Hull City Financial Results 2024/25
- Matchday Finance
- 3 days ago
- 12 min read
The 2024/25 campaign was Hull City’s 121st season of competitive football and their fourth straight year in the Championship.
The club’s modern history includes a rapid ascent in the early 2000s, climbing from the fourth tier to the Premier League and spending five seasons in the top flight between 2009 and 2016. Since then, Hull have largely been established at Championship level, competing in the division in seven of the last eight seasons, with just one year spent in League One.
The 2024/25 season, however, proved challenging on the pitch. Despite heavy investment in the squad, both in transfer fees and wages, the team spent much of the campaign battling relegation and were in the drop zone heading into the final match. A draw away at Portsmouth ultimately secured survival, finishing one point clear of relegated Luton Town.
This season has been markedly different. Despite operating under a transfer embargo and working with yet another new manager—the fourth in a year—Hull currently sit fifth, and only five points from the automatic promotion spots.
Hull City have been owned for the past four years by Turkish media entrepreneur Acun Ilicali. Including a reported £30 million acquisition cost, Ilicali’s total investment is now approaching £100 million, underlining the ambitious plans he clearly has for the club.
However, his tenure has not been without difficulty. Alongside last season’s near-relegation, there were growing concerns about the club’s finances, with transfer fees and wages paid late. The former resulted in a transfer embargo, preventing Hull from signing players for a fee for three transfer windows - reduced to two on appeal, but still includes this January.
Following last season’s poor on-field performance and rising expenditure, sections of the fanbase began to question Ilicali’s ownership. However, he has stated that he is more committed than ever to funding and supporting the club.
This season’s improved performances have undoubtedly eased many supporters’ worries. Nevertheless, the most recent accounts, showing a loss of £42 million before player trading, make it clear that tighter control of rising costs or further player sales will be required going forward to ensure the club stays within the league profit and sustainability rule.
Superstadium Holding Limited
Hull’s home ground, the MKM Stadium, is owned by Hull City Council and is used by both Hull City and rugby league club Hull FC. Day-to-day operations of the stadium are managed by a separate entity, Superstadium Holding Limited, which is also owned by Acun Ilicali.
Results for 2024/25 have not yet been published, but in 2023/24 the company reported revenues of £5 million, losses of £3 million and net liabilities of £25 million, which in effect represent a loan from the football club. Superstadium Holdings figures are not included in the analysis.
Financial Results 2024/25
Hull are one of six Championship clubs to have published their financial results.
Financial highlights:
Turnover
Total revenue increased to £25.8 million, up from £21.2 million, but remains in the lower half of the Championship.
Matchday revenue rose by £1.5 million to £7.2 million, following price increases, while broadcast revenue increased by £3.1 million to £12.4 million, driven by higher EFL distributions under the new Sky Sports broadcast deal.
Commercial revenue was flat at £6.1 million.
Staff Costs
Salaries and wages increased significantly, rising from £29.6 million to £36.7 million, likely placing Hull among the top ten in the division for staff costs. Amortisation also rose sharply, from £4.7 million to £10.4 million, following the club’s player acquisitions.
Total staff costs reached £47.1 million, equivalent to 183% of turnover, and are likely to represent one of the highest cost-to-revenue ratios in the Championship.
Player sales generated £33 million, primarily through the departures of Greaves and Philogene.
Profit/Loss
Losses fell from £18.9 million in 2023/24 to £10.2 million in 2024/25, driven primarily by higher player sales.
Operating losses (before player sales, exceptional items, and interest) increased significantly, rising from £31.9 million to £42.1 million.
Net Assets
Net assets remained negative at –£42 million, largely as a result of £58 million owed to related companies.
Trading
The club invested £30 million in player signings, more than in the previous six years combined, including Belloumi, Kamara, Giles, Hughes, Millar, Burstow, Matazo, Mehlem, and Racioppi.
Player sales generated £36.6 million, primarily through the departures of Greaves and Philogene.
Debt
Related-party loans increased by £13.6 million to £57 million, while loans from third parties fell slightly to £19 million. Total loans of £76 million are technically offset by £29.8 million due from Superstadium Management Company, the Ilicali-owned entity that manages the stadium. However, with net liabilities of £25 million, this loan is unlikely to be repaid.
Hull do not publish amounts owed to other clubs for transfer fees. Our estimate is that approximately £18 million was outstanding at the end of the 2024/25 season.
Cash
The club recorded negative operating cash flows of £15.5 million. It spent £30 million on player signings but received £36 million from player sales.
To cover this net outflow, the owner injected an additional £11 million through a loan.
Financial Outlook
Hull’s story is a familiar one in the Championship, where ambitious owners invest significant sums in pursuit of promotion to the Premier League. This approach results in business models characterised by heavy operating losses that rely on successful player trading to keep financial results within EFL regulations.
This strategy can work to a point, but the risks are considerable. In Hull’s case, the gap between operating costs and revenue is among the largest in the division and can only be sustained through substantial player sales. While the owner has stated a desire to reduce costs, achieving this in practice is far from simple.
Assuming Hull do not achieve promotion this season—although it remains a possibility—the club is likely to be reliant once again on player sales to keep losses within the permitted limits. With limited sales recorded to date, this may result in increased transfer activity towards the end of the season, once the next transfer window opens.
Turnover
Key revenue sources include matchday income (ticket sales), central broadcasting distributions from the EFL, Premier League solidarity payments, and commercial income such as sponsorships, merchandising, and other business activities.
Revenue has grown steadily over the past five seasons, a trend that continued in 2024/25, driven by increases in both matchday and broadcast income.
Hull remain one of the smaller clubs in the division and are likely to rank in the lower half for revenue. With only six clubs having published results so far, the chart below compares these figures with estimated revenues for the remaining clubs, placing Hull 17th overall.
Matchday Revenue
Matchday revenue is influenced by factors such as the number of home games, average attendance, ticket prices, and the club's ability to generate income from hospitality events and corporate boxes. The only exception to this is domestic cup matches, where revenue is shared between the clubs and the FA.
Hull City’s stadium, the MKM Stadium—named under a sponsorship agreement with MKM Building Supplies—has been the club’s home since 2002 and has a capacity of 25,586. The stadium is owned by Hull City Council and is shared with rugby league club Hull FC.
In 2024/25, Hull averaged 21,323 supporters per league match, representing 83% of capacity and the twelfth-highest attendance in the Championship. This was slightly down on the previous season.
Their average revenue per fan rose to £14.30, up from £11.10 the previous season, primarily due to ticket price increases. Even with this rise, the club still maintains one of the lowest ticket prices in the division.
Early exits from both cup competitions for the fourth consecutive season meant there was little additional matchday income from these tournaments. Nevertheless, the price increases helped lift matchday revenue from £5.7 million to £7.2 million, the club’s highest since relegation from the Premier League in 2017.
Hull’s matchday revenue is likely to rank toward the lower end of the league, though among the clubs that have reported so far, it sits ahead of both Plymouth and Preston.
Broadcast Revenue
Broadcast income comes primarily from EFL central distributions, Premier League solidarity payments, and fees from televised cup fixtures. The new EFL broadcast agreement with Sky significantly increased central distributions, lifting payments to clubs to around £6.5–£7.0 million, compared with approximately £4.0 million the previous year, while Premier League solidarity payments remain at about £5 million. As a result, Hull's total broadcast revenue rose to £12.5 million for the year, up from £9.4 million in 2023/24.
Commercial Revenue
Commercial revenue includes sponsorships, retail merchandising and other commercial activities. Hull’s commercial income remained unchanged from the previous season, at £6.1 million.
Unsurprisingly, the club’s choice of sponsors reflects its Turkish connections: Turkish airline Corendon Airlines occupies the front-of-shirt position, while Turkish port operator Safi Holdings appears on the back of the shirt.
Hull’s commercial revenue is among the lowest in the division. It is the second-lowest reported so far and is likely to rank within the bottom five commercially.
Staff Costs
Staff costs cover salaries and wages for all employees, the amortisation of transfer fees (which spreads a player’s acquisition cost over the length of their contract), and any impairments (recognised when a player’s estimated market value falls below their book value).
Salaries and wages rose sharply from £29.6 million to £36.7 million, an increase of around 24%. Given Hull’s relatively poor on-field performance last season, this rise is notable and is likely driven by new player recruitment.
With over £30 million invested in player acquisitions, the squad’s book value increased significantly, causing amortisation to more than double, rising from £4.6 million to £10.4 million.million in 2024/25.
Compared with other clubs that have published results, Hull’s total staff costs of £47.1 million are substantial, topped only by Norwich. For a club not receiving parachute payments, this level of expenditure is very high. Compared with prior seasons, Hull’s £47 million would rank seventh, with only promoted Ipswich having a similarly high staff budget (excluding parachute recipients).
Hull finished 20th last season, meaning their staff expenditure represented a major overinvestment relative to performance. However, their current position at the time of this report—5th—is more in line with their relative costs.
As Hull sit in the lower half of the league in revenue but incur among the highest staff costs, it is unsurprising that their staff-to-revenue ratio of 182% is likely one of the highest in the division. This poses clear profitability challenges and leaves the club reliant on player sales to maintain financial balance.
Hull is not alone in this situation; in 2023/24, 16 Championship clubs recorded staff-to-revenue ratios exceeding 100%.
Profit on Player Sales
There was significant squad turnover in 2024/25, resulting in over £33 million in player sales profits—generated when the sale price exceeds a player’s net book value at the time of sale.
This is the highest figure recorded to date and, compared with 2023/24 numbers, would rank just behind the clubs relegated from the Premier League, who typically offload players following relegation.
The 2024/25 profits were driven primarily by the sales of Jacob Greaves to Ipswich and Jaden Philogene back to Aston Villa.
Profit and Loss
With relatively low revenues and high staff costs, Hull face a significant profitability challenge. Over the past three seasons, the club has generated £53 million in player sale profits—one of the highest totals outside of Premier League–relegated clubs—yet has still reported combined losses of £34 million.
For 2024/25, Hull reported turnover of £25.8 million against combined operating costs of £57 million, reflecting their very high cost base. Together with increased player amortisation of £10.4 million, this produced an operating loss (before player sales, interest and other exceptional items) of £41.7 million. This represents the largest operating loss among clubs to have published 2024/25 results and would have been the fourth-worst outcome in the division based on 2023/24 comparisons.
These losses were again significantly offset by successful player sales, with £33 million of profits reducing the final loss from £18.9 million to £10.2 million.
The current level of staff costs will be difficult to sustain, a point acknowledged by the owner, who has stated they are too high. Unless costs are reduced, further player sales are likely to be required to keep the club within EFL profitability and sustainability rules.
Under these regulations, clubs are permitted adjusted losses of up to £13 million per season, averaged over a three-year period. Adjustments include expenditure on youth development, women’s football and infrastructure. Hull do not publish their adjusted figures, but it is assumed that losses over the past three seasons remain within the permitted limits. However, there is likely to be little headroom to absorb further losses of this scale in the current cycle.
That said, most clubs across the Championship make losses. In 2023/24, only four clubs reported a profit, all driven by player sales, with the average loss per club around £13 million. Among the clubs to have published 2024/25 results so far, Hull have actually recorded the second-best outcome, behind only Plymouth, the sole club to avoid a loss so far.
Net Assets
Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity.
Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash.
Liabilities comprise loans (from banks, shareholders, or group companies), transfer fees payable, trade creditors, deferred income (for example, advance season ticket sales), and other financial provisions.
Hull report negative net assets, meaning total liabilities exceed total assets. This position is primarily driven by a £58 million loan from ACM BV Group, a company controlled by Acun Ilicali.
Total assets stood at £65 million. As the club does not own its stadium, these assets are primarily player registrations, which accounted for £24.5 million, alongside a £29.8 million loan to the group company Superstadium Holdings, plus cash and other short-term assets.
Total liabilities amounted to £107.1 million, including £57.6 million owed to the related ACM BV Group, £18.9 million owed to third parties, an estimated £18.1 million in outstanding transfer fees, and various other short-term liabilities and provisions.
Based on the latest available results, only 11 of the 24 clubs report positive net assets.
Player Trading
The 2024/25 season was a busy one for Hull in the transfer market, with £30.3 million spent on incoming players and £36.6 million received from player sales. Key signings included Mohamed Belloumi, Abu Kamara, Ryan Giles, Charlie Hughes, Liam Millar, Mason Burstow, Eliot Matazo, Marvin Mehlem, and Anthony Racioppi, while Greaves and Philogene were the principal departures.
This activity has largely come to a halt due to the club’s transfer embargo, which remains in place until the next window. There is, however, a silver lining: despite these restrictions, the team has performed exceptionally well this season.
The club’s £30 million spending is likely the fifth highest in the division last season.
Squad Net Book Value
The squad’s Net Book Value (NBV) represents the total acquisition cost of players minus accumulated amortisation, which spreads the cost of each player over the length of their contract. Following a season of significant investment, Hull’s Net Book Value rose to £24 million, up from £8 million the previous season. This increase is likely to place them among the top ten clubs in the division on this measure.
Football Net Debt
Football net debt reflects the total amount a club owes to external parties. This includes bank loans (after deducting cash holdings), funding from owners, loans from related entities such as a parent company, and outstanding transfer fees owed to other clubs, minus any transfer fees the club is due to receive.
At the end of the 2024/25 season, Hull reported £77 million in outstanding loans. Of this, £58 million was owed to related companies, part of which carries an 8% interest rate. In addition, the club owed £19 million to third parties. Interest payments on these loans totaled £3 million during 2024/25.
Since the reporting date, £15 million of this debt has been converted into equity.
The club is also technically owed £29.8 million by Superstadium Management Company, the Ilicali-owned entity that manages the stadium. However, with net liabilities of £25 million, the company is not in a position to repay this loan.
Total debt across the Championship reached £1.4 billion in the 2023/24 season, averaging around £58 million per club. Over £1.1 billion of this debt comprises loans from owners or owner-related entities, which are often converted into equity rather than repaid in cash. Outside of a club sale, it is rare for these owner loans to be settled through cash repayment.
Based on the latest published figures, Hull’s debt ranks as the eighth highest in the division. Note that the loan receivable from Superstadium Management Company is not included in the chart below.
Player transfer fees are typically paid over multiple years, creating outstanding amounts owed to other clubs. Hull do not publish these figures, but our estimates suggest that amounts payable stood at approximately £18–20 million at the end of the 2024/25 season.
Cash Flow
Cash Flows are reported in three categories:
Cash Flows from Operations refer to cash generated from the club’s core activities—revenue minus day-to-day costs such as salaries, rent, and utilities.
Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales.
Cash Flows from Financing cover new loans or equity raised, less repayments or buybacks. If operational cash flow cannot fund investments, the shortfall is usually met through financing.
Like most Championship clubs, Hull have consistently reported negative operating cash flows, averaging around £17 million of outflow per year over the past five seasons, reflecting operating costs that exceed revenue. However, the club has generated positive cash flows from investments—primarily player trading—averaging over £4 million per year. The resulting shortfall has been covered by the owner, who has contributed an average of £13 million annually over the same period
This business model—operating the club at a significant loss, generating some cash through active player trading, and relying on the owner to fund the remaining gap—is now very common in the Championship.
Acun Ilicali’s investment in Hull is now approaching £100 million. While not the highest in the division, it remains a substantial sum and highlights the level of financial backing required to sustain and grow a relatively small club in the Championship.
Information
This information relates to Hull City Tigers Limited for the period from 1st July 2024 to 30th June 2025. The parent company is Acun Medya Holding BV, a company registered in the Netherlands. The company is ultimately controlled by Ali Acun IIicali.
Note, Acun Medya Holding BV also own Superstadium Holdings Limited, which managers the MKM stadium and transacts with Hull City Tigers Limited. As at 2024/25 year end, Superstadium Holdings Limited owed Hull City Tigers £25.8 million.
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