Hull City asking price up to £120million as four groups emerge ahead of potential takeover

A BIDDING war has seen the asking price to buy Hull City rise to a whopping £120million.

The Allam family that owns the Premier League club are set for a major windfall with four serious groups now keen to buy them.

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Assem and Ehab Allam had been on the verge of selling up over the summer when they provisionally agreed an £80m deal with Peter Grieve and his American consortium.

But since then, three other parties have come to the table – and that has seen a massive £40m added to the asking price for Hull which is still not putting bidders off.

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Grieve's group is still in the running to take over, while former chairman Adam Pearson is fronting a Hong Kong-based consortium who have held serious talks.

Chinese American businessman Chien Lee has also been locked in negotiations with the Allam family, and now another unnamed Far East group has emerged this week.

It means the Allams, who have been looking to sell-up for a while despite promotion to the Premier League in the summer, are in a stronger than ever position to get the price they want.

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And according to the Hull Daily Mail, it means a deal may now not get done before Christmas.

That could cast fresh doubt over the long term future of caretaker manager Mike Phelan, who has seen his appointment on a full-time basis delayed by the takeover talks.