Hull to consider administration

Hull's board will continue to meet throughout the week in an attempt to address the club's perilous financial problems.

Hull City's board will continue to meet throughout the week in an attempt to address the club's perilous financial problems.

The Tigers are £35m (€40.34m) in debt and facing an uncertain future with relegation from the Premier League now all but confirmed.

Chairman Adam Pearson met with fellow directors yesterday to discuss City's options, which might include going into administration.

Seeking to enter into a Company Voluntary Arrangement is another possibility but both of those solutions could incur a 10-point penalty in the Coca-Cola Championship next season.

Pearson suggested at the weekend that a CVA might be a sensible route, although owner Russell Bartlett has offered hope that a way to "trade through" the problems can be found.

To do that City would drastically need to reduce their reported £39m (€45m) wage bill.

Major restructure and a fire sale of high-earning players now seem inevitable in the summer.

Bartlett said: "We must now get down to concentrating on reducing the wage bill to about £15m (€17.3m) in the Championship to establish financial viability and stability.

"Subject to this, I anticipate we will be very competitive next season."

Pearson had little success in his attempts to offload a number of fringe players in the January transfer window.

Now a number of senior names are likely to be put up for sale such as Stephen Hunt, Jimmy Bullard, Geovanni, Anthony Gardner, Kamil Zayatte and Jan Vennegoor of Hesselink.

Hull actually rebuffed interest in Hunt in January in the hope he could help keep them up only for injury to rule him out from late February.

Hunt is contracted for another three years, as is £5m (€5.76m) record signing Bullard, who reportedly earns a crippling £45,000 (€51,860) per week.

Hull's relegation from the top flight after a two-year stay was effectively settled by a 1-0 loss to Sunderland on Saturday.

The result left them six points adrift of safety and with a hugely inferior goal difference to West Ham with just two games remaining.

More in this section

Sport
Newsletter

Latest news from the world of sport, along with the best in opinion from our outstanding team of sports writers

Sign up
IE_logo_newsletters

Select your favourite newsletters and get the best of Irish Examiner delivered to your inbox