Hull City owner Russell Bartlett has revealed the club need to reduce their wage bill to around £15million after their relegation from the Premier League.
It has been reported that the Tigers are £35million in debt and it has been rumoured that the club could be forced to go into administration meaning a 10-point deduction next season in the Championship.
The club were all but relegated on Saturday after their 1-0 defeat against Sunderland at the KC Stadium, leaving them six points behind West Ham United but with a considerably weaker goal difference.
After spending millions of pounds on a host of players during their two-year spell in the Premier League, the Humberside club are in a financial crisis.
The Hull board are set to meet this week to discuss the club's financial crisis with a major restructure of the club and a fire-sale of players seeming certain.
Tigers owner Bartlett however, has suggested the club's financial situation can be resolved.
"We face a tough period to trade through the transitional period and readjust the business to life in the Championship, but I am confident we can do that," Bartlett told the Hull Daily Mail.
"We are presently preparing plans to trade through and within that process to significantly lower the wage bill and potentially to restructure other liabilities."
Hull Chairman Adam Pearson launched a scathing attack on his predecessor Paul Duffen at the weekend for his reckless spending.
Pearson returned to the KC Stadium in November for his second stint at the club and tried with little success to offload a number of fringe players in the January transfer window aiming to reduce the club's crippling wage bill.
Bartlett added: "A significant number of the player contracts contain step-down clauses in the event of relegation, coupled with five players coming out of contract or loan players returning to their clubs, which will help reduce the wage bill for playing staff to about £21million."
The likes of Stephen Hunt, Jimmy Bullard, Geovanni, Kamil Zayatte and Jan Vennegoor of Hesselink all look likely to leave the club in the summer to reduce the Tigers huge wage bill.
"We must now get down to concentrating on reducing the wage bill to about £15million in the Championship to establish financial viability and stability," Bartlett continued.
"Subject to this, I anticipate we will be very competitive next season."
Become a fan of Goal.com UK's Facebook fan page for all the latest news and insight into everything related to the beautiful game!