Hull City will look to offload some of their highest earning players in a bid to balance the books.
Pearson reshuffles boardroom to solve debts
Hull City will look to offload some of their highest earning players in a bid to balance the books.
The Tigers' relegation from the Premier League could spell grave consequences for the Humberside club, who are in danger of falling into administration after revealing debts to the tune of £35million.
Stephen Hunt, one of the club's most valuable assets, had already announced that he expects to leave in the summer, whilst players such as Jimmy Bullard, Geovanni and Jan Vennegoor of Hesselink may also head out of the exit door due to commanding such high salaries.
Chairman Adam Pearson, who will look to majorly reconstruct the club's finances this summer, confirmed that players will have to leave, but he will also try to persuade some to consider a pay cut as they prepare for life in the Championship.
"We have talked to players and they are going away to think about it," Pearson told
Radio Humberside.
"The players were given those contracts, they didn't ask for them.
"The club wanted to give them those contracts and they have got every right to honour them.
"But we have got a pretty decent bunch of lads here who care about the club and it wouldn't surprise me if they did offer to help out."
Financial priorities
Pearson, who returned to take over the club from former chairman Paul Duffen in October, revealed that Hull were in serious trouble financially from the moment he arrived and that he would be bringing in an insolvency expert and moving owner Russell Bartlett into his position.
"He (the insolvency expert) will be working alongside Russell Bartlett, who will be looking at the financial side of the business, and myself, who will be aiming in on the football side, trying to get the players out, trying to get the contracts structured in the right way so they don't strangle the club," added Pearson, who will now become the new head of football operations.
"It is a real short-term goal to try to get the debt down and get some shape on it.
"Our aim is to avoid that ten-point penalty and that formal process of administration if at all possible."
Pearson insisted that despite the pressing matter of appointing a new manager still an issue within the club, with current temporary boss Ian Dowie yet to learn his fate and rumours of former boss Phil Brown returning as a cheaper option, the financial side had to take priority.
"The is no point appointing a manager and then going into administration, so we have got to look at making sure we are safe from that and then we will appoint.
"We have got a massive two weeks. We are going to work really hard to restructure this debt, a debt that never should have been allowed to build up at this football club."
