Hull City's parlous financial state prompted Adam Pearson to gamble on sacking Phil Brown today in a desperate bid to avoid a potentially ruinous relegation to the Championship.
Pearson, the Hull chairman, intends to name Brown's successor by Wednesday, affording the new manager time to work with the squad ahead of the vital game at Portsmouth on Saturday.
After a failed attempt to persuade Alan Curbishley to relocate to the KC Stadium yesterday, Pearson swiftly turned his attentions elsewhere. Bookmakers installed Gary Megson as favourite for the vacancy but Hull's chairman revealed there are "about five" managers on his shortlist and is understood to be particularly interested in Steve Coppell. Other contenders are thought to include Peter Reid, Paul Jewell and Gareth Southgate.
"We're probably looking at a deal to the end of the season," said Hull's chairman. "We will then ascertain where we are and what we've got financially before committing further. Alan [Curbishley] is a fantastic manager but it needs to be someone we can get in on a nine-game basis. He is not on that list."
Pearson said: "We want the new manager operational by Thursday, we would expect to be able to make a decision tomorrow night. We expect there will be an announcement at the latest by Wednesday morning."
Unusually Hull announced that Brown had been "placed on gardening leave". Club sources were quick to make clear the decision to dismiss him was made purely for football reasons and said Brown will continue to be paid a monthly salary while compensation is agreed. Under the terms of his contract, the 50-year-old would be entitled to a settlement of around £1.5m but Hull are in no position to part with such large cash sums at present.
The club's overdue accounts, made available at Companies House yesterday, highlight the devastating impact relegation would exert. According to the Hull's auditor, they face a £21m shortfall if Premier League status is not preserved. Should they stay up, that shortfall, which will have to be met by selling players, advance season ticket sales, new financing arrangements or a fresh injection of funds from the owner, Russell Bartlett, is estimated at £16m.
The accounts, for the year to July 2009, also reveal the club concluded a deal with the investment bank Investec over accelerating the payment of around 45% of "known Premier League receivables", believed to relate to the sum Hull would be due at the end of the season in TV revenues and merit payments, in order to provide working capital and assist funding player trading. That would equate to an advance of around £15m.
Brown, who had been close to Hull's former chairman Paul Duffen, had an uneasy relationship with Pearson. When Pearson succeeded Duffen in November he contemplated immediately sacking Brown but instead gave the benefit of the doubt to the man who led the team into the Premier League for the first time in their history two years ago.
