Hull desperate to cut wage bill
Hull's board will continue to meet throughout the week in an attempt to address the club's perilous financial problems.
The Tigers are £35million in debt and facing an uncertain future with relegation from the Barclays Premier League now all but confirmed.
Chairman Adam Pearson met with fellow directors yesterday to discuss City's options, which might include going into administration.
Seeking to enter into a Company Voluntary Arrangement is another possibility but both of those solutions could incur a 10-point penalty in the Coca-Cola Championship next season.
Pearson suggested at the weekend that a CVA might be a sensible route, although owner Russell Bartlett has offered hope that a way to "trade through" the problems can be found.
To do that City would drastically need to reduce their reported £39million wage bill.
Major restructure and a fire sale of high-earning players now seem inevitable in the summer.
Bartlett said: "We must now get down to concentrating on reducing the wage bill to about £15million in the Championship to establish financial viability and stability.
"Subject to this, I anticipate we will be very competitive next season."
Pearson had little success in his attempts to offload a number of fringe players in the January transfer window.
Now a number of senior names are likely to be put up for sale such as Stephen Hunt, Jimmy Bullard, Geovanni, Anthony Gardner, Kamil Zayatte and Jan Vennegoor of Hesselink.
Hull actually rebuffed interest in Hunt in January in the hope he could help keep them up only for injury to rule him out from late February.
Hunt is contracted for another three years, as is £5million record signing Bullard, who reportedly earns a crippling £45,000 per week.
Hull's relegation from the top flight after a two-year stay was effectively settled by a 1-0 loss to Sunderland on Saturday.
The result left them six points adrift of safety and with a hugely inferior goal difference to West Ham with just two games remaining.
Latest in Sport
Paul Scholes: Manchester United vs Liverpool - I don't understand why Brendan Rodgers was not more attacking against Basel
Jesus Christ plays for Chelsea - that's what one in five children thinks
Transfer Talk: Nemanja Vidic to return to Manchester United; Hazard to leave Chelsea; Sunderland want Radamel Falcao
Frank Warren column: Don't bet on Amir Khan landing pay day against Floyd Mayweather
Manchester United transfer news: Kevin Strootman move edges closer
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food