Tuesday, November 03, 2009
Hull Finances
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BBC - League to investigate Turner deal
The Premier League is to investigate the sale of Hull defender Michael Turner to Sunderland in August.
Two of Turner's former clubs Brentford and Charlton have allegedly lost big amounts in sell-on fees.
BBC Sport understands bot
h clubs have lodged letters with the Football League while the Premier League has asked Hull and Sunderland for their comments.
At the time of the transfer the fee was undisclosed but Hull had previously reportedly valued Turner at £12m.
Turner was one of only two players to play every minute of all his side's Premier League games last season.
He joined Hull from Brentford for £350,000 in the summer of 2006, having signed for the Bees permanently from Charlton following a loan spell in December 2004.
BBC
Guardian/Jeremy Cross
- Adam Pearson aims for Hull clear-out to help tackle debts• Adam Pearson returns to Hull and seeks £18m in savings• 'We need to get back in shape'
Monday 2 November 2009
Hull City's new executive chairman, Adam Pearson, will conduct a major cull in the new year in an attempt to ease the financial problems at the troubled Premier League club.
Pearson took up his position in an official capacity on Monday after succeeding Paul Duffen, who resigned as the chairman and chief executive last week when it emerged Hull had debts of £27m. Pearson needs to find around £18m before the end of the season to make sure Hull remain solvent and his first task will be to reduce a wage bill of £40m – with the manager Phil Brown's future also still up in the air.
Although Brown has won a stay of execution, he may not be around to see the overhaul of the squad that Pearson intends to implement. Players expected to leave include George Boateng, Bernard Mendy, Richard Garcia, Peter Halmosi, Caleb Folan, Daniel Cousin, Tony Warner and Ibrahima Sonko.
Pearson, who oversaw an annual wage bill of only £3.5m before he left Hull, then in the Championship, in 2007 having appointed Brown the previous year, has vowed to get the club back on track and is confident of solving the problems he has inherited. He has launched an internal investigation into every transfer the club have completed during the past two years amid reports that £5.5m has been spent on agents' fees, including £500,000 in the purchase of Jimmy Bullard from Fulham.
Pearson said: "We need to get back in shape to make sure the long-term future of the club is secure. It's nothing that's not retrievable but we need to reduce the size of the playing squad, which in the Premier League is the key point. We're certainly not in a situation where we need to sell players we want to keep. We just want to make sure that the club is being run efficiently and prudently. The position of the club is manageable going forward but, if it had been left much longer, there was a danger of it becoming more serious. At this stage of the season, it's achievable that we can turn this around."
Pearson insists Brown will remain as manager until at least Stoke's visit on Sunday but refused to offer any long-term security. "Phil will be manager on Sunday but there's no point me saying he's got a job for life, that's not the case," Pearson said. "How secure is the manager? That's a tricky one, I think if we don't get results then that security goes down. Phil knows that, it's the business we're in. It's been a difficult year and we need to achieve results quickly. We're all in this together but we'll have to see what happens over the next couple of weeks."
Pearson has opened talks with potential backers and is hopeful of securing investment before Christmas. He added: "It's part of my remit to get extra money into the club. Every Premier League club is in a position where it is looking for external investment. It's a big responsibility financially for myself and Russell [Bartlett, the club's owner] to manage alone and we are looking to ease that burden and provide a secure foundation for the club. I'll be running the club from top to bottom, get it back on track and work strictly within the financial budgets that have been set." Guardian
Mail - EXCLUSIVE: Cash-crisis Premier league strugglers Hull blew £5.5m on agents By Matt Lawton
03rd November 2009
Hull City are believed to have spent a staggering £5.5million in agents’ fees in the two years Paul Duffen was the club’s chairman and chief executive.
New executive chairman Adam Pearson launched an investigation into Hull’s transfer dealings - such as Jimmy Bullard’s capture from Fulham - on Monday when he officially took over from Duffen, who left the KC Stadium last week after the full scale of the club’s financial crisis was revealed.
The majority of the bigger deals were done through leading London-based agency The Stellar Group, who received a fee of around £500,000 when Hull paid a club record fee of £5million to Fulham for Bullard in January.
Pearson, sources say, cannot fathom why such a high fee needed to be paid when the terms on offer - a £10m, five-year deal - meant luring Bullard to Humberside was never going to be difficult.
The figure of £5.5m would amount to approximately 20 per cent of the total transfer fees paid in the period Duffen was in charge. This is an alarming amount, especially for a club now in such deep financial trouble.
The internal investigation being led by Pearson will try to establish why, under Duffen, so many of the deals, in particular the bigger ones, involved one agency.
When Pearson, who saved Hull from administration in 2001, handed over the reins to Duffen the club had £1m in the bank and a relatively modest wage bill of £3.5m a year.
Little more than two years later Hull are said to have debts of £27m and an astonishing wage bill of £40m a year, among the highest in the Premier League.
Duffen has admitted his tenure at the KC Stadium ended because of his failings in the transfer market.
New chairman: Adam Pearson
‘I come from an industrial background where if things aren’t going very well the buck stops with the guy at the top,’ he said last week.
‘Whatever the financial constraints, we have been active in the transfer market.
‘We have been running the club in a certain way, which is the way I believed it would be successful. While Phil Brown is ultimately the man on the pitch, I believe it is my responsibility to oversee the transfer market.’
Pearson promised yesterday that Brown will be in charge for Hull’s home game against Stoke on Sunday, adding: ‘Phil is the manager of Hull City and he still will be next Sunday.
'It’s a results business but he retains my full support. I’ll be there to provide as much support as is possible for the manager.
‘I’ll bring a fresh pair of eyes to it and hopefully, in conjunction with the manager, we can turn things around on the pitch.’ Daily Mail
BBC - League to investigate Turner deal
The Premier League is to investigate the sale of Hull defender Michael Turner to Sunderland in August.
Two of Turner's former clubs Brentford and Charlton have allegedly lost big amounts in sell-on fees.
BBC Sport understands bot
h clubs have lodged letters with the Football League while the Premier League has asked Hull and Sunderland for their comments.
At the time of the transfer the fee was undisclosed but Hull had previously reportedly valued Turner at £12m.
Turner was one of only two players to play every minute of all his side's Premier League games last season.
He joined Hull from Brentford for £350,000 in the summer of 2006, having signed for the Bees permanently from Charlton following a loan spell in December 2004.
BBC
Guardian/Jeremy Cross
- Adam Pearson aims for Hull clear-out to help tackle debts• Adam Pearson returns to Hull and seeks £18m in savings• 'We need to get back in shape'
Monday 2 November 2009
Hull City's new executive chairman, Adam Pearson, will conduct a major cull in the new year in an attempt to ease the financial problems at the troubled Premier League club.
Pearson took up his position in an official capacity on Monday after succeeding Paul Duffen, who resigned as the chairman and chief executive last week when it emerged Hull had debts of £27m. Pearson needs to find around £18m before the end of the season to make sure Hull remain solvent and his first task will be to reduce a wage bill of £40m – with the manager Phil Brown's future also still up in the air.
Although Brown has won a stay of execution, he may not be around to see the overhaul of the squad that Pearson intends to implement. Players expected to leave include George Boateng, Bernard Mendy, Richard Garcia, Peter Halmosi, Caleb Folan, Daniel Cousin, Tony Warner and Ibrahima Sonko.
Pearson, who oversaw an annual wage bill of only £3.5m before he left Hull, then in the Championship, in 2007 having appointed Brown the previous year, has vowed to get the club back on track and is confident of solving the problems he has inherited. He has launched an internal investigation into every transfer the club have completed during the past two years amid reports that £5.5m has been spent on agents' fees, including £500,000 in the purchase of Jimmy Bullard from Fulham.
Pearson said: "We need to get back in shape to make sure the long-term future of the club is secure. It's nothing that's not retrievable but we need to reduce the size of the playing squad, which in the Premier League is the key point. We're certainly not in a situation where we need to sell players we want to keep. We just want to make sure that the club is being run efficiently and prudently. The position of the club is manageable going forward but, if it had been left much longer, there was a danger of it becoming more serious. At this stage of the season, it's achievable that we can turn this around."
Pearson insists Brown will remain as manager until at least Stoke's visit on Sunday but refused to offer any long-term security. "Phil will be manager on Sunday but there's no point me saying he's got a job for life, that's not the case," Pearson said. "How secure is the manager? That's a tricky one, I think if we don't get results then that security goes down. Phil knows that, it's the business we're in. It's been a difficult year and we need to achieve results quickly. We're all in this together but we'll have to see what happens over the next couple of weeks."
Pearson has opened talks with potential backers and is hopeful of securing investment before Christmas. He added: "It's part of my remit to get extra money into the club. Every Premier League club is in a position where it is looking for external investment. It's a big responsibility financially for myself and Russell [Bartlett, the club's owner] to manage alone and we are looking to ease that burden and provide a secure foundation for the club. I'll be running the club from top to bottom, get it back on track and work strictly within the financial budgets that have been set." Guardian
Mail - EXCLUSIVE: Cash-crisis Premier league strugglers Hull blew £5.5m on agents By Matt Lawton
03rd November 2009
Hull City are believed to have spent a staggering £5.5million in agents’ fees in the two years Paul Duffen was the club’s chairman and chief executive.
New executive chairman Adam Pearson launched an investigation into Hull’s transfer dealings - such as Jimmy Bullard’s capture from Fulham - on Monday when he officially took over from Duffen, who left the KC Stadium last week after the full scale of the club’s financial crisis was revealed.
The majority of the bigger deals were done through leading London-based agency The Stellar Group, who received a fee of around £500,000 when Hull paid a club record fee of £5million to Fulham for Bullard in January.
Pearson, sources say, cannot fathom why such a high fee needed to be paid when the terms on offer - a £10m, five-year deal - meant luring Bullard to Humberside was never going to be difficult.
The figure of £5.5m would amount to approximately 20 per cent of the total transfer fees paid in the period Duffen was in charge. This is an alarming amount, especially for a club now in such deep financial trouble.
The internal investigation being led by Pearson will try to establish why, under Duffen, so many of the deals, in particular the bigger ones, involved one agency.
When Pearson, who saved Hull from administration in 2001, handed over the reins to Duffen the club had £1m in the bank and a relatively modest wage bill of £3.5m a year.
Little more than two years later Hull are said to have debts of £27m and an astonishing wage bill of £40m a year, among the highest in the Premier League.
Duffen has admitted his tenure at the KC Stadium ended because of his failings in the transfer market.
New chairman: Adam Pearson
‘I come from an industrial background where if things aren’t going very well the buck stops with the guy at the top,’ he said last week.
‘Whatever the financial constraints, we have been active in the transfer market.
‘We have been running the club in a certain way, which is the way I believed it would be successful. While Phil Brown is ultimately the man on the pitch, I believe it is my responsibility to oversee the transfer market.’
Pearson promised yesterday that Brown will be in charge for Hull’s home game against Stoke on Sunday, adding: ‘Phil is the manager of Hull City and he still will be next Sunday.
'It’s a results business but he retains my full support. I’ll be there to provide as much support as is possible for the manager.
‘I’ll bring a fresh pair of eyes to it and hopefully, in conjunction with the manager, we can turn things around on the pitch.’ Daily Mail
