Hull set to clear old Premiership debts

Championship Hull City will finally clear a backlog of old transfer debts from their two seasons in the Premier League next month reports the Hull Daily Mail .

Championship Hull City will finally clear a backlog of old transfer debts from their two seasons in the Premier League next month reports the Hull Daily Mail .

Just £200,000 is now outstanding to clubs and agents relating to a string of signings during the days of Russell Bartlett's ownership.

New owners Assem and Ehab Allam, who ploughed £40m into the club last December to save it from administration, have been fighting a battle to balance the books ever since.

Chief executive Mark Maguire admits it has been a long and costly process.

"There will have been £10m in cash spent by the Allams between January and next month on settling old debts for players and agents alone," he told the Mail.

"Now, we are in a position where we have just £200,000 to pay off on players from the past, so we have almost done it.

"It should also be remembered that alongside this, there has been a further commitment of £6m from the Allams on new players and agent fees, a total of £16m."

The Mail understands the payments over the past nine months have related to a string of players from the Premier League era, many of whom are no longer at the club.

The payments have included regular instalments to Reading for Stephen Hunt, who the club sold to Wolves 15 months ago, and to the agent of Jimmy Bullard, who was recently sacked.

At an outlay of £5m, Bullard remains the club's most expensive signing in the Tigers' history.

 
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