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.
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