Assem Allam
Encyclopedia
Dr.Assem Allam is an East Riding of Yorkshire-based, Egyptian-born businessman, owner of Allam Marine, an industrial generator manufacturer, and owner of Football League Championship
side, Hull City
.
before working as an accountant at Tempest Diesel. In 1981 he used a loan to begin a buy-out of the company, ultimately renaming the company Allam Marine, and leading the company to international success. Assem Allam and his son gained a place on the Sunday Times Rich List 2010
. In 2006, he was named the Ernst & Young
UK Entrepreneur of the Year.
, and has made several philanthropic gestures to the area including providing support to several local grassroots sports clubs, making donations to the Hull Truck Theatre
, as well as becoming a trustee of the Daisy Appeal, a medical research fund at the local Castle Hill Hospital
in Cottingham
. He has stated he feels an obligation to pay back the region for his success. In September 2010, it was speculated that he was interested in investing in Hull City A.F.C.
, the local football team, which had been relegated from the Premier League earlier in 2010 with extensive financial problems.
. Allam confirmed at the time that he felt the need to pay back to the area, and that Hull City were important to the area.
On 10 November 2010, it was confirmed by the Allams that a deal had been agreed for a controlling interesting in the club, and that the Allams would assume control once the relevant requirements had been met.
Whilst it was originally reported that Allam intended to only purchase a majority shareholding in the club, and would continue to work with Russell Bartlett
, a protracted period of due diligence
indicated that the investment required would be substantially higher than originally planned; this resulted in a move to completely seize control of the club. The deal was formally completed at 10.45 pm on 16 December 2010, with the club exchanging hands for the nominal fee of £1, but with Allam, and his son, Ehab committing to invest £30 million, as well as providing assurances for a further £10 million.
Following the takeover, it was confirmed on the official club website that Assem Allam would take up the role of chairman at the club.
rugby league club "to be used for stadium improvements and strengthening the playing staff".
Football League Championship
The Football League Championship is the highest division of The Football League and second-highest division overall in the English football league system after the Premier League...
side, Hull City
Hull City A.F.C.
Hull City Association Football Club is an English association football club based in Kingston upon Hull, East Riding of Yorkshire, founded in 1904. The club participates in the Football League Championship, the second tier of English football...
.
Background
Born in Egypt in 1940, Allam fled to the UK from Gamel Abdel Nasser's regime in Egypt in 1968. He studied economics at the University of HullUniversity of Hull
The University of Hull, known informally as Hull University, is an English university, founded in 1927, located in Hull, a city in the East Riding of Yorkshire...
before working as an accountant at Tempest Diesel. In 1981 he used a loan to begin a buy-out of the company, ultimately renaming the company Allam Marine, and leading the company to international success. Assem Allam and his son gained a place on the Sunday Times Rich List 2010
Sunday Times Rich List 2010
The Sunday Times Rich List 2010 was published on 25 April 2010.Since 1989 the UK national Sunday newspaper The Sunday Times has published an annual magazine supplement to the newspaper called the Sunday Times Rich List...
. In 2006, he was named the Ernst & Young
Ernst & Young
Ernst & Young is one of the largest professional services networks in the world and one of the "Big Four" accountancy firms, along with Deloitte, KPMG and PricewaterhouseCoopers ....
UK Entrepreneur of the Year.
East Riding of Yorkshire
Allam has frequently made reference to his gratitude for his adoptive home in the East Riding of YorkshireEast Riding of Yorkshire
The East Riding of Yorkshire, or simply East Yorkshire, is a local government district with unitary authority status, and a ceremonial county of England. For ceremonial purposes the county also includes the city of Kingston upon Hull, which is a separate unitary authority...
, and has made several philanthropic gestures to the area including providing support to several local grassroots sports clubs, making donations to the Hull Truck Theatre
Hull Truck Theatre
The Hull Truck Theatre is a theatre in Kingston upon Hull, England which presents high quality drama productions.It also tours its productions on a regular basis....
, as well as becoming a trustee of the Daisy Appeal, a medical research fund at the local Castle Hill Hospital
Castle Hill Hospital
Castle Hill Hospital is an NHS hospital to the west of Cottingham, East Riding of Yorkshire, England, and is run by Hull and East Yorkshire Hospitals NHS Trust.-History:...
in Cottingham
Cottingham, East Riding of Yorkshire
Cottingham is a village and civil parish in the East Riding of Yorkshire, England. It lies just to the north-west of the city of Kingston upon Hull...
. He has stated he feels an obligation to pay back the region for his success. In September 2010, it was speculated that he was interested in investing in Hull City A.F.C.
Hull City A.F.C.
Hull City Association Football Club is an English association football club based in Kingston upon Hull, East Riding of Yorkshire, founded in 1904. The club participates in the Football League Championship, the second tier of English football...
, the local football team, which had been relegated from the Premier League earlier in 2010 with extensive financial problems.
Hull City
After weeks of speculation about a local business man looking to be interested in investing in Hull City, it was confirmed on 18 October 2010 that Assem, along with his son Ehab Allam had entered negotiations with Hull City owner and chairman, Russell BartlettRussell Bartlett
Russell Bartlett is a businessman and property investor and the former chairman and majority shareholder of Hull City football club.He purchased Hull City from Adam Pearson in June 2007 as part of a consortium with Paul Duffen and Martin Walker. They had made unsuccessful attempts to take over...
. Allam confirmed at the time that he felt the need to pay back to the area, and that Hull City were important to the area.
On 10 November 2010, it was confirmed by the Allams that a deal had been agreed for a controlling interesting in the club, and that the Allams would assume control once the relevant requirements had been met.
Whilst it was originally reported that Allam intended to only purchase a majority shareholding in the club, and would continue to work with Russell Bartlett
Russell Bartlett
Russell Bartlett is a businessman and property investor and the former chairman and majority shareholder of Hull City football club.He purchased Hull City from Adam Pearson in June 2007 as part of a consortium with Paul Duffen and Martin Walker. They had made unsuccessful attempts to take over...
, a protracted period of due diligence
Due diligence
"Due diligence" is a term used for a number of concepts involving either an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations...
indicated that the investment required would be substantially higher than originally planned; this resulted in a move to completely seize control of the club. The deal was formally completed at 10.45 pm on 16 December 2010, with the club exchanging hands for the nominal fee of £1, but with Allam, and his son, Ehab committing to invest £30 million, as well as providing assurances for a further £10 million.
Following the takeover, it was confirmed on the official club website that Assem Allam would take up the role of chairman at the club.
Hull Kingston Rovers
In May 2011 Allam gave a £1 million gift to Hull Kingston RoversHull Kingston Rovers
Hull Kingston Rovers or Hull KR is an English professional rugby league football club based in Hull, England. The club formed in 1882 and currently competes in Super League, having won promotion from National League One in 2006...
rugby league club "to be used for stadium improvements and strengthening the playing staff".