Fee agreed for Hull City takeover but obstacles remain

TURKISH BUSINESSMAN ACUN ILICALI WILL PAY UP TO £50M

Adeal to buy Hull City has been agreed in principle between owner Assem Allam and Turkish media mogul Acun Ilicali. In what is a major step forward in seeing the Allam’s ownership end, it’s understood that Ilicali and his backers will pay £30m for the Championship strugglers in staggered payments, with another £20m assured should City regain their place in the Premier League within a certain time frame.

An agreement has been struck in principle, Hull Live understands, but due diligence has yet to take place meaning the deal remains some way off before it can be considered completed and see the Allam family bring an end to their relationship with supporters.

There also remains various clauses to be ironed out and the full terms of the deal are still being discussed.

There remains a willingness from Assem Allam to finally complete a deal for the club he put up for sale in 2014, though after a number of failed deals in the past seven years, there are reasons to be cautious about this deal being completed.

Ilicali is understood to not be the only interested party in buying the east Yorkshire club, who currently sit third bottom in the Championship having won promotion last season from League One, but he remains the closest at this stage to making a deal happen.

Suggestions that any deal is imminent, it is believed, are wide of the mark at this stage.

Meanwhile, sources have told Hull Live that there has been no contact made with Hull

City council over the potential ownership of the Stadium Management Company (SMC).

The SMC is the group responsible for the smooth-running of the MKM Stadium, and with the local authority owning the stadium, it has the power to run a fit and proper person test on a potential new leaseholder given it’s a significant public asset.

Ilicali has so far been bullish in the Turkish media about his desire to buy the club, revealing just last month his intentions.

He explained: “I’m thinking of buying Hull City in England. The other side trusts us. If God permits, my dream will come true.

“I want to fly the flag of our country in England with the success of Hull City.”