Video: Allam aims to make tickets £5 each for Hull City supporters in 40,000-seat stadium

Assem Allam insists under his leadership the Tigers can swiftly return to the Premier League and the millionaire Egyptian has also pledged to make games affordable for the masses, boldly aiming to eventually reduce prices to a maximum of 5 per ticket.

Allam confirmed he and son Ehab have taken over the Championship club and vowed to wipe out their debts, believed to be in the region of 20m.

After weeks of negotiations, the pair have agreed a Heads of Terms agreement with current owner Russell Bartlett to take a controlling interest, leaving only the legal processes to be completed by the end of the month.

Then Allam hopes to put into action his exciting plans which will offer hope to the Tigers' faithful who thought their club could be spiralling after this year's costly relegation from the top flight.

"My main ambition having taken over the debts and with everything signed and sealed is to provide a cash injection and some working capital for the club," he told the Yorkshire Post last night, ahead of also becoming the major shareholder in the Superstadium Management Company.

"If the football experts like (head of football operations) Adam Pearson say we need transfer funds then it will be there for them in January and I will have the money for new signings.

"After that we will be looking to build on the capacity of the stadium. It is currently at 25,000 but we hope to make that 40,000.

"I want to prepare ourselves for a move back into the Premier League.

"That should be possible. Why not?"

However, it is Allam's desire to reverse the increasing cost to the fan which could really catch people's attention.

With some Premier League clubs charging in excess of 60 per ticket, the 70-year-old entrepreneur says he is desperate to bring the game back to the people, especially those of Hull.

Allam, who has lived in East Yorkshire for the last four decades, revealed: "My big ambition is to be able to reduce the cost of buying tickets for supporters.

"I want to enable more and more people, especially young ones, to actually watch football.

"The main thing is the club needs to look after its fans and that is what we aim to do.

"Ideally, eventually I see no one having to pay more than 5 per ticket."

It may seem implausible – especially if Allam is serious about his belief that Hull can reclaim a place in the Premier League – but he is adamant in his thinking.

"I don't believe people should pay to watch any sport," he said,

"Like the air that we breathe, it should be free.

"Obviously, we need money coming in but people should not look for the easy way out.

"We should look at ways of increasing income from advertising, more

marketing, more money from television and the Premier League and other new ways of generating it."

Having fled from Egypt in the 1960s, Allam has managed to amass a fortune through his businesses in the UK and it is his wish to give something back to his adopted city that is fuelling his pursuit of the Tigers.

"I wouldn't have got myself involved in any other club," he said.

"I was offered a few opportunities which would have been much more attractive but I'm not in this just to buy a football club.

"I wanted to do this for the sake of the city of Hull and for the good of the area."

In a statement issued by the Allams, they said: "More details of the agreement will be made public in due course. For the time being, 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."