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Monday 5 December 2016

Hong Kong stock exchange document outlines conditional agreement for Hull sale

Published 20/10/2016 | 07:21

Assem Allam failed to change the club's name to Hull Tigers
Assem Allam failed to change the club's name to Hull Tigers

A Far East consortium has agreed a conditional £130million takeover of Hull City, according to a document filed to the Hong Kong stock exchange.

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The Allam family, who have owned Hull City since 2010, put the club up for sale in 2014 after the Football Association rejected chairman Assem Allam's bid to change the club's name to Hull Tigers.

A separate deal with a Chinese consortium headed by brother and sister partnership Dai Yongge and Dai Xin Li broke down at a late stage last month after the Premier League had begun its owners and directors' test.

The document published on Hong Kong stock exchange's news site hkexnews.hk is dated October 13 and shows a proposed deal has been reached with Hull's parent company Allamhouse Limited.

However, the agreement with Greater China Professional Services Limited is subject to Premier League and FA approval and is not legally binding.

The document states: "The Board is pleased to announce that on 13 October 2016 (after trading hours of the Stock Exchange), the Consortium and the Vendor entered into the Heads of Terms in relation to the Proposed Acquisition.

"The Board would like to emphasise that no legally binding agreement in relation to the Proposed Acquisition has been entered into by the Company or the Consortium as at the date of this announcement.

"As the Proposed Acquisition may or may not materialise, Shareholders and potential investors are advised to exercise caution when dealing in the shares and other securities of the Company.

"Completion of the Proposed Acquisition is conditional upon, among other conditions, the obtaining of the consent of The Football Association Premier League as regards to the transaction contemplated by the Heads of Terms."

Press Association

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