Hull City owner Assem Allam invested a further £24m of his personal fortune into the club on their way to promotion to the Barclays Premier League last season, latest accounting figures show.
Allam, who has come under fire from sections of fans in recent months over his controversial plans to change the name of the club from Hull City AFC to Hull Tigers, has now pumped £72m into the club since taking charge in 2010.
Despite earning promotion to the top flight at the end of last season, Hull’s accounts for the year ending July 31, 2013, which were made available by Companies House this week, also show pre-tax losses of £25,628,171.
That figure is nearly £17m up on the £8,771,007 loss recorded 12 months earlier.
Nevertheless, the directors of Hull City Tigers Limited – which has been the business name of the club since the Spring – consider their future prospects to be “satisfactory”.
The directors added in the account summary: “The directors made the ambitious decision to go for promotion and to this end invested heavily in the club.
“Steve Bruce, a leading manager, was appointed and he was provided with sufficient funds to augment and improve the squad.
“An amount of £24m was advanced by the parent company (Allamhouse Limited) earlier in the year, which brings the total amounts so provided to £72m at the year end.”
Allam’s initial investment after taking over Hull more than three years ago is widely accepted as having saved the club from financial ruin following their relegation from the Premier League at the end of the 2009-10 season.
The accounts also show that the club’s turnover last season was £11,075,152, a figure showing little change from 12 months earlier (£11,042,457), while the value of Hull’s playing squad as at July 31 was put at just over £14m –up from around £3m in 2012.
The son of Arsenal majority shareholder Stan Kroenke has been appointed a non-executive director at the Premier League leaders.
Arsenal confirmed that Josh Kroenke will take on the position in a move the 33-year-old said would “reaffirm our family’s long-term commitment to the club”.
Kroenke, a financial management graduate of the University of Missouri, is set to combine the role with his duties with the family’s sporting empire in the United States.
“It is an honour to join the board of Arsenal,” he said in a statement.