Wednesday 18 October 2017

Assem Allam's investment in Hull City increase to £72m

Assem Allam wants to rebrand Hull City as Hull Tigers
Assem Allam wants to rebrand Hull City as Hull Tigers

Jamie Strickland

Hull owner Assem Allam invested a further £24million of his personal fortune into the club on their way to promotion to the Barclays Premier League last season, latest accounting figures show.

Allam, who has come under fire from sections of fans in recent months over his controversial plans to change the name of the club from Hull City AFC to Hull Tigers, has now pumped £72million into the club since taking charge in 2010.

Despite earning promotion to the top flight at the end of last season, Hull's accounts for the year ending July 31 2013, which were made available by Companies House this week and have been seen by Press Association Sport, also show pre-tax losses of £25,628,171.

That figure is nearly £17million up on the £8,771,007 loss recorded 12 months earlier.

Nevertheless, the directors of Hull City Tigers Limited - which has been the operating name of the parent company since the spring - consider the club's future prospects to be "satisfactory".

The directors added in the account summary: "The directors made the ambitious decision to go for promotion and to this end invested heavily in the club. Steve Bruce, a leading manager, was appointed and he was provided with sufficient funds to augment and improve the squad.

"An amount of £24million was advanced by the parent company [Allamhouse Limited] earlier in the year, which brings the total amounts so provided to £72million at the year end."

Allam's initial investment after taking over City more than three years ago is widely accepted as having saved the club from financial ruin following their relegation from the Premier League at the end of the 2009/10 season.

The accounts also show that the club's turnover last season was £11,075,152, a figure showing little change from 12 months earlier (£11,042,457), while the value of City's playing squad as at July 31 was put at just over £14million - up from around £3million in 2012.

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