Hull City owner has spent almost £70m on club
As the threat of Financial Fair Play looms large on the horizon, many clubs are still taking a cavalier attitude to finances – with Premier League new boys Hull among the big spenders.
November 13th, 2013
Since taking over the club in late 2010, Hull City owner Assem Allam has told The Guardian newspaper that he has invested approximately £66 million into the team.
The sum total most notably includes last year’s promotion-winning season loss of £27.8 million; a figure which the owner will have invested safe in the knowledge that gaining access to the Premier League would help reduce that total over the coming seasons. This comes despite the club’s only securing automatic promotion on the final day of the season – and even that due only to results going their way elsewhere, as Leeds United inflicted an unexpected away defeat on odds-on favourites Watford.
Along with an initial spend of just under £30 million to secure the club’s existence upon taking the reins at the KC Stadium, Allam has made a loss on each season up until now – he expects still to lose money this season but is confident he can make the club self-sufficient in the near future.
And the first stage of that particular masterplan would be: change the name. Writers such as our own Ian Aspinall have previously written about the controversial plan to redub as Hull Tigers; a strategy tantamount to franchising the team and leaving it open to future ventures such as a move away from the town itself a la MK Dons.
New TV coverage of the Premier League in the United States would probably point untapped legions of fans in the direction of the team with by far the coolest name out of the lot – but many would say it isn’t worth junking decades of tradition just to exploit international markets; isn’t that right, Cardiff fans?