The Egyptian-born 74-year-old, who took charge of the club in December 2010, first announced his ambitions to rebrand the club in August, with references to AFC on club branding already being removed.
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"Having been deprived of opportunities to acquire the stadium freehold, which would have enabled us to create the infrastructure in the surrounding area, we will now need to focus on generating commercial income from elsewhere,” Allam said in a statement on the club website.
"A shorter club name will hopefully enable us to do so, with a stronger, quicker marketing impact all over the world.
“I believe the representatives at the meeting accepted that there is a wider issue at hand, in that we need to ensure the club can sustain itself through commercial income.”
Hull are currently 12th in the Premier League after a good start to the season, though they suffered a 4-1 defeat against high-flying Southampton in their most recent league outing.