Returning executive chairman Adam Pearson insists Hull City are in no danger of going out of business and denied the cut-price sale of star defender Michael Turner was for financial reasons.
Hull's accounts - released last week, five months behind schedule - showed borrowings of £22million, prompting accountants Deloitte to predict the Tigers will have to raise £23m to balance their books should they be relegated, and £16m if they survive.
It is a dire outlook but Pearson, who resigned his post at Derby to return to the KC Stadium, is adamant the club will survive.
He told the Hull Daily Mail: 'If I felt the club was in imminent danger I'd have thought long and hard about coming back.
'Every problem at this club is solvable and the supporters should rest assured the club is in no danger of going out of business or going into administration.'
Pearson also lifted the lid on the deal which saw Turner join Sunderland in August for what was described at the time as an undisclosed fee.
Tigers manager Phil Brown had previously valued Turner at around £12m but it has been revealed the 25-year-old cost the Wearsiders just £4m.
The deal does not include any add-ons based on performances with 33 per cent of the £4m going to Turner's former clubs Brentford and Charlton.
The size of the fee has again raised questions about the necessity to balance the books but Pearson insists the club didn't have to sell, adding: 'Under no circumstances was it a financial necessity to sell Michael Turner.
Moved on: Turner (right) left the KC Stadium for Sunderland
'I can only second guess what people were thinking but there was probably a feeling the player wanted to go and that was the best possible deal available for him.
'It's not incremental, the total amount of cash we will receive for Michael Turner is £2.8m. Those are the facts.'
Brentford and Charlton have asked the Premier League to investigate the sale, given Hull's publicised valuation but Pearson is confident the club have done nothing wrong.
He said: 'From what I can see, an investigation is unfounded. I think the two clubs have seen inflated figures in the press but the only thing we could be accused of is not maximising the fee at the best possible time.'
A host of players look set to follow Turner out of the club when the transfer window opens again in January as Pearson attempts to trim the wage bill.
Moody strikers Daniel Cousin and Caleb Folan were both frozen out of the starting line-up and have had public fall-outs with manager Brown.
An attempt to move George Boateng out on loan to Ipswich is believed to have been made already - but the former Holland midfielder has so far resisted a switch.
Loan signings such as Ibrahima Sonko, who has struggled to fill the void left by Turner, and Jozy Altidore - who fell foul of Brown after turning up late for the Portsmouth game - are unlikely to have their stays extended.
Frustration: Sonko has struggled to make his mark with the Tigers
Flop signings Bernard Mendy, a former France defender, and Peter Halmosi, a Hugary midfielder, are also heading for the exit.
Forwards Richard Garcia and Craig Fagan have failed to step up to the required level since the team's elevation to the top flight, making their positions vulnerable.
The struggles of those two players have been particularly frustrating because of Brown's shortage of attacking options since the turn of the year with the departures of Marlon King and Dean Windass creating voids that were not filled.
Pearson said: 'We need to get back in shape to make sure the long-term future of the club is secure. It is nothing that is not retrievable, but we need to reduce the size of the playing squad, which in the Premier League, is the key point.
Pressure: Manager Brown
'We are certainly not in a situation where we need to sell players we want to keep. We just want to make sure that the club is being run efficiently and prudently. The position of the club is manageable going forward, but if it had been left much longer, there was a danger of it becoming more serious.
'At this stage of the season, it is achievable that we can turn this around.'
Pearson is eyeing fresh investment from other backers before Christmas.
He added: 'It is part of my remit to get extra money into the club. Every Premier League club is in a position where it is looking for external investment.
'It is a big responsibility financially for myself and owner Russell Bartlett to manage alone and we are looking to ease that burden and provide a secure foundation for the club.
'I shall be running the club from top to bottom, get it back on track and work strictly within the financial budgets that have been set.'
Speaking about the manager's job security, he explained: 'He is definitely the manager of this club and he's got a big game against Stoke (on Sunday). But we need wins, we need results.
'He knows that and I know that but nothing would give me greater pleasure than for us to get a win on Sunday.'
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