Professional Services
Professional Services Firm
Full Credential Description
In the case of Hull City FC, the club faced a critical situation marked by insolvency and the threat of formal insolvency proceedings. Appointed by the club's Chairman, our team undertook a comprehensive operational management role over a ten-month period to address several pressing issues. Key challenges included day-to-day financial management, establishing a rigorous reporting arrangement with the club's primary bank, which was owed £15 million, and managing significant overhead costs. Notably, we implemented a 30% reduction in player wages, alongside reviewing and negotiating various licensing arrangements and merchandising performance.
Our efforts also involved complex negotiations with both domestic and international clubs regarding transfer fee debts, restructuring significant tax debts with HM Revenue and Customs, and managing the consensual exit of the existing manager while collaborating with a new managerial team. Throughout this process, we maintained regular communication with the club's Chairman and dealt with regulatory authorities such as The Premier League and The Football Association.
The culmination of our work 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. Following the transition to new ownership, Hull City FC achieved a remarkable turnaround, successfully returning to the Premier League, which underscores the effectiveness of the tailored solutions implemented during this challenging period.