Hull City receive fresh hope

Hopes remain high that Hull City will survive

Hull City have been given a stay of execution by the High Court.

The decision came after the High Court in Liverpool was told two potential buyers had stepped forward.

An administration order was granted until 30 April to give the Third Division club more time to settle their cash crisis.

The court heard how the unnamed buyer would provide £85,000 to keep the Tigers trading at least until a meeting scheduled for 8 March.

Then creditors and shareholders will be asked to vote on a Creditors Voluntary Arrangement which would see the club sold for £360,000.

During the half-hour hearing it emerged that details of a rival bid had been forwarded directly to the court.

Judge Bertie Maddocks ordered that the terms of that and any further bids should be circulated to creditors prior to the March meeting in Hull.

Fans praise

The club was put into administration earlier this month after surviving a winding up order issued by Customs and Excise and the Inland Revenue for unpaid debts.

Giles Maynard-Connor, counsel for Leeds-based administrators Kroll Buchler Philips, said he hoped "the purchaser would be in a position to take the club forward."

He added: "It is credit to the football supporters that gate receipts have been so high in the administration period - no doubt bolstered by the results on the actual pitch."

Earlier the court heard how the administrators had agreed the sale of the club's business and assets subject to contract.

The £85,000 cash injection would pay the players' wages and the rent on the club's Boothferry Park ground.

Speculation

Hull City owe £800,000 to Customs and Excise and the Inland Revenue in addition to smaller debts to other creditors.

The administrators have refused to confirm reports that two mystery American millionaires are behind the bid for the cash-strapped club.

It seems that because we are winning that people think things can't be too bad

  Hull boss Brian Little

The latest lifeline comes at the end of a troubled time for the club including the resignation of chairman Nick Buchanan.

Earlier this month staff arrived at the ground to find themselves locked out of their ground.

The Tigers are currently 10th in the table, just four points off a play-off place.

Manager Brian Little said: "It seems that because we are winning that people think things can't be too bad. But they are so wrong. It has been so difficult.

"Players have not been paid, we have had two leave us for a new club and we have had to reduce training sessions during the week because some lads can't afford to get to the ground."