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Page last updated at 14:15 GMT, Friday, 17 December 2010

Allams complete takeover at Hull City

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Hull owners approve new signings

Championship side Hull City have confirmed that East Yorkshire businessmen Assem and Ehab Allam have completed their takeover of the club.

The father and son team succeed Russell Bartlett, and have provided a cash injection of £30m with a further £10m in personal guarantees.

"I'm very pleased we managed to achieve the deal," Assem said at a news conference on Friday.

"We wanted to give a present to the fans of Hull City."

Assem Allam, who was born in Egypt, moved to Hull in 1968 to study at the city's university before setting up in business in nearby Melton which today turns over £120m a year.

The Tigers were relegated from the Premier League last season, finishing the campaign approximately £35m in the red.

Forced to sell a number of key players, and managing to reduce the debts by a further £15m, Bartlett looked to sell the club as the board battled to keep Hull out of administration.

A deal between Bartlett and the Allems was struck in early November but it has taken a further five weeks for the process to be completed.

The new owners' first priority, after dealing with the debts, will be to ensure Nigel Pearson's side remain in the Championship, where they currently sit two points above the relegation zone.

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"Nigel is safe in his job. He's done particularly well in very, very difficult circumstances," said Hull's head of football operations Adam Pearson.

"There's going to be some money available in the transfer window but because of the sheer size of the cash investment required to rescue the club, there won't be a huge pot.

"But there will be some money available for one or two key signings. Nigel will definitely be the manager to bring those players in."



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see also
Allams to clear Tigers bank debt
08 Dec 10 |  Hull
Allams agree to pay Hull tax bill
01 Dec 10 |  Hull
Hull City confirm takeover deal
10 Nov 10 |  Hull


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