Things are not going too well on the pitch for Hull City, but they are also not going well off it. Auditors Deloitte have once again questioned the club’s ability to continue as a going concern. If they are relegated they face a £21m financial shortfall.
Things are not going too well on the pitch for Hull City, but they are also not going well off it. Auditors Deloitte have once again questioned the club’s ability to continue as a going concern. If they are relegated they face a £21m financial shortfall.
The club increased turnover by more than 400 per cent to £51m in 2008-9 and made pre-tax profits of £2m, but even if fhey avoid relegation they must find an extra £16m to balance the books. Since the end of the financial year, Hull have spent £8.5m on players while owner Russell Bartlet helped out with a £4m personal loan.
Overall, Hull’s debt position has improved since the summer, with £11m of loans repiad reducing bank debt to £4.6m. The remaining debt has to be repaid or refinanced by July.