Asian consortium looking to buy Premier League team Hull

An Asian consortium is looking to buy English Premier League club Hull for 130 million pounds ($160 million).

A document on the Hong Kong stock exchange said GreaterChina Professional Services has entered into a "heads of terms agreement" with Hull's Egyptian-born owner, Assem Allam, relating to the sale of the northern club.

The document, dated Oct. 13, said completion of the deal is subject to approval of the Premier League and the English Football Association, and that the agreement is not legally binding.

Allam, who has owned Hull since 2010, put the club up for sale in 2014 after the FA rejected his bid to change the club's name to Hull Tigers. A deal with a Chinese consortium broke down last month.

GreaterChina Professional Services is an investment holding company providing services to public and private companies and individual investors, mainly in Hong Kong and China.

The company said buying Hull "would open up numerous opportunities for the group to expand and diversify its business and revenue stream," especially in Chinese media advertising.

Hull was promoted to the Premier League last season after one year in the second-tier League Championship. The team is 16th in the 20-team standings.