The Egyptian businessman confirmed in a press conference yesterday that the Premier League outfit is up for sale.
The 75-year-old revealed that the club are attempting to overturn the FA's decision to block plans to rebrand the club Hull Tigers.
The English governing body rejected Hull's proposal in April, leading Allam to put the club up for sale.
When asked by reporters what he will do with the club if he cannot find a buyer or his appeal is not successful, Allam said: "Give it away. Out means I'm out. Have I ever said something and gone back on it? I am a man of principles. Money doesn't come into it."
Allam took over the club back in October 2010.