the deal to buy a controlling interest in both Hull and the Superstadium Management Company, the Allams said in a joint statement: "It is important to stress to everyone, especially the supporters of Hull City, that we see our role as bringing financial stability to the club to help clear the outstanding debts and to enable it to survive and flourish.

"Our strengths are in business expertise and financial management. We will leave the football decisions to those who know best. 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. The financial stability of the club and its long-term success is of paramount importance to us both."

The news that agreement has been reached over the sale – the legal process of which is expected to be completed by the end of this month – brings to an end a difficult 12 or so months for Hull.

It was a little over a year ago when the perilous state of the club's finances – caused, in the main, by an out-of-control wage bill that peaked just short of 40m – were first revealed.

Bartlett's response to discovering the extent of the club's problems was to send an SOS to previous chairman Adam Pearson.

Part of his brief was to attract new investment, just as he had when in charge of Derby County a couple of years earlier.

Twelve months on, that need has now been satisfied with it understood to be Pearson who brought the Allams to the table to meet Bartlett.

Seventy-year-old Assem Allam is an Egyptian-born entrepreneur who has been based in East Yorkshire for more than four decades.

In 1981, he orchestrated a management buy out of what became known as Allam Marine and the business has since gone on to become a major success story of the region.

Last year, turnover at the Melton company had reached 116m to confirm the company's standing as one of the UK's fastest growing in terms of profits.

News of the Allams' interest in the Tigers first emerged a month ago. Several meetings have taken place since then between the two men and Essex-based Bartlett.

It is understood the deal hung in the balance as recently as the weekend before agreement was finally reached 45 minutes ahead of Hull's derby with Leeds United on Tuesday night.

During the month-long negotiations, all parties were understandably reluctant to speak publicly on how the deal was progressing.

Nevertheless, Assem Allam did offer encouragement to Tigers fans during those talks when he revealed how he was keen to give something back to the city and the area of east Yorkshire.

"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.

"Hull City is very important to this area. I am not a football fan.

"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.

"It is Hull City for the importance of Hull City for Hull and East Yorkshire."

In recent years, this commitment to the East Riding has seen Allam provide financial support to Hull Truck Theatre and make a donation of 1.5m to the University of Hull, where a lecture theatre is now named in his honour.