Purchase of Hull City by Turkish media mogul underway
Turkish businessman and media owner Acun Ilıcalı is buying Hull City, an English professional football club, for a fee believed to be around 30 million British pounds and the final process in the takeover is about to end.
The club released a short statement yesterday confirming due diligence is taking place between the owner Assem family and “a prospective buyer” as the takeover of the club moves a significant step closer.
According to reports, Ilıcalı has agreed to pay a fee of 30 million British pounds for the club, with a further payment taking the total to 50 million British Pounds should Hull City win promotion to the Premier League within a certain timeframe.
The deal is stated to have been struck over a week ago, with the parties now entering into due diligence as Ilıcalı’s finances and ability to meet the necessary payment are examined, while the prospective new owner will also need to pass the EFL fit and proper person test.
The period of due diligence and confirmation by the club is a significant step forward in the sale of Hull City, with the possibility a deal could now be completed by the end of November should all necessary criteria be met.
Ilıcalı, who started out as a reporter and broadcaster in Turkey in the 1990s before going on to found his own production company in 2004, sold his stake in Dutch club Fortuna Sittard in April less than a year after buying the club.
“I want to fly the flag of our country in England with the success of Hull City,” Ilıcalı said in a statement he made in September.
“I hope that Hull City will consist of Turkish people, from their coaches to certain players in the future. My goal is to create a team that makes sound in the world,” he noted.