Hull City in con­di­tional £130m takeover with Chi­nese con­sor­tium

The Star (Kenya) - - Sports International Football -

LON­DON / A Far East con­sor­tium have agreed a con­di­tional £130m (Sh16bn) takeover of Hull City, ac­cord­ing to a doc­u­ment filed to the Hong Kong stock ex­change.

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 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.”


Hull City’s Adama Diomande dur­ing their Premier League match against Bournemouth on Oc­to­ber 15.

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