Phil Brown's left hull

[Richard]

Any odds about?!

 

[BingoBango]

Hull are financially in the shit as it is; perhaps he's jumping before it gets any worse.


<a class="postlink" href="http://www.guardian.co.uk/football/2009/oct/28/hull-city-accounts-losses" onclick="window.open(this.href);return false;">http://www.guardian.co.uk/football/2009 ... nts-losses</a>

Hull City have been warned their uncertain financial position threatens the club's "ability to continue as a going concern". The club's accounts, filed five months late to Companies House, say that in the event of relegation the Premier League club will need to generate a £23m surplus just to meet their existing liabilities.

The grim forecast from the club's accountants, Deloitte, emphasises the need for a financial overhaul during the next 12 months to safeguard Hull's future. Although the figures for their first season in the top flight will not be available until next year, the independent auditors' report, with its stark warning, does cover the club's current financial situation.


• How David Conn reported the story last month

In the accounts for the year ending 2008, which were due on 31 May but only filed this month, the club made a £9,764,850 loss during a period that culminated in winning promotion to the Premier League.

Most telling, though, is Deloitte's prediction that Hull will need to raise an additional £16m should they retain their Premier League status this season and a further £7m again if the club, currently ensconced in the bottom three, slip back into the Championship.

The report proposes that Hull might seek to recover those sums through a combination of player trading, commercial activities and/or a cash injection. However, Hull have already sold their best player, Michael Turner, who joined Sunderland for around £6m this summer, and there are few other significant assets within Phil Brown's struggling squad.

It is significant that the auditors, in these latest accounts, do not suggest that the Essex-based property investor Russell Bartlett, who took over from Adam Pearson in 2007, will invest further in the club to make up the shortfall, as often is the case with football benefactors.

"These forecasts demonstrate that in order to operate within the company's finance facilities Hull City AFC will need to generate a surplus £23m during the next 12 months through player trading, match day and commercial income and/or through additional finance raising," the report said.

"In the event that the club retains Premier League status for the 2010-11 season, the additional funding required for the 12-month period will be in the region of £16m. This is reduced as a result of the guaranteed level of Premier League distributions that will be received ...

"As is common with all football clubs, Hull City AFC will make player purchases and sales during the course of the season to manage the company's cash flow as and when required. 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."

Although Hull supporters might point to the pot of gold that accompanies winning promotion to the Premier League as a reason to believe the accounts for the year ending 31 May 2009 will be more encouraging, much of the money is likely to have been swallowed up in salaries and transfer fees. Paul Duffen, the Hull chairman, claimed last month that the club had spent £19m buying players in January and the summer, while receiving at most £10m from the sales of Turner and Sam Ricketts to Bolton Wanderers.

Duffen also said at that point that "there are no problems here, the club is properly financed" when questioned about why the accounts had not previously been filed with Companies House.

He went on to say: "We are in discussions with our auditors about the wording of the notes to the accounts." No one at Hull City was available to make any comment last night.

 

[Blue15]

All you've done is read Andy Burton's twitter page and are now passing the info off as your own. Andy Burton is the sky sports reporter for anyone who doesn't know.

im letting everyone now pal not saying its me that knows am i so piss off

 

[bluetonium]

Already taking bets for next manager :(

<a class="postlink" href="http://www.oddschecker.com/football/football-specials/hull-specials/next-permanent-manager" onclick="window.open(this.href);return false;">http://www.oddschecker.com/football/foo ... nt-manager</a>

 

[1_barry_conlon]

Good luck to him with his Sub Bed business, that's all I can say!

Sub bed...? Do you get a butty then while topping up the tan.....innovative?

 

[Rorz88]

just rang ladbrokes and they said they can not offer me any odds!! somethings goings on

 

[GaudinoMotors]

just rang ladbrokes and they said they can not offer me any odds!! somethings goings on

David Dickinson taking over!

 

[poyntonblue]

All you've done is read Andy Burton's twitter page and are now passing the info off as your own. Andy Burton is the sky sports reporter for anyone who doesn't know.

And a rubbish one at that. Hate it when he's on deadline day getting all giddy.

im letting everyone now pal not saying its me that knows am i so piss off

Harsh reply mate

 

[gagiesotherhalf]

I just hope whoever takes over has no desire to sing stupid songs on the pitch. Thank fook we won't be hearing that again for a while....(oh feck....it'll be all over the telly for days! arrrgh!)

 

[Tricky_Trev]

All you've done is read Andy Burton's twitter page and are now passing the info off as your own. Andy Burton is the sky sports reporter for anyone who doesn't know.

im letting everyone now pal not saying its me that knows am i so piss off

Your sudden defensiveness, complete with abuse, and also your previous comment suggest you were:

seen nothing about this

telling ya mate its gonna happen,