English Premier League

Hong Kong-based consortium nears Hull City takeover as Chinese owners move on the Premier League once more

Chinese consortium informs the Hong Kong stock exchange that a takeover is imminent

PUBLISHED : Thursday, 20 October, 2016, 5:07pm
UPDATED : Thursday, 20 October, 2016, 5:24pm

Hull City owner Assem Allam has agreed terms on the sale of the club to a Hong Kong-based consortium, according to reports in the UK.

A notice was filed with the Hong Kong stock exchange on Wednesday giving details of a conditional £130 million (HK$1.2 billion) agreement for the takeover of the club by Greater China Professional Services, a Hong Kong listed company, and Camsing Global.

The notification stressed that no legally-binding agreement is yet in place.

Owner Allam put the club up for sale in 2014 after the English FA refused his request to rename the club Hull Tigers following a backlash from the club’s fans. He initially purchased the club in 2010.

A deal with a separate Chinese consortium was thought to have been in place last month before talks broke down at an advanced stage as the English Premier League was preparing to complete its ‘fit and proper persons’ test of all prospective new owners.

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If the deal proceeds, Hull City will become the second English Premier League club to take on Chinese ownership in the last four months after a majority shareholding in West Bromwich Albion was obtained by Chinese businessman Guochan Lai in July.

Manchester City are also part-owned by an investment arm of the Chinese government.

Two Championship clubs have also been purchased by Chinese entities in recent months.

Aston Villa and Wolverhampton Wanderers were purchased by Dr Tony Xia and Fosun International respectively. Another Midlands-based club, Birmingham City, is owned by disgraced Hong Kong businessman Carson Yeung and Guangzhou-based businessman Liu Xingcheng.

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In spite of a chaotic preseason, Hull City have exceeded expectations in the Premier League so far this season and are currently in 16th place in the standings.

They hired a new manager, Mike Phelan, on a full-time basis last week.