Hull City chairman Paul Duffen says Premiership clubs must be wary of the global credit crunch.

Manchester United have the highest outstanding loans of £605m, with Arsenal next at £268m.

"We have had to be careful," said Duffen. "We're not as rich as Croesus as some of our competitors are, but in some ways we're maybe one of the wealthiest clubs as we don't have any debt.

"A lot of the clubs have themselves highly geared and in these highly uncertain banking times I think there could be a few casualties in the Premier League later in the season sadly."