The Egyptian wants to change the official name of the club to the Hull Tigers – a move that is staunchly opposed by the fans – and the Scottish shot-stopper has said that he can see both sides of the argument.
Speaking to Sky Sports News, McGregor said: "I can understand both points to be honest.
"The fans want the history and the heritage and everything that goes with that, and the owners want to make it a bigger global brand and I can see that, you know.
"Hopefully the owner stays and the fans get behind the team which is obviously the most important thing."
Allam has claimed that he would leave the club if the Football Association rejected his name-change plans.