Allams confirm Tigers takeover

Assem and Ehab Allam have confirmed their takeover of npower Championship side Hull City.

The Allams have pledged to take over the club’s debts which are believed to be around £20m (€23.3m) and make funds available to manager Nigel Pearson in the January transfer window.

A statement from the Allams read: “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.

“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."

As part of the agreement, Bartlett and Adam Pearson will both continue their roles at the KC Stadium.

Hull have yet to confirm the takeover.