Quest for new finance continues to gather pace at Hull

The Tigers have endured a difficult 2010 with relegation from the Premier League being followed by an uncertain summer as debts soared to around 30m amid supporter fears the club could be forced into administration.

Since then, however, owner Russell Bartlett has eased those concerns by revealing in August that a refinancing package had been agreed with Investec, the club's bank, over a 9m loan.

A similar arrangement has also been struck with Hull's football creditors, who are still owed outstanding transfer monies from the club's ill-fated stint in the top flight.

It means that, while the Tigers' finances are still under pressure due to those football creditors having to be paid within the next 12 months, the club hierarchy are, at least, able to focus on trying to bring in outside investment.

Last month, there were suggestions in the East Riding – subsequently denied by Bartlett – that multi-millionaire local businessmen Assem and Ehab Allam had launched a takeover bid for the club.

Now, Pearson has revealed to the Yorkshire Post that Hull are looking to financial institutions for possible investment as well as private individuals.

He said: "It is no secret that we have had a tough time but we are trying to sort things out, and are probably six months into the restructuring process.

"The good thing is we have made some inroads. We have moved out 23 players and taken about the same number in millions of pounds off the wage bill. It is still, though, a little high and will have to be trimmed further over the next two windows.

"As you can see from what is happening at many clubs such as Sheffield Wednesday, it is not that easy to bring investment in, and finance in the football financial world is as illiquid as general business.

"It is a harder financial climate than Autumn, 2007, when (American company) GSE were investing in Derby County. We got the investment just in time there, as shortly after the bottom was about to fall out of the world's financial market.

"Here, the club is owned by one person and he wants to keep moving forward and continue to solve the problems, which is the correct thing to do."

Asked what form the investment would ideally take, Pearson added: "We are looking for smaller hits at the minute. At medium term loans from institutions as well as the private investors on longer term arrangements.

"Hull having been in the Premier League helps. As does the new stadium and the fact the council is so proactive in the way it helps the club.

"It is difficult to attract true investors these days. You see some clubs who have got the right financial break, such as Southampton.

"They have had serious wealth put into them. However, there are not many current examples of where actual cash has been put into the football club to aid a quick recovery.

"At Derby, the owners have put 30m of cash in and the debt has dramatically come down. It is one of a very few takeovers in the last two years I can think of where that has happened, and in the long term Derby will be very strong financially because of that injection of cash not debt."

Hull, meanwhile, return to action in the Championship tomorrow with the visit of Coventry City for an encounter given added intrigue by the possible return of Marlon King for the first time since the striker was jailed over a sexual assault committed when on loan at Hull from Wigan Athletic.

King, who also fell out with then manager Phil Brown during his loan spell, was jailed for 18 months but released in July. He was later signed by the Sky Blues.

Asked if the striker, who picked up a thigh injury against Doncaster Rovers in midweek, would be available against the Tigers, manager Ady Boothroyd said: "I would have no hesitation playing him anywhere."