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Assem and Ehab Allam to clear Hull City bank debt

Assem Allam
Assem Allam has been a major benefactor to the city of Hull

Hull's prospective new owners Assem and Ehab Allam are reportedly preparing to clear £9m of bank debt when their imminent takeover is complete.

The debt to Investec Bank is set to be wiped out in one payment cutting the Championship club's overall debt to a reported £12m.

That will leave a debt of £5m owing to Barclays Bank and £7m in outstanding transfer fees.

The takeover is expected to be completed by the end of this week.

Last week, BBC Radio Humberside reported that the Allams have set aside £1m to keep HM Revenue & Customs at bay once the sale goes through.

And with the Egyptian businessmen having to invest more than initially anticipated, current owner Russell Bartlett is now expected to leave without any stake in the club.



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