Hull City Owners Increase Takeover Asking Price To £120 Million

​The price of Hull City has reportedly risen to £120m as four parties look to acquire the Premier League club.

The Hull Daily Mail report that the Allam family are not in a rush to sell and the price of the club has increased due to interest from several bidders.

It is also reported that any deal seems unlikely to happen before Christmas, which raises questions over Mike Phelan’s future.

Phelan has been in caretaker charge and is yet to sign a deal to make him full-time manager.

Sources have confirmed to the Mail that current owners the Allam family are looking at receiving the phenomenal amount for the club, around £40m more than the fee which was provisionally agreed in the summer with former bidder Peter Grieve and his American consortium in the wake of promotion to the Premier League.

A fourth serious bidder, again from the Far East, but with German connections, was reported yesterday to have made an approach to the club.

The Mail understands that while no formal offer has been made by the new party, negotiations have taken place taking the total of interested parties to four.

With the Dai family still intent on taking over the club following an initial agreement and down payment of £6m, Chinese American Chien Lee’s desire to complete a takeover still intact and Adam Pearson’s Hong Kong consortium also firmly in the race, the price of the club has inflated in the past month.

The Allam family appear in no rush to complete a sale despite suggestions last month by vice chairman Ehab Allam that his family had overseen their final game at the helm.

What was already a complicated sale has become increasingly difficult to resolve with bidders continuing to come forward.

It now seems unlikely any deal will go through before Christmas, placing further doubt over whether a decision can finally be made regarding the future of caretaker manager Mike Phelan.

Speaking before last week’s loss to Chelsea Phelan admitted the continued negotiations over the sale of the club were affecting his own discussions with the board, meaning the latest twist in an ongoing saga is unlikely to bring a swift resolution to his own future.

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