BusinessBusiness RecoveryHull targets restructuring to avoid administration

Hull targets restructuring to avoid administration

Hull City owner Russell Bartlett looks to rengotiate its debts

Premiership side Hull City FC is looking to renegotiate its £35m of debts
over fears that the club could face insolvency.

The club, which is audited by Deloitte, is apparently negotiating loans with
creditors and hopes to make an announcement this week about its financial
restructuring,
The
Guardian
reported.

Hull, which is likely to be relegated to the Championship, is owned by
Russell Bartlett who told the paper: “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.”

Following the last audit, Deloitte warned the club it could face a struggle
to continue as a going concern.

Chairman Adam Pearson has been tasked with trimming the clubs wage bill down
from £40m per annum to just £15m.

Further reading:

Pompey
receives £2m to cover running costs

Pompey
administrator to go for CVA

Clear
as Crystal

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