Hull City have again denied speculation that they will enter administration after relegation from the top flight.

A statement issued on Thursday said the club has "no plans... to enter into any form of insolvency process".

Hull have debts of £35m and face some tough financial restructuring as they prepare for life in the Championship.

Earlier this week, chairman Adam Pearson insisted: "Administration is not on the agenda so we have to find another route."

In Thursday's statement, Hull owner Russell Bartlett re-stated the "need to reduce outgoings to a sustainable level in the longer term".

He said: "The management is working flat out to achieve this objective."

606: DEBATE Your views on Hull's relegation

On Tuesday, Pearson told BBC Look North that getting high-earning players off the wage bill at Hull would not be easy.

"It's a difficult time to move players and with the World Cup, it's tricky," he said.

But he would not be drawn on whether Hull would start life in the Championship with a points deduction because of their ongoing financial problems.

He said: "It's really difficult to give you an answer on that. I'm not trying to duck the question in anyway, it just depends on which route we take. But that would be one of the last scenarios."

Pearson will spend the coming week in talks with creditors based in both Hull and London.

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