Hull City have been warned that if they are relegated from the Premier League this season they face the prospect of financial meltdown.
The club's accounts, filed five months late to Companies House, say that in the event of relegation the club will need to generate a £23million surplus just to meet their existing liabilities.
In the accounts for the year ending 2008, the Tigers made a £9.8million loss even though the period in question inlcuded the club winning promotion to the Premier League.
"These forecasts demonstrate that in order to operate within the company's finance facilities Hull City AFC will need to generate a surplus £23million during the next 12 months through player trading, match day and commercial income and/or through additional finance raising," said a report from the independent auditors.
"In the event that the club retains Premier League status for the 2010-11 season, the additional funding required for the 12-month period will be in the region of £16million. This is reduced as a result of the guaranteed level of Premier League distributions that will be received.
"As is common with all football clubs, Hull City AFC will make player purchases and sales during the course of the season to manage the company's cash flow as and when required.
"The directors acknowledge that player purchases and sales are uncertain in terms of timing and quantum and some uncertainty exists over the availability and quantum of additional facilities should such be required.
"These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."