HULL CITY TAKEOVER EDGES CLOSER
TURKISH BUSINESSMAN ACUN ILICALI HAS NEW CONFIDENCE DEAL WITH ALLAMS ACHIEVABLE
THE Allam family’s ownership of Hull City could soon be coming to an end with a takeover from Turkish businessman Acun Ilicali understood to be edging ever closer.
City have been up for sale since 2014 with the relationship between the Allam family – who bought the club in 2010 – and its fanbase at an all-time low having been described this week as toxic.
Sources in Turkey have told the Mail that Ilicali is becoming increasingly confident of concluding a deal for the Championship club, who currently sit 20th in English football’s second tier following Saturday’s 2-0 win over Middlesbrough at the MKM Stadium.
There is currently no indication if due diligence has been completed and the formal process of the sale has begun, but indications within the Ilicali camp suggest his resolve to get a deal done has strengthened, with a new confidence completion of a takeover can be attained.
The media mogul spoke last month about his desire to buy the Tigers from the Allam family, who remain keen to sell the football club and recoup as much from their investment as possible.
In accounts published last week, the Tigers now owe the Allam’s in the region of £39.5m through a series of loans, though it’s unlikely they will recoup that whole figure, with recent valuations suggesting the club is worth in the region of £20m to £25m.
City made a loss of just over £8m in the last financial year after the club took a double hit in the form of coronavirus and relegation from the Championship, that blow coming just two years after relegation from the Premier League and the end of its subsequent parachute payments.
There have been a number of false dawns when it comes to potential takeovers in recent years, leaving City fans frustrated and therefore allowing a feeling of apathy to develop and fester.
There is however, a willingness on both sides to conclude the deal as soon as possible to give the Tigers a fighting chance of securing their Championship status and then building a squad capable of challenging for a place in the Premier League.
“I’m thinking of buying Hull City club in England. The other side trusts us. If God permits, my dream will come true,” he told News Global last month.
“I want to fly the flag of our country in England with the success of Hull City.”
Speaking about the growing interest in the club, vice-chairman Ehab Allam said back in June: “The same as I’ve always said, we have interested parties, I would say more so now because of the promotion and also finishing top (of League One).
“For me, it is business as usual as I’ve always said until there is somebody serious and there’s an offer on the table which is acceptable, it’s business as usual.”
Following the publication of their latest set of accounts, academic and football finance expert Kieran Maguire told Hull Live that despite their lowly league position and falling attendances, the Tigers remain an attractive proposition, valuing the club between £20m and £25m.
“Only 20 people can own a Premier League club at any one time,” he said. “Hull City have been in the Premier League twice in recent years so that is an attraction.
“It is possible to flip a football club at a profit if you get it into the Premier League, so there’s an attraction there.
“There’s the trophy asset element to it. English football does have a place in terms of global appeal and I think those are all positives,” Maguire explained.
“They’re looking extricate themselves from the club with the minimal financial damage to themselves.
“You luck at Wigan, Sunderland, Ipswich, Charlton – Sunderland went for around £27m to £30m and no disrespect, Sunderland are a bigger club [than City].
“I would say it’s more on a par with Ipswich as a bottom six Championship, top of League One club.
“They’ve got the stadium which is newer and the ability to rent out the stadium so you could add a bit of a premium onto that.
“£20m-£25m as a lower Cham