Allam, who is Egyptian but owns the Allam Marine oil businesss in East Yorkshire, and his son have taken control of the Tigers subject to due diligence.
"My role is to take responsibility for the debts and pay them off, thus removing the burden so the club only has one thing to worry about - performance," he said.
"Your expenditure should be within your income - no more borrowing after that. You want more money? Get more advertising, get promoted to the Premier League - but no borrowing."
The Aston Villa defender Curtis Davies has extended his loan at Leicester City until January. He has made four appearances for the Foxes.
"I am really enjoying my football, it is great to be playing regularly again," he said.
"I am very grateful to Aston Villa for allowing me to extend my deal, and I look forward to playing a key role in our attempts to move up the npower Championship table."
The Preston North End manager Darren Ferguson has targeted three signings before Friday's game against Hull.
He was angered by the performance against Barnsley on Tuesday night, where his side threw away a lead to lose 2-1.
"Friday's game against Hull is now a massive one for us. I'm hoping to get three bodies in and I will be on the phone all day on Wednesday - the positions will become clear when they are done deals," he said.
Nigel Clough, the Derby County boss, has tipped forward Kris Commons to score 20 goals this season after his two goals secured Tuesday's 2-0 win over Ipswich Town at Portman Road.
"Kris is fitter than he's been for 18 months. He's working hard in training and in games and you can see that little bit of quality at times, like with his second goal," he said.
"He could get 20 goals a season, if he stays fit, which for someone who's not a striker would be a great return. He's enjoying it, which you do when you've been out for such a long time. Now he needs to keep working and building up his fitness."
Billy Davies, the Nottingham Forest manager, did little to dispel rumours of a rift with his club's board of directors after Tuesday's 2-1 win over Coventry City.
He said at the weekend his team were not good enough to win promotion, and newspaper reports earlier this week suggested he would be shown the door as he was spending too much time in his native Scotland.
"I keep a diary of every conversation I have at the club and I also keep a complete list of how many hours I work here," he said.
"If anybody at this club wants a conversation with me I will fly my lawyer in. I am very comfortable with that. There is no chance I will walk away and I will continue to work the best that I can."
The midfielder Mark Gower has signed a contract extension to keep him at Swansea City until the end of next season.