Source: PA
Allams confirm Tigers takeover
Assem and Ehab Allam have confirmed their takeover of npower Championship side Hull City.
The Allams have pledged to take over the club's debts which are believed to be around £20million and make funds available to manager Nigel Pearson in the January transfer window.
A statement from the Allams read: "Businessmen Assem and Ehab Allam have agreed a Heads of Terms arrangement with Hull City owner Russell Bartlett to take a controlling interest in the Championship club.
"The deal was reached at 7pm last night (Tuesday) after several weeks of negotiations, leaving only the legal processes to be completed by the end of November.
"Once the agreement has been signed by both parties, the Allams will hold the majority shareholding in Hull City AFC and Superstadium Management Company.
"Our strengths are in business expertise and financial management. We will leave the football decisions to those who know best."
