Hull City owner Russell Bartlett has pledged his long-term support to the club, claiming he is there for the long haul.
Bartlett has said he has no plans to put the club into administration and has reassured fans that he is committed to alleviating their current financial difficulties.
The news comes after Sunderland condemned Hull to almost certain relegation from the Premier League, after Darren Bent's solitary goal left the Tigers six points adrift of West Ham, in 17th place.
In an interview with the Hull Daily Mail, Bartlett stressed his confidence that Hull can recover from their present financial situation.
"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 Mail.
"We are presently preparing plans to trade through and within that process is to significantly lower the wage bill and potentially to restructure other liabilities."
Due to the Premier League's proposed programme of parachute payments, Hull can expect to benefit from a guaranteed income of over £48 million, spread over the next four years.