Hull City handed £15million cash boost following move by owner Acun Ilicali
HULL City have been boosted by a cash injection of £15million into the club after owner Acun Ilicali converted a loan into equity.
The boost will reduce the club's overall debt to the Turkish media mogul.
The Tigers' financial position has been under the microscope throughout this year.
In early July, City were hit with a three-window sanction by the English Football League after the late payment of a £1m loan fee due to Aston Villa following Louie Barry's loan move from the Premier League club in January.
It was reduced to two windows following an appeal. Hull are still unable to spend on transfers or loan fees until next summer's window as it stands.
Late payments to some suppliers have also come under scrutiny.
Speaking in late spring, Ilicali acknowledged that the extent of the club's spending would have to be scaled back and admitted that he was looking for minority investors to share the burden.
The businessman has pumped tens of millions of pounds in since buying Hull in January 2022, with debts rising to £66m in the club's last set of accounts.
The club also confirmed minor delays to wage payments ahead of their crunch survival game at Portsmouth on May 3 – the final day of the 2024-25 league season.
A club statement read: "Hull City can confirm that a portion of its existing shareholder loan has been converted into equity as part of the ongoing efforts to further strengthen the club’s financial position.
“This transaction, nearly £15m, reflects Acun Ilicali’s continued commitment to the long-term growth and stability of Hull City.
"By converting a portion of the outstanding loan into equity, the club has reduced its overall debt levels, improved its balance sheet, and enhanced its financial flexibility to support future on and off-field success.
"As always, we will continue to communicate with our supporters on all important matters at the club."