Hull City owner sees profits drop by nearly £50m in relegation year

The company behind Hull City Football Club felt the effects of relegation from the Premier League as profits and turnover for the year significantly declined.

In accounts filed this week, Allamhouse said its pre-tax profits  for the year ending 31 December 2018 stood at £4.3m – a huge drop from the £52.7m achieved the prior year. Turnover also fell to £124.7m from £184.2m the previous year.

The firm said that as a result of Hull City’s relegation from the Premier League to the Championship, the company had seen a significant drop in the money received from Sky along with deceased ticket prices and attendances. 

The company’s stadium management division also reported a loss of £2.5m, which was “in line with expectations” due to the tenancy agreement with professional rugby league club Hull FC.

Despite seeing declining financial results, the directors of Allamhouse said they remain “confident about future prospects” for the group.

Allamhouse added: “Despite the football club being relegated to the Championship, the directors believe careful control over the finances and appointment should lead to long-term success of the Club.

“The group has very low gearing and is well positioned for the future.”

The Hull City currently sit in 12th position in the Championship.

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