Hull owner Assem Allam says he put the club up for sale 22 hours after the decision to reject a change of name for the team was announced in April.
The Egyptian addressed the media at the KC Stadium on Thursday and said he would either sell the club or stay in place if the appeal against the decision to block the change of name to Hull Tigers was reversed at the Court of Arbitration for Sport.
He said he remained committed to the club until either the name was changed or a sale was completed, whichever came first. He did not reveal what price he was looking for to sell.
He revealed that he planned to move the Tigers to the top five of the Premiership and make European football a regular thing.
Allam said he bought the club "for the community" to do his best and although there is potential interest he wants to make sure it is sold to the right person.
Before the name change was rejected Allam threatened to sell the club and now says he will "give it away" if an appeal over the name change is rejected.
Hull City owner Assem Allam says the club has been for sale for five months.
It is thought his motivation for selling the club is the FA's refusal to allow his plans to rename the club Hull Tigers.
Allam: I don't call bluffs. I don't say what I don't mean.
Allam says he would prefer to stay on as owner. "There is still a lot to be achieved. "
Allam: I thank fans, Steve Bruce & players for tremendous support.
Hull City: Allam says there is interest from potential buyers but "if I sell I would like to make sure it goes to a good home. "
Reporters have gathered at the KC Stadium in anticipation of a statement from owner Assem Allam.
Speculation has been mounting over his future at the club since the FA rejected plans to change the club name to Hull Tigers.
Hull City chairman Assem Allam will make an announcement on Thursday on the future of the club.
Speculation has been mounting over the Allams possibly selling Hull City after the FA rejected plans to change the club's name.
The future of Hull owner Assem Allam is in doubt, with rumours that a significant change is due at the head of the club.
Allam, 75, has been giving mixed signals about his own commitment ever since his plan to drop the traditional Hull City AFC moniker and rebrand the team as Hull Tigers was thrown out by the Football Association Council in April.
He initially vowed to walk away "within 24 hours" if the name change was rejected, but went on to back manager Steve Bruce with a huge transfer kitty this summer - breaking the previous transfer record three times in signing Jake Livermore, Robert Snodgrass and Abel Hernandez.
However, reports have emerged that a statement is being prepared regarding the Egyptian businessman's position and could be released this week.
One possibility would be the outright sale of the club, something Allam frequently threatened to do during the Tigers' stand-off with fan groups such as City Till We Die.
It would seem odd timing having bankrolled Bruce's overhaul of the playing staff in recent months, not to mention presided over the most successful season in the club's history last term, but Allam can be an unpredictable operator.
Perhaps a likelier scenario would be the end of his own day-to-day involvement as chairman, with all hands-on matters passing down to his son Ehab, who has been acting chief executive since December.
He too invited the anger of some supporters when he presented a redesigned club badge earlier this year which expunged the words 'Hull City AFC'.
ITV Calendar sports reporter Chris Dawkes revealed that the club are planning to release a statement regarding the club's future this week.
ITV Calendar sports reporter Chris Dawkes been told the Allam family will release a statement in the next 48 hours to clarify the future of Hull City.
Last week rumours circulated that the Allams, who bought the Tigers in 2010, were looking to sell the club.
In April, the FA ruled against the family's controversial plans to change the club's name to Hull Tigers.
It was a long and busy night for Hull City manager Steve Bruce as he splashed the cash on transfer deadline day.
Bruce was one of the busiest managers in the Premier league, shelling out over £35 million as he looks to bolster his squad after the Tigers early exit from Europe.
As Fiona Dwyer reports, the new signings have gone down well with the fans:
Hull City have rounded off an impressive transfer deadline day with the late signing of winger, Hatem Ben Arfa, from Newcastle United.
The mercurial forward had fallen out of favour at St. James' park and has joined the Tigers on loan, along with other last day deals Abel Hernandez, Gaston Ramirez and Mohamed Diame.
Hull manager Steve Bruce expects forward George Boyd to sign for Burnley after allowing him to hold talks with the Clarets.
Scotland international Boyd joined the Tigers midway through their promotion campaign in 2012/13 and featured intermittently in the Barclays Premier League last season, as well as coming off the bench in the FA Cup final defeat to Arsenal.
But he is now well down the pecking order and has been offered the chance of a key role at Turf Moor. Boyd is expected to cost around £3million.
"It looks like Boydy will go to Burnley. We allowed George to speak to Burnley and personally I wish him well," said Bruce after his side lost 2-1 at Aston Villa.
"He got an offer of a three or four year contract at Burnley and the chance to play.
"But I've been in the game a long time and if all professional footballers were like George Boyd my job would be easy."
Bruce also confirmed the signing of Cork City defender Brian Lenihan, although the 20-year-old is likely to go straight into the club's development squad rather than challenging for a first-team place.
"Lenihan is done and dusted. He's one for the future," added Bruce.
New Hull signing Michael Dawson is hoping he can take his game to the next level under new manager Steve Bruce.