Football: Hull City Takeover Deal Announced

Football: hull city takeover deal announced 1According to an announcement this morning, nPower Championship football team Hull City is to be taken over by local businessmen Assem Allam and Ehab Allam in a deal believed to be worth £150 million.

The statement, issued by the Allams, has yet to be confirmed by the football club.

The club, which was relegated from the Barclays Premier League last season after finishing in 19th position, is believed to have debts totalling in the region of £35 million, for which, according to the proposed takeover, the new ownership has plans.

70 year old Assem Allam was born in Egypt before moving to the UK to study at Hull University. He is the founder and principle shareholder of Allam Marine Ltd, which makes industrial and marine generators. Allam is believed to have a personal wealth of £150 million.

Hull City was previously owned by businessman Russell Bartlett.


In This Story: Barclays

Barclays plc is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.

Stock tickers: (LSE: BARC, NYSE: BCS, FTSE 100 Component)

Barclays traces its origins to the goldsmith banking business established in the City of London in 1690.

 

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Egypt, a country linking northeast Africa with the Middle East, dates to the time of the pharaohs. Millennia-old monuments sit along the fertile Nile River Valley, including Giza’s colossal Pyramids and Great Sphinx as well as Luxor’s hieroglyph-lined Karnak Temple and Valley of the Kings tombs.

The capital, Cairo, is home to Ottoman landmarks like Muhammad Ali Mosque and the Egyptian Museum, a trove of antiquities. 

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Hull, or Kingston upon Hull, is a port city in East Yorkshire, England. Where the River Hull meets the Humber Estuary, The Deep aquarium is a futuristic building with an underwater viewing tunnel and hands-on displays. In the old town’s Museums Quarter, the Streetlife Museum focuses on modes of transport. Wilberforce House, birthplace of William Wilberforce, documents the abolition of the slave trade.

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