Duffen heads £10m Tigers takeover

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Adam Pearson has sold his entire stake in the Coca-Cola Championship outfit to a group headed by Paul Duffen, a former chief executive of Catalyst Media and shareholder in bookmakers SIS.

Duffen, who revealed he had failed in previous attempts to buy West Ham and Cardiff, told a news conference at the KC Stadium: "As soon as I found out Hull was available and came up and met Adam, I realised the potential. This was the best-kept secret in the Championship as far as I was concerned."

He added: "When I saw the stadium, I started coming to the games in January and I experienced the fans' passion for the football club.

"That support, and the great infrastructure which is already in place thanks to Adam, means this club has got the most potential in the Championship.

"Getting to the Premiership within the next three years is the objective."

Pearson is replaced as chairman by Duffen, who is joined by two members of the consortium on the club's board, Martin Walker and Russell Bartlett.

Former Leeds director Pearson had been in charge at Hull for six successful years, during which the Tigers moved to the KC Stadium and won two promotions.

Pearson will stay on in an advisory role to help oversee the transition and bring in players to bolster a squad which narrowly avoided relegation last season.

The deal includes the sale of the Stadium Management Company (SMC) which runs the KC Stadium and was wholly owned by Pearson.