Hull City sale still open but GCPSL have current lead with £130m bid

November 2 – The Hull City takeover saga continues with front-runner Greater China Professional Services Limited (GCPSL)holding a press conference in Hong Kong outlining their plans for the club, but saying that although they are currently undertaking due diligence they do not have an exclusivity agreement with the club but a memorandum of understanding.

GCPSL have bid £130 million bid and are in partnership for the acquisition with Camsing Global. While they have progressed their bid and say all the rights things about their desire to own the club, the deal does not look to be close to completion and other bidders could come in a the last minute.

The Allam family who own Hull City have already have seen one bid from China fall through and have so far kept quiet on the progress of the sale. It is understood they have been talking to other potential buyers as they look to get the best price with American/Chinese businessan Chien Lee being one of the interested parties.

GCPSL are working with former Hull chairman Adam Pearson and at their press conference executive director David Yip emphasised the potential they saw for the club.

“We believe that Hull City AFC is a solid EPL club with great potential and huge room for development. In the last decade, Hull City AFC managed to excel itself by extending its battlefield from the Championship to EPL. It even further competed in European games as an EPL representative.

Yip outlined a commercial future for the club that would trade on the popularity of the Premier League in Asia and China in particualr with the creation of club store and increased media profile.

“Following completion of the proposed acquisition, the Group could distribute and market Hull City AFC products and apparels and the Group would in conjunction with this, consider to develop chainstore franchising, merchandising, media operations, all in line and complimentary with the current business of the Group, so as to generate a synergic effect to maximize brand value and the club’s interests,” said Yip.

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