HULL CITY: New investment sought at Tigers – but no sale talk
HULL City owner Russell Bartlett is actively seeking to bring new investment into the club, the Mail understands.
Bartlett, the 100 per cent owner of the Tigers, yesterday denied reports suggesting he had been in talks over a possible sale.
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Hull City owner Russell Bartlett.
He told the Mail there had been 'no sale discussions' and there were 'no prospects' of a takeover.
It followed radio reports which claimed he had recently rejected a bid from multi-millionaire local businessmen Assem and Ehab Allam.
Egyptian-born Allam, the owner of diesel generator manufacturer Allam Marine in Melton, said he met with Bartlett seeking to invest earlier this year.
He and his son Ehab are vice-presidents and sponsors at the Tigers, and were keen for greater influence at the KC Stadium.
The father and son last night issued a statement.
It read: "It is no secret that following the football club's fall out of the premiership its financial state has become a matter of real concern. When we met with Mr Bartlett the discussions centred on the case for an investment only partner.
"As long term supporters of the club and the city our intentions throughout these discussions have always been to do the best for the club and secure its future.
"Considering the level of investment that would be required to secure the future of the club it would have to be for a controlling stake or not at all."
The Mail understands that having come through such a difficult summer, Bartlett is keen to remain in charge at the KC.
But having had to make personal guarantees on City's debts, he is not financially in a position to develop the club as he wishes.
Bartlett is keen to strengthen the squad, re-establish plans for an academy and expand and develop around the KC.
But for this to happen he will need to bring in new investment.
Bartlett stressed the discussions, which were held in January and February, never progressed to talk of a sale.
Bartlett has spent the summer restructuring the club's finances following relegation.
It has seen him steer the Tigers clear of the threat of administration, cutting the wage bill from £38m to around £15m.
He recently renegotiated another two years on a £9m bank loan from Investec, a move he claimed had given City much-needed 'financial stability'. The City chairman was also successful in ensuring the club received its full £7.6m parachute payment last month, having negotiated new repayment agreements with a string of clubs still owed transfer money totalling £9m.
10 Comments
by PattyNchips, EastHell
Monday, September 20 2010, 1:02AM
“IF we'd have bought Campbell Im sure that PB would have found a way to sap his confidence at Man City, just like he did with the rest of the team.... OK PB is gone but his legacy still remains.”
by Ben W, Hull
Sunday, September 19 2010, 10:23PM
“Merlin what the hell has frazier campbell not signing twice got do mr bartlett. Campbell turned city down twice to go to spurs and sunderland. Yeah it would be great to get new investment or a takeover. Even with investment or a takeover i cant see city spending money.”
by Stuart, Philippines
Sunday, September 19 2010, 6:17AM
“Merlin, i think you should give yourself an uppercut. How much has Mr Bartlett taken out?. Please let us all know so we can do the sums. I am sure a prominent buissnessman like Mr Allam would not be trying to invest in the club if their was something shonkey going on. As for me not living in the Philippines well i certainly am. Here is my mobile number +639163761367. Give me a ring sometime when they get phones in Camelot!!.”
by Merlin, Hull
Saturday, September 18 2010, 11:17PM
“Stuart mate - take a reality check and get a grip man. Just tell me where I have attacked The Tigers. My gripe is with Bartlett so don't misrepresent me. As for Fraizer Campbell, had we bought him I think we'd have been in the Premiership still.And whats that got to do with this. If you question my credibility you only have to look at what I said all along about Brown and Duffen to realise that the stick I took on here was comprehensively showed over a cliff. Now you pop up and twist the issues and defend Bartlett who has presioded over what most people agree was an utterly incompetent and incredibly indefensible waste of MILLIONS. Now he stands in the way of progress in deference to his own financial imperatives. I doubt your in the Philippines mate. Mars perhaps? Bartlett at the very least has to flog at least 51% of the club pronto. We need inward investment to develop the side -NOT line Bartletts pockets.”
by marklucky7, Hull
Saturday, September 18 2010, 12:59PM
“Bartlett wont sell as he would no doubt have to sell at a loss and he will want his money back.
He deserves a thank for saving this club this summer because no one can deny he hasnt but it is a position he has let it get too himself so is by no means above criticism, through his negligence Duffen nearly ran the club to the ground.
If the Allams can come in and wipe off most of the debt then bartlett should take that as punishment for letting the club get in the state its in...”
by stuart, Philippines
Saturday, September 18 2010, 12:30PM
“Going”
by Stuart, Philippines
Saturday, September 18 2010, 12:26PM
“Another positive post from Merlin. How much capital have you kicked in to the Tigers Merlin?. 10/20 million maybe, or maybe a penny. What has happened to Frazier Cambell.Grow up, and be positive for once. How is the MESSIAH gowing.”
by Merlin, Hull
Saturday, September 18 2010, 12:15PM
“Bartlett out! Its in the hands of the fans. This man is a millstone round ourt necks, stifling inward investment and holding the club back whilst he salivates at the parachute money. Out out out!”
by Merlin, Hull
Saturday, September 18 2010, 12:13PM
“Absolutley right I would not invest aA PENNY in circumstances where Bartlett had a controlling interest. I'd invest 30 percent so long as bartlet had less than 50 and the other investors were trustworthy. Franky investing with having Bartlett with a controlling interest is like agreeing to a vasectomy to be performed, with due respect, by a school crossing patrol person.”
by Stuart, Philippines
Saturday, September 18 2010, 12:02PM
“Their is nothing wrong with trying to attract further investment in the club. Any CEO/ Owner would be trying to do the same.I did not like Mr Bartlett at first, but now he is growing on me.”