Promotion to Premiership costs Hull £28m

Hull City will this week announce the club made a loss in its promotion year to the Premier League of just under £28m, the owner Assem Allam has told the Guardian.
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Hull City will this week announce the club made a loss in its promotion year to the Premier League of just under £28m, the owner Assem Allam has told the Guardian.

The figure, £27.8m, principally financed manager Steve Bruce's signings and an increased wage bill in the 12 months to 31 July this year.

The huge loss in 2012-13 follows major losses in the two previous years of Allam's ownership since he took the club over in December 2010. City lost £20m in that first year, then £9m in 2011-12, a total, with the loss due to be announced this week, of £57m over three years.

Allam said the accounts will show that he has put in £66m since taking over; having paid £27m initially to stave off a winding-up petition and pay a bank debt.

Allam said the City wage bill is now up to around £36m a year, and he intends to buy a striker in January to supplement manager Steve Bruce's squad's chances of staying up this season. This year in the Premier League, he expects the club will lose £11m.

 
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