Hull City sale talks back on with Chinese group entering the bidding

hull city

August 10 – Hull City’s sale talks appear to be back on after the Allam family owners had announced that they had put negotiations on hold while they stabilised the club for the start of the Premier League season. The negotiations now appear to be with a Chinese group rather than the US consortium they were in talks with.

The consortium of Chinese and Hong Kong investors includes representatives of the Dai family, which has business interests in real estate and shopping malls. They are looking to complete a deal to buy the club ahead of a US group led by Peter Grieve.

It was the discussions with Grieve that were put on the back burner, though Grieve is reported in the local Hull press to have provided proof of funds for the acquisition.

Hull, who won promotion back to the Premier League at the first time of asking having been relegated at the end of the 2014/15 season, are still to appoint a full time manager having lost Steve Bruce after he fell out with vice chairman Ehad Allam over transfers and money available to strengthen the squad.

Ideally the club wanted to hire Wales manager Chris Coleman who has said he will leave the national team at the end of the World Cup Qualifying campaign, but the Welsh FA would not allow Hull to approach him. The club have also interviewed Gianfranco Zola.

As an interim Hull have appointed Mike Phelan as caretaker manager and he will lead the team in the opening Premier League fixture at home to Leicester City this weekend. But he will lead a team that has not made any new signings and has a long injury list.

If the Chinese consortium manage to take control of Hull then they will be the second team to come under Chinese ownership in the past month, after West Bromwich Albion sold an 88% ownership stake to a Chinese investment group headed by Lai Guochuan. No value has been put on the sale but Peace was believed have set a £150 million price tag on the club that reported a £7.6 million profit in its last reported financial year.

Aseem Allam bought Hull in a £40 million deal in 2010 and is reckoned to have spent a further £85 million on the club. The sale price is believed to be about £100 million.

Hull fans are planning a protest against the club owners this weekend.

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