HULL FC's accounts for the year ending October 2012 have been published by Companies House confirming losses just short of £500,000.
The news will come as little surprise to Hull fans, with owner Adam Pearson having previously outlined an expected loss around that amount.
The actual loss stands at £485,543, a figure both Pearson and the club had braced themselves for following a second year of heavy investment at the KC Stadium.
Following his arrival as club owner in 2011, Pearson warned an under investment in the club's facilities would mean two difficult years of trading.
However, with facilities and staffing levels now improved, the Mail has been told the Black and Whites are confident Pearson's investment will pay dividends, with losses expected to fall, with the hope of moving towards reporting a profit in the next three years.
Pearson has also been demanding an improvement on the field following his substantial financial support, and reaching this year's Challenge Cup final could have a significant impact on next year's published accounts.
With £100,000 awarded to the winner of the competition and £30,000 for the runners-up, as well as a guaranteed 30 per cent of gate receipts and a significant uplift in the club shop as fans rush for merchandise, Hull will be confident of wiping out the majority of this year's £485,543 debt from their cup run alone.
Speaking recently regarding the losses and Hull's cup run, Pearson said: "The Cups never go in the budget, they are always a bonus.
"Undoubtedly we've just posted big losses for last year and we've invested a lot of money in the club.
"It's a nice bonus not to have to do the same again now this Christmas."
