Hull future secure after takeover agreed
Hull, relegated from the Premier League last season and now struggling at the wrong end of the second division, have debts of at least 20 million pounds according to local media, and there were fears about the club's prospects.
In a statement, the Allams said they hoped to complete the deal by the end of November, confirming they would take over the club's debts.
"We are delighted to have reached agreement with Russell Bartlett to take a controlling stake in Hull City," the Allams said in the statement.
"The arrangements mean we will take over the club's debts and we have set aside funds for working capital and to secure new players in the January transfer window.
"The financial stability of the club and its long-term success is of paramount importance to us both."
Assem Allam studied at the University of Hull after moving to England from Egypt in 1968 and now runs a generator business in nearby Melton.
Hull won promotion to the top flight of English football for the first time in their 104-year history in 2008 and stayed up for two seasons before going down at the end of last term.