The Hull City owner Assem Allam will address growing speculation that he is set to put the club up for sale at a press conference on Thursday. No details are being provided in advance, and it is unclear if Allam, 75, will say he intends to sell the club, which he bought in 2010, or merely to step down from day-to-day involvement in its affairs.

The local newspaper, the Hull Daily Mail, reported that Allam is planning a significant move relating to City’s ownership and running which could be to allow his son, Ehab, the club’s vice-chairman, to take over.

However, Allam said in January he would “walk away within 24 hours” if the Football Association did not permit his plan to change the club’s name to Hull Tigers, which he argued is more “powerful” and would dramatically help global marketing. Allam then clarified to the Guardian that he did not mean he would abandon the club, but that he would put it up for sale.

The most recent financial accounts showed that by 31 July last year Allam had loaned £72m to fund the club’s rise from near administration to Premier League promotion in 2013 and FA Cup finalists last season. This summer City spent around £25m on new players for manager Steve Bruce, recouping £15m by selling Shane Long and George Boyd.

Allam prides himself on sticking to a course of action once he has decided on it. In March, the FA did refuse to sanction the Tigers name change, deciding that Allam had not adequately made the case. Allam then said he would stand by his pledge to try to sell the club: “People who know me know that I do not go back on what I say,” he emphasised.