VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Hull set to avoid administration

Tue 27th Apr 2010 | Football Club Administration

Administration-threatened Premier League club Hull City can ‘trade through’ its current financial difficulties, according to owner Russell Bartlett.

The cash-strapped club, £35m in debt, face an uncertain financial future due to their impending relegation from the Premier League. A player fire sale and a major restructure are likely over the summer. However Bartlett insists administration, or entering into a Creditors Voluntary Arrangement, is not inevitable.

Both courses of action would see the club start next season with a 10-point penalty, but Bartlett believes another route can be found. He stated: ‘We face a tough period to trade through the transitional period and readjust the business to life in the Championship, but I am confident we can do that. ‘We are presently preparing plans to trade through and within that process is to significantly lower the wage bill and potentially to restructure other liabilities.’

Hull was issued a stark warning by their auditors earlier this season that with their current liabilities, relegation could seriously threaten the club's ability to continue as a going concern. Demotion from the top flight after a two-year stay was effectively confirmed on Saturday as Hull were beaten 1-0 by Sunderland at the KC Stadium.

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Bolton Wanderers Sell Training Ground To Wigan

Fri 19th Feb 2016 | Football Club Administration

Bolton Wanderers have today confirmed the sale of its Euxton training ground to ‘another North West football club’. The Championship club have debts totalling £172.9m and are...

Northampton Town Application For Administration Withdrawn

Fri 11th Dec 2015 | Football Club Administration

Northampton Town Football Club has confirmed that the application for administration has been officially withdrawn. Legal agreements had been reached this week between the club and Northampton Borough...

HMRC Hands Bolton Wanderers Winding Up Petition

Thu 10th Dec 2015 | Football Club Administration

Bolton Wanderers have been handed a winding up petition by HMRC it’s been confirmed. The club, who are currently bottom of the SkyBet Championship, have debts of over £170m and have failed...

HMRC Withdraw Cobblers Winding Up Petition

Mon 30th Nov 2015 | Football Club Administration

The winding up petition against Northampton Town FC has been withdraw it’s been confirmed. The SkyBet League 2 side has confirmed that the HMRC winding up petition has been officially withdrawn...