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Egyptian businessmen take over Hull City
Egyptian brothers Assem and Ehab Allam have confirmed Wednesday their takeover of the English Championship side Hull City for an undisclosed fee.
Karim Farouk Published in Ahram Online on 10 - 11 - 2010

Egyptian brothers Assem and Ehab Allam have confirmed Wednesday their takeover of the English Championship side Hull City for an undisclosed fee.
“Businessmen Assem and Ehab Allam have agreed a Heads of Terms arrangement with Hull City owner Russell Bartlett to take a controlling interest in the Championship club,” read a statement from the Allams.
“The deal was reached at 7pm last night (Tuesday) after several weeks of negotiations, leaving only the legal processes to be completed by the end of November. Once the agreement has been signed by both parties, the Allams will hold the majority shareholding in Hull City AFC and Superstadium Management Company.”
The Egyptian businessmen will have to handle the club's debts, which are rumored to be around £35million. “We see our role as bringing financial stability to the club. 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," said the 70-year-old Assem. He left Egypt in 1968 to study economics at the University of Hull and is the owner of the manufacturer Allam Marine, which had a turnover of £116m last year. According to the Sunday Times Rich List, Assem Allam is believed to have a personal fortune of £150m.
As part of the agreement, Bartlett and the club's head of operations, Adam Pearson, will both continue their roles at the KC Stadium.
Hull City are now in the 16th place in the 20-team Championship table, with only 15 points after 16 games played in their first season after relegation.

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