Hull City owner Russell Bartlett has dismissed speculation that the Tigers are facing the prospect of administration (Hull 20/1 to win the Championship).

Following their relegation from the Premier League at the end of last season, the Tigers have been forced to sell a number of their top earners, including Irish winger Stephen Hunt, who has now joined Wolves, and goalkeeper Boaz Myhill, now with West Brom.

There has also been speculation that the Premier League may withhold parachute payments as the Tigers reportedly still owe money to other top-flight sides in transfer fees.

However, Bartlett is adamant administration is not on the horizon for the cash-strapped club and is confident Hull can drag themselves out of their current plight.

“I can categorically state that administration is simply not on the agenda,” explained Bartlett in local paper, the Hull Daily Mail.

“We are well down the line in our plans to restructure the finances of the club and we are very close to meeting our targets.”

Hull kick-off their Championship campaign with a home fixture against Swansea City on August 7 (Hull 23/20, draw 23/10, Swansea 11/5).

Former Leicester City boss Nigel Pearson is now in the KC Stadium hot seat after being convinced that the Tigers had the ambition to get back into the Premier League.

However, at present, the club have limited funds available for new transfers and Pearson may have to work with what he has already got at Hull until the club’s financial worries are eased (Hull 6/1 to be promoted).

It has been widely reported that Hull are around £40million in debt and are still looking to get some of their top earners off the books. Jimmy Bullard is still contracted to Hull City and the Tigers are desperately trying to offload the midfielder who earns a reported £50,000 a week.

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