Hull City put up for sale by owner Assem Allam

Owner Assem Allam has announced that Hull City is up for sale as a result of the Football Association's refusal to allow him to change the club's name.

The Egyptian businessman says the Premier League club was put on the market five months ago, after his attempt to re-name the team Hull Tigers was blocked by the FA Council.

And Allam, who bought Hull in 2010 when they were in a perilous financial position, says if no buyer is found for the club, he will "give it away"

Allam's funding since buying the club has helped to build a squad which reached the Premier League last year and the FA Cup final in the spring.

If it comes to selling, I will sell with tears in my eyes, because I haven't finished.

However, he was also behind the controversial renaming plan, which was thrown out by the Football Association Council in April.

Allam says the club was put up for sale 22 hours after that decision was reached, although the FA verdict may yet be reversed by the Court of Arbitration for Sport.

Speaking to the media at the KC Stadium on Thursday, Allam said: "Lately there have been a lot of rumours and that is not a good thing, so I decided it was better to have a face-to-face conference and clear the air.

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"We stated earlier this year that the club would be for sale should our attempt to globally promote Hull Tigers as a brand name and as a playing name be blocked.

"As a consequence of the FA decision on 9 April, I announced on 10 April, within 22 hours, that Hull City is for sale.

"I am using the wording Hull City now to show respect to the FA decision. This announcement is in accordance with my decision 10 months ago that I would walk away within 24 hours (if the name change application was unsuccessful).

"In actual fact, it was 22 hours. When I say something, I mean it.

"We have begun the appeal against the FA's decision via the Court of Arbitration for Sport and we are hopeful of a positive outcome or that the FA reconsiders their decision.

"Until conclusion of either sale or appeal, whichever comes first, we will remain committed to the club, evidenced by the latest remarkable additions to our already very good team.

"If the appeal comes first, okay, no harm done. If the sale comes first - sold.

"If it comes to selling, I will sell with tears in my eyes, because I haven't finished."

Allam has not revealed what price he is hoping to obtain for the club but when asked what he would do if no buyer came forward, he said: "I would give it away. Out means I'm out. Have I ever said something and gone back on it?"