Hull City have confirmed they've paid back the EFL monitored loan
it was taken out to support the club due to the pandemic
Hull have had their transfer embargo lifted after repaying an EFL loan, the Championship club have announced.
The Tigers, who last week were taken over by Turkish businessman and TV personality Acun Ilicali, took the loan out under previous owners the Allam family to manage the costs of the Covid-19 pandemic, with lockdown restrictions severely damaging clubs' revenues across the country.
One of the terms of the loan was that Hull were placed under a transfer embargo by the EFL.
However, with the money now repaid, the club will be able to sign players during the last week of the transfer window as they look to retain their place in the Championship this season.
A club statement said:
"Hull City can confirm we have repaid the EFL monitored loan and are no longer working under transfer restrictions.
"The loan was taken out following the conclusion of the 2020/21 League One campaign to support the club after more than a season playing behind closed doors due to the Covid-19 pandemic.
"As part of the loan conditions, we were restricted in terms of salaries, transfer fees and permitted players.
"Now the loan has been repaid, the transfer embargo has been lifted."
Hull sacked head coach Grant McCann on Tuesday, bringing to an end his two-and-a-half years in the role.
McCann's future had been in doubt since Ilicali completed his Ă‚ÂŁ20million takeover of the club last Wednesday.
Ilicali has said a new head coach will be "announced very shortly" and the PA news agency has been told a press conference to reveal McCann's successor is set to take place this week.
Former Rangers striker Shota Arveladze has been reportedly lined up for the job.