Professional Services
Professional Services Firm
Full Credential Description
In the case of Hull City FC, the club faced a critical financial crisis, teetering on the brink of formal insolvency. Appointed by the club's Chairman, our team undertook a comprehensive operational management role over a ten-month period to address the pressing issues at hand. Key challenges included managing day-to-day financial operations, establishing a rigorous reporting framework with the club's primary bank, which was owed £15 million, and regularly updating the Chairman on financial status.
To stabilize the club's finances, we implemented significant cost reductions, notably a 30% decrease in player wages, while also managing other overheads such as transfers, travel, and policing costs. Our team conducted a thorough review of merchandising and retail management, negotiated licensing arrangements, and facilitated the consensual exit of the existing manager, working closely with the new managerial staff. Additionally, we navigated complex negotiations with both domestic and international clubs regarding transfer fee debts, restructured significant tax debts with HM Revenue and Customs, and engaged with various regulatory authorities including The Premier League and The Football Association.
The culmination of these efforts was a successful sales process that concluded after ten months. While the sale did not yield a premium for the owner, it effectively shielded him from substantial future liabilities. As a result of these strategic interventions, Hull City FC not only avoided insolvency but also returned to the Premier League under new ownership, marking a significant turnaround for the club.