Hull City owner Russell Bartlett keen on reducing club’s wage bill
Hull City owner Russell Bartlett insists that the club’s top priority is to reduce the mountain of debt that is currently holding down the Humberside outfit.
The Tigers are believed to be about £35 million in the red, with reports emanating earlier claiming that administration could be on the cards if the wage bill is not significantly reduced. And the club is consequently expected to undergo heavy changes and restructuring on and off the pitch.
“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, ” Bartlett told the Hull Daily Mail.
“We are presently preparing plans to trade through and within that process is to significantly lower the wage bill and potentially to restructure other liabilities.”
The debt that Hull have accumulated was significant enough for a report from auditors to announce that the functioning of the club is a concern.
“A significant number of the player contracts contain step-down clauses in the event of relegation, coupled with five players coming out of contract or loan players returning to their clubs, which will help reduce the wage bill for playing staff to about £21million,” he added.
“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.”
The recent 1-0 loss to Sunderland will see Hull being relegated from the Premier League, as two victories in their last two games will still see West Ham United survive due to a superior goal difference.