Source: Daily_Mail
Hull launching £31m probe into ALL their transfers in past two years
Hull City's transfers over the last two years are to become the subject of an internal investigation at the KC Stadium.[LNB]Adam Pearson returns as chairman of the troubled club on Monday and his first objective will be to analyse all the deals that were authorised by Paul Duffen, whose term as chairman and chief executive ended on Wednesday amid serious concernsover Hull's financial crisis.[LNB]High wages: Brown has splashed out[LNB]Pearson stepped down as chairman at Derby County on Wednesday night to go back to a club he rescued from administration in 2001 before then selling it for £12million in June 2007 to a consortium led by Duffen and financed by property tycoon Russell Bartlett.[LNB]When Pearson left Hull, who by then were in the Championship, there was around £1m in the bank and a relatively modest wage bill of £3.5m.[LNB] Little more than two years later and Hull are saddled with debts of £27m and an astonishing wage bill of £40m ranking them among the highest payers in the Barclays Premier League and leaving them facing financial meltdown if the season ends in relegation.[LNB]Duffen has admitted that his failings in the transfer market led to his departure earlier this week. 'I come from an industrial background where, if things aren't going very well, the buck stops with the guy at top,' he told talkSPORT. [LNB]'I've been the chief executive and chairman of the club for two and a half years; it's been a fantastic journey.[LNB]'But results in the 2009 calendar year haven't been good at all and, at the end of the day, that's been on my watch. Whatever the financial constraints the club has had to deal with, we have been active in the transfer market. We have been running the football club in a certain way, which is the way I believed it would be successful.[LNB] Last act: Duffen shakes Portsmouth chief executive Peter Storrie's hand during his final game as Hull chairman[LNB]'Phil Brown is the manager of the team on the pitch but, at the end of the day, it's on my watch. I am the chief executive, I'm ultimately responsible for the success on the pitch and I don't see why football club executives shouldn't be accountable.[LNB]'While Phil is ultimately the man on the pitch, I believe it is my responsibility to oversee the transfer market.'[LNB]In a report compiled by their accountants at Deloitte, Hull havebeen warned that their uncertain financial position threatens theclub's 'ability to continue as a going concern' and have been told theywill need to generate a £23m surplus just to meet their existingliabilities should Brown's team go down.[LNB]Overspendingcertainly appears to be at the root of Hull's problems, not least inthe form of signings like Jimmy Bullard from Fulham. [LNB]Hearrived for a club record fee of £5m on a five-year deal worth £10m inJanuary and has yet to make his home debut after suffering a seriousknee injury in his first game. [LNB]Other costly signings have included Anthony Gardner, George Boatengand Stephen Hunt, who have all enjoyed contracts worth in excess of£30,000 a week.[LNB]The situation has left Brown clinging to hisjob. Ironically, he was appointed as caretaker manager by Pearson afterPhil Parkinson left Hull in December 2006. [LNB] Under investigation: Bullard is welcomed to the KC by Brown and Duffen[LNB]Pearson then gave the job to Brown on a permanent basis as he turned the relegation battlers' fortunes around.[LNB]But Brown went on to form a close relationship with Duffen and the departure of his most powerful ally in addition to a run of results that has seen Hull win just four Barclays Premier League games in the last 12 months has left him in an extremely precarious position.[LNB]He will be given the chance to start turning things around at Burnley today, but it may not be long before Turf Moor manager Owen Coyle is on a shortlist being drawn up by Pearson. [LNB]The odds of Pearson turning to Paul Jewell again would, however, appear to be remote after their time together at Derby. Alan Curbishley and Graeme Souness have also been linked with the job.[LNB] Target: Coyle[LNB] Phil Brown fighting Hull axe as money men warn of £23m relegation disasterThe less than magnificent seven: Phil Brown's fruitless hunt for a permanent Hull captainHULL CITY FC
