Pearson reveals latest state of play at the Black & Whites
IT was a high-profile week for Hull FC. The club parted ways with Tony Smith on Thursday, with Hull Live then exclusively reporting that a Director of Rugby would be appointed with the club also working towards new investment.
Adam Pearson has also commented on some pressing Hull FC topics.
The real salary cap question
Pearson was firm on the salary cap when asked by Radio Humberside on Friday, confirming what he told the Mail back in October and in January that the club are spending to cap.
“We are spending, despite what everybody says, £2.35m a year,” Pearson said. “Whether that has been well spent is a better question than asking why we’re lower than that.”
Tony Smith grace
Pearson told the BBC: “Tony was dealt a very difficult hand and it became clear it was far more difficult than first envisioned. He should be commended for trying to turn it around in the tireless way that he did.
“Have we got all aspects of recruitment right in this particular batch of players? It’s inconceivable for me to say that we have. We obviously have made mistakes there and that has impacted the ability for Tony to turn the team around quickly enough.
“Sports clubs post covid are a difficult environment and he’s done it without complaint and I take my hat off to him. He’s a professional person who has gone about it in the right way, but for some reason, it just hasn’t worked, and I felt the time was right to make that move.”
A new Director of Rugby
“We have a new Director of Rugby hopefully starting next week,” Pearson said. “It will be his job to find the next coach. He’s assisting and working through the process.
“He is working behind the scenes to identify the next coach and bring in players for us this year.”
Investment in the club Pearson has confirmed investment into Hull FC is well on the way to becoming a reality, with up to three parties interested in adding capital into the club in exchange for Pearson’s shares, who has owned a 100 per cent stake since his 2011 purchase.
“I’ve been in talks for quite a long time now,” Pearson told the BBC. “We’ve got two or three interested parties at varying stages in that process. I’m offering equity for an injection into the club, so my shares are there for no consideration at all.
“We are working with a corporate partner in Leeds to work through the best particular offer that we can get. They’re all different kinds of offers, but basically, it will be an injection of capital into the club, which would take us back to being able to compete within the top five clubs in the Super League.”
Hull’s financial losses
“Super League last year lost £14m between the 12 clubs,” Pearson said. “Every club is averaging a £1m loss. We’ve lost £5m in the last three years. We’re just about to post another £1m loss for 2023.”
However, despite labelling rugby league as an ‘unsustainable sport, Pearson believes Hull FC can get back to turning a profit.
“Rugby League is an unsustainable sport.” he added.
“The reason for that is Sky have dropped us 35 per cent during Covid and they now pay us £1m less than they did in 2016. The rest of the revenue streams are in place, but rugby league is now no longer sustainable.
“Hull FC can be and we will move towards that this year having repaid a huge amount of government loan. We played behind closed doors but had to take players off furlough, incur a large debt, and now have to repay that debt. That’s what we’re doing now.”
FC’S future at the MKM Stadium
“We have four years left at the MKM Stadium and I fully expect us to stay there and extend that lease,” Pearson said. “The council are completely on board and is supporting us with an extension to play there.”