The 75-year-old Egyptian said the Premier League club had been up for sale 22 hours after the FA’s decision.
“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,” Allam told a news conference on Thursday.
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He said he and son Ehab, who is the club’s acting chief executive would remain committed to the club in its present circumstances.
He added that an appeal was being lodged against the name change dismissal with the Court of Arbitration for Sport (Cas).
“If the appeal comes first, Okay, no harm done. If the sale comes first- sold,” he said.
Asked what he would do if a buyer could not be found and the legal appeal was rejected.
“I will give it away. Out means I’, out. Have I ever said anything and gone back on it? he asked.
Allam took charge of the club in 2010 and has broken its transfer record on four occasions- the most recent being the reported £10m paid for Uruguay striker Abel Hernandez.
He also talked about his investment during the transfer window.