Assem Allam, British businessman of Egyptian origin, said on Saturday that Leader of the Labour Party Jeremy Corbyn is an election-losing socialist. 

Speaking to MENA correspondent, Allam expected that Corbyn has no chances in the next general elections, adding winning the previous elections was a 'grave mistake'.

Allam, owner of Football League Championship football team Hull City, said the party should work independently away from the trade unions. 

The Egyptian-British billionaire is one of the main contributors to the Labour Party's budget. 

He ceased financial aid given to the party after the Corbyn's victory in 2015 elections which was triggered by resignation of Ed Miliband.

Source: MENA