Hull are to reshuffle their boardroom in an attempt to address their financial problems and avoid administration.
Adam Pearson is to move to a new role as head of football operations with owner Russell Bartlett taking over his role as chairman.
Hull, whose crisis has been accentuated by relegation from the Barclays Premier League, are also to appoint an insolvency expert to the board as they wrestle with debts of £35m (€40m).
Pearson told BBC Radio Humberside: “He will be working alongside Russell Bartlett, who will be looking at the financial side of the business, and myself, who will be aiming in on the football side, trying to get the players out, trying to get the contracts structured in the right way so they don’t strangle the club.
“Quite frankly, there has been no work done on that for two years so we are going to have to get stuck into that quickly.”
Hull, who will hope to offload some of their highest-earning players this summer, have also asked their squad to consider a pay cut.
Pearson added: “We have talked to the players and they are going away to think about it.
“The players were given those contracts, they didn’t ask for them.
“The club wanted to give them those contracts and they have got every right to honour them.
“But we have got a pretty decent bunch of lads here who care about the club and it wouldn’t surprise me if they did offer to help out.”
Hull's debts have spiralled since their promotion to the top flight two years ago.
Their problems became evident with the publication of accounts last October and Pearson was brought back to the club for a second spell soon after to tackle the matter.
There were reports the club could go into administration if relegated, and therefore face the possibility of a 10-point penalty next season, but Pearson is anxious to avoid that.
He added: “It is a real short-term goal to try to get the debt down and get some shape on it.
“Hopefully we will do that without going into a formal process.
“There is always that threat there.
“Our aim is to avoid that 10-point penalty and that formal process of administration if at all possible.
“I came in in the first week of November and the debt was £35m. It is exactly the same now and we don’t want it to go up any more.
“We need to start restructuring that debt, pushing it out to give us enough room to breathe for next season.”
Tackling the debts will take short-term precedence over the appointment of a new manager.
Hull relieved Phil Brown of his duties in March in a last-ditch attempt to avoid relegation and brought in Iain Dowie on a short-term arrangement as football management consultant.
Dowie is keen to stay but it has been suggested recalling Brown would be a cheaper option.
But Pearson said: “There is no point appointing a manager and then going into administration, so we have got to look at making sure we are safe from that and then we will appoint.
“We have got a massive two weeks. We are going to work really hard to restructure this debt, a debt that should never have been allowed to build up at this football club.
“To overspend by £36-38million in two years takes some doing.”