Business | HK firm says it has 'non-exclusive' MOU to buy Hull City
Hull City players celebrate scoring a rare goal. Photo: Reuters
Hull City players celebrate scoring a rare goal. Photo: Reuters

HK firm says it has ‘non-exclusive’ MOU to buy Hull City

Announcement by Greater China Professional Services Ltd, led by Ip Kwok Kwong, suggests there may be some way to go in long-running takeover saga

November 2, 2016 5:16 PM (UTC+8)

A Hong Kong-listed firm said on Wednesday that a deal for the English football club Hull City was a “non-exclusive” agreement, suggesting there may be plenty of play left in a long-running takeover saga that has drawn in buyers from China and beyond.

Greater China Professional Services Ltd, an asset advisory and advertising services firm led by the Hong Kong businessman Ip Kwok Kwong, announced at a press conference in the city that it had a non-exclusive memorandum of understanding (MOU) with the Premier League club.

The owners of the club in October declined to comment on the status of a US$160 million takeover bid from the Hong Kong company, while a person with direct knowledge of the sale process said rival groups still had offers on the table.

The Hong Kong firm, listed on the city’s Growth Enterprise Market, said last month it was leading a consortium to bid for Hull City as it aimed to expand and diversify its business and revenue stream.

Chinese investors have been spending heavily on European soccer clubs in recent months.

Hull City has been owned by the Egyptian-born businessman Assem Allam since 2010.

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