Egyptian family completes takover of Hull

Egyptian family completes takover of Hull

Published Dec. 17, 2010 5:02 p.m. ET

An Egyptian family completed the protracted takeover of second-tier English side Hull on Friday.

Local businessmen Assem and Ehab Allam initially struck a deal on Nov. 10 to purchase the northern club, which is reported in the British media to have debts of around 20 million pounds ($31 million), from then-owner Russell Bartlett.

Hull, which is in 19th place in the 24-team League Championship, confirmed on Friday that the buyout has been completed.

Assem Allam, who runs diesel generator manufacturer Allam Marine with his son Ehab, has a personal fortune of 150 million pounds ($230 million), according to this year's Sunday Times Rich List.


Ehab Allam said the family has injected 30 million pounds ($46 million) into the club as well as ''personal guarantees,'' which are reported to be valued at 10 million pounds ($15 million).

Hull was relegated from the Premier League at the end of last season.