Allam told a news conference he had put Hull on the market in April, following the Football Association's decision to reject his bid to change the club's name to Hull Tigers.
"Lately there have been a lot of rumours and that is not a good thing, so I decided it was better to have a face-to-face conference and clear the air," Allam was quoted as saying by the BBC.
"We stated earlier this year that the club would be for sale should our attempt to globally promote Hull Tigers as a brand name and as a playing name be blocked.
"As a consequence of the FA decision on 9 April, I announced on 10 April, within 22 hours, that Hull City is for sale."
Allam also said he had launched an appeal against the FA's refusal to sanction his preferred name-change.
"We have begun the appeal against the FA's decision via the Court of Arbitration for Sport," he said.
Image: The new club badge
Photograph: Photo by Nigel Roddis/Getty Images