Hull chairman Adam Pearson laid bare the club's financial plight on the day their relegation from the Barclays Premier League was effectively confirmed but insisted administration is not on the cards.
Pearson also revealed there is a possibility Phil Brown could return to the managerial role he was ousted from last month. Iain Dowie was installed in the position until the end of the season but Brown remained on the books and was placed on gardening leave. The 50-year-old has another season left on his contract and the cheapest option would be to reinstate him.
Pearson said: "Everything is an option. Obviously it would look pretty unusual but if we were to attract new investment into the club and the board was therefore changed then obviously they may have a different view."
The Tigers' financial problems have been known about for some time and Pearson used his programme notes ahead of Wednesday's 2-0 defeat by Aston Villa to criticise predecessor Paul Duffen for his handling of the club.
Pearson bought Hull in 2001 when they were languishing at the bottom of the lowest tier of the Football League and in administration. He oversaw the club's rise to the Championship before selling to a consortium including Duffen and Russell Bartlett, who remains the owner.
In 2008, Hull achieved promotion to the Premier League before narrowly avoiding relegation on the final day of last season. But Duffen resigned in October amid speculation about the club's finances and Pearson, who had taken up a similar role at Derby, returned to the KC Stadium.
The 45-year-old revealed the club's debts are in the region of £35million, with around £25million owed to banks, while the club have been taking "monies in advance" from the Premier League for almost two years.
Addressing what the future might hold, Pearson said: "Obviously the informal route is the one we would like to take, which is where you sit down with the creditors and restructure. We'll be talking to a few people on Monday and for the rest of the week.
"It will be one of the last scenarios to try to go through a CVA (Company Voluntary Arrangement, which would bring a 10-point deduction), but if we have to go down that route then we have to build a team that can fight back from that kind of deficit.
"I've just had a meeting with the owner, he was very, very adamant that administration is not on the agenda."
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