.....and Hull

[davieG]

I guess it depends on who you believe - the club are obviously bound to talk up their position so

From the Beeb

Hull could go out of business if they are relegated, auditor Deloitte has warned in the club's financial results.

Hull recently filed accounts for the year ending July 2008 five months late.

Deloitte says Hull need £23m "to meet current liabilities" and, if they go down, losing the £7m they get from the Premier League would be a major blow.

But the accounts cover the year before Hull's first Premier League campaign and the directors say the financial situation is much improved since then.

Hull, who are third from bottom of the Premier League, lost nearly £10m during the 12 months to July 2008, says Deloitte. During that time, the Tigers were promoted to the top tier via the play-offs.

Deloitte warns that even if they stay up this season, Hull, who avoided relegation on the final day of last season, would need to raise £16m on top of the £7m they get from the Premier League.

That money could be raised by selling players, boosting match-day revenue or through borrowing, Deloitte suggests.

Deloitte added: "The directors acknowledge that player purchases and sales are uncertain in terms of timing and quantum and some uncertainty exists over the availability and quantum of additional facilities should such be required.

"These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."

However, the club's directors say they are confident they can meet the liabilities because revenue has increased by at least £40m since they were promoted to the top flight.

In a statement, they said they have "reasonable expectation the company has adequate resources to continue in operational existence for the foreseeable future".

They added that the relationship with their bankers was "strong" and that they would review the club's borrowing needs once they know whether or not relegation has been avoided.

Football finance expert Tom Cannon, a professor at Liverpool University, said: "The reality is that Premiership football clubs are living beyond their means.

"The only solution at the moment for most clubs is some kind of fairy godfather from the Middle East or Asia.

[Guest Bilo]

Have over-reached themselves and would have to work miracles to stay up really. They probably have deeper problems than Portsmouth, largely because they are punching WELL above their weight. Having said that, if they sell a few players; use the parachute payments to prop up the club's finances and accept that the Championship is the highest level they're ever likely to settle into, they may just get themselves out of the brown stuff.

[davieG]

Have over-reached themselves and would have to work miracles to stay up really. They probably have deeper problems than Portsmouth, largely because they are punching WELL above their weight. Having said that, if they sell a few players; use the parachute payments to prop up the club's finances and accept that the Championship is the highest level they're ever likely to settle into, they may just get themselves out of the Phil brown stuff.

[CosbehFox]

Have over-reached themselves and would have to work miracles to stay up really. They probably have deeper problems than Portsmouth, largely because they are punching WELL above their weight. Having said that, if they sell a few players; use the parachute payments to prop up the club's finances and accept that the Championship is the highest level they're ever likely to settle into, they may just get themselves out of the brown stuff.

The Guardian have been doing some massive investigation work on Hull (as they have Newcastle/Notts Co/Leeds) after the managing company for the KC Stadium didn't turn in their accounts. They are pretty much screwed, in addition to the club looking in the gutter, the chairman has a number of companies which are looking rather shaky plus as I said the managing company for the KC is broke which in turn is the chairman's company!

http://www.guardian.co.uk/sport/david-conn...ussell-bartlett

David Conn leads most the financial sporting investigations Guardian did. Thankfully, he's the chap constantly showing Bates up for the crook he is.

[Bryn]

Oh what the fook happened, I can't believe this. This could be really disastrous for the city. The directors must have known it was always gonna be difficult to create a PL club in Hull, why on Earth did they shoot so high?

I used to work for Superstadium Management Company, always was shambolically run.

[Bryn]

I'm just reading the Pompey news now too, this is a fooking joke, the FA have a responsibility to keep on eye on the people buying into football clubs, it's just getting daft.

[davieG]

I'm just reading the Pompey news now too, this is a fooking joke, the FA have a responsibility to keep on eye on the people buying into football clubs, it's just getting daft.

I think it's up to the Premier League to do that

[Bryn]

Either way.

[davieG]

Either way.

Agree but as neither care one jot if one of these 'unglamorous clubs go under they'll just pay lip service to whole situation. The problem is that Europe's big clubs hold the sway in terms of power and influence and nothing will be introduce that might in any way affect them.

[Wycombe Fox]

http://news.bbc.co.uk/sport1/hi/football/t...ity/8330852.stm

Hull City chairman Paul Duffen has resigned from his position at the struggling Premier League club.

There had been growing speculation about Duffen's future and that of manager Phil Brown.

The Tigers were forced to deny on Wednesday that Brown had been sacked following a run of poor results.

Former Hull chairman Adam Pearson has been linked with a return to the KC Stadium after he stood down as Derby chairman on Wednesday evening.

[breadandcheese]

I hope the bubble's not bursting. We're built on the same stuff with loans being put into the club rather than equity.

[MC Prussian]

Phil Brown reminds me of German journalist Gunther Wallraff dressing up as African immigrant Kwami Ogonno:

[davieG]

http://www.dailymail.co.uk/sport/football/...past-years.html

It's Hell City: Hull launching £31m probe into ALL their transfers in past two years

Hull City's transfers over the last two years are to become the subject of an internal investigation at the KC Stadium.

Adam Pearson returns as chairman of the troubled club on Monday and his first objective will be to analyse all the deals that were authorised by Paul Duffen, whose term as chairman and chief executive ended on Wednesday amid serious concerns

over Hull’s financial crisis.

Pearson stepped down as chairman at Derby County on Wednesday night to go back to a club he rescued from administration in 2001 before then selling it for £12million in June 2007 to a consortium led by Duffen and financed by property tycoon Russell Bartlett.

When Pearson left Hull, who by then were in the Championship, there was around £1m in the bank and a relatively modest wage bill of £3.5m.

Little more than two years later and Hull are saddled with debts of £27m and an astonishing wage bill of £40m — ranking them among the highest payers in the Barclays Premier League and leaving them facing financial meltdown if the season ends in relegation.

Duffen has admitted that his failings in the transfer market led to his departure earlier this week. ‘I come from an industrial background where, if things aren’t going very well, the buck stops with the guy at top,’ he told talkSPORT

‘But results in the 2009 calendar year haven’t been good at all and, at the end of the day, that’s been on my watch. Whatever the financial constraints the club has had to deal with, we have been active in the transfer market. We have been running the football club in a certain way, which is the way I believed it would be successful.

‘Phil Brown is the manager of the team on the pitch but, at the end of the day, it’s on my watch. I am the chief executive, I’m ultimately responsible for the success on the pitch and I don’t see why football club executives shouldn’t be accountable.

‘While Phil is ultimately the man on the pitch, I believe it is my responsibility to oversee the transfer market.’

In a report compiled by their accountants at Deloitte, Hull have been warned that their uncertain financial position threatens the club’s ‘ability to continue as a going concern’ and have been told they will need to generate a £23m surplus just to meet their existing liabilities should Brown’s team go down.

Overspending certainly appears to be at the root of Hull’s problems, not least in the form of signings like Jimmy Bullard from Fulham.

He arrived for a club record fee of £5m on a five-year deal worth £10m in January and has yet to make his home debut after suffering a serious knee injury in his first game.

Other costly signings have included Anthony Gardner, George Boateng and Stephen Hunt, who have all enjoyed contracts worth in excess of £30,000 a week.

The situation has left Brown clinging to his job. Ironically, he was appointed as caretaker manager by Pearson after Phil Parkinson left Hull in December 2006.

Pearson then gave the job to Brown on a permanent basis as he turned the relegation battlers’ fortunes around.

But Brown went on to form a close relationship with Duffen and the departure of his most powerful ally — in addition to a run of results that has seen Hull win just four Barclays Premier League games in the last 12 months — has left him in an extremely precarious position.

He will be given the chance to start turning things around at Burnley today, but it may not be long before Turf Moor manager Owen Coyle is on a shortlist being drawn up by Pearson.

The odds of Pearson turning to Paul Jewell again would, however, appear to be remote after their time together at Derby. Alan Curbishley and Graeme Souness have also been linked with the job.

[sdb]

Apparently the 'saving a woman from jumping the bridge' story isn't true either.

Apparently it was the women who saved the Hull squad from jumping off the bridge...

An old Plymouth director i 'know' says Phil Brown is loathed by everyone in football