The directors present the strategic report for the year ended 30 June 2025.

The directors report a loss before tax for the year, after exceptional items, of £10,224,324(2024: £18,849,982). The Club also recorded strong revenue growth, with turnover being £25,821,819 (2024: £21,229,828 ), primarily driven by:

• Increased broadcasting revenues, sponsorship and enhanced commercial partnerships.

The Club's long-term strategy focuses on achieving sustainability through responsible financial management and targeted investments in key areas.

Key Performance Indicators (KPIs)

The directors monitor the following KPIs to assess the Company’s performance

Regularity Environment

The Club operates within a robust regulatory framework overseen by the FA, EFL, UEFA, and FIFA. These regulations have a direct impact on various areas of the Club's operations, including:

• The division and allocation of centrally negotiated broadcasting and sponsorship revenues.

• Compliance with Profit and Sustainability Rules under EFL regulations.

• Adherence to player transfer market rules and financial reporting standards.

The Club maintains a dedicated compliance team to monitor changes to these regulations, ensuring timely implementation and strict adherence. This commitment enables the Club to mitigate risks and operate responsibly within the rules governing professional football.

Equality and Diversity

The Club is committed to promoting an inclusive and diverse environment across all areas:

• Zero Tolerance for Discrimination: Upholding policies that foster a safe and respectful environment for players, staff, and supporters.

• Community Representation: Reflecting the diversity of the local community within the Club’s workforce and fanbase.

Section 172 Companies Act 2006 Statement

The directors act in accordance with Section 172 to promote the long-term success of the Club, considering:

1. Long-term Consequences: Investments in infrastructure, Academy, and first-team squad.

2. Employees: Ensuring a supportive, inclusive, and healthy workplace.

3. Relationships: Building and maintaining partnerships with key stakeholders.

4. Community Impact: Supporting initiatives that enhance the local area.

5. Reputation: Maintaining high standards of conduct and compliance.

6. Fairness: Acting in the best interests of all stakeholders, including fans, employees, and shareholders.

Long-term Consequences

The Club is committed to operating ethically and fostering strong relationships with stakeholders. The board takes proactive measures to mitigate adverse impacts that could harm stakeholder relationships. Compliance with financial regulations, such as Financial Fair Play rules, ensures responsible, sustainable, and transparent financial management.

Interest of Employees

The health, safety, and well-being of employees remain a priority for the club. It actively promotes equality and diversity, ensuring a discrimination-free environment regardless of age, disability, ethnicity, nationality, religion, race, gender, or any other characteristic.

First Team

The season presented both challenges and opportunities, culminating in success as the club secured its divisional status. Despite setbacks, the collective effort of the players, staff, and supporters contributed to achieving critical goals. This success reflects the club's continued dedication and the long-term investments made by ownership and management.

U21’s and Academy

Hull City remains committed to developing young talent through its academy structure. Investments in coaching, player welfare, and education are ongoing, alongside significant enhancements to the facilities at the Hull City Academy to nurture the club's future stars.

Community Activity

Hull City is dedicated to making a positive impact in the local community through partnerships with local authorities, organizations, and commercial collaborators. The club's community trust implements strategic plans to support local development, prioritizing initiatives shaped by local feedback to deliver meaningful benefits for those in need.

Supporter Relations

Supporters are at the core of the Club’s values. Key actions include:

• Enhanced Matchday Experience: Upgrades to stadium facilities, improved hospitality, and family-focused initiatives.

• Digital Engagement: Leveraging online platforms to provide updates, interact with fans, and grow the Club’s global presence.

The Club appreciates the unwavering support of its fanbase and continues to strengthen these relationships.

• League Performance: Relegation risks that affect broadcasting, ticketing, and commercial revenues. Mitigated through sustained investment in squad performance.

• Financial Sustainability: The Club remains focused on prudent cost control, debt management, and growing non-matchday revenues.

• Regulatory Compliance: The Club strictly adheres to the EFL, FA, and UEFA’s financial regulations, ensuring responsible spending and reporting.

Looking forward, Hull City will continue to:

• Enhance Infrastructure: Develop the Academy, upgrade training facilities, and improve fan experiences at the MKM Stadium.

• Grow Commercial Revenues: Expand partnerships and digital engagement to secure sustainable financial growth.

• Engage with the Community: Continue initiatives that support education, health, and grassroots football.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 June 2025.

The principal activity of the company continued to be that of professional football.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

In accordance with the company's articles, a resolution proposing that bk plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Hull City Tigers Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. To gain further comfort over going concern, we have obtained a letter of support from the ultimate owner who will continue to support Hull City Tigers Limited, for the next 12 months, if the support is required.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Reviewing minutes of meetings of those charged with governance, if available;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Hull City Tigers Limited is a private company limited by shares incorporated in England and Wales. The registered office is MKM Stadium, West Park, Hull, England, HU3 6HU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company relies upon the continued support of it's ultimate owner. The ultimate owner has agreed to provide funds to meet all trading obligations as they fall due and will continue to support the company.

Turnover, which excludes value added tax, represents receipts and all other income associated with the company's principal activity, excluding fees receivable from other football clubs on transfer of players' registrations.

Match day receipts are stated after deducting the percentage based payments to The Football Association, The Football League and visiting clubs. The revenue is recognised over the course of the football season as the games are played.

Broadcasting fees are recognised over the course of the season as the games are played. The fixed element of broadcasting income is recognised over the course of the playing season.

Sponsorship and similar commercial income is recognised over the duration of the respective contracts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Players transfer fees and related costs of player registrations are capitalised as intangible fixed assets and are amortised over the period of the player contracts. Coaching staff contracts are also capitalised and amortised over the length of the contract. Where there has been an impairment in value, provisions are made to reflect this.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The opinion of the directors is that it is correct to prepare the accounts on going concern basis. As disclosed in the note 1.2 above, the company relies upon the continued support of its ultimate owner Ali Acun Ilıcalı, who is solvent. Ali Acun Ilıcalı has provided funds to meet all trading obligations and will continue to support the company. The opinion of the directors it is correct to prepare the accounts on the going concern basis.

The management has also made its own assessment and it has considered its ultimate owner support and other internal sources of information.

The directors review the net book value of player transfer costs and consider the likelihood of the company obtaining economic benefits from each contract. If the estimated economic benefit is lower than the net book value at the time of review, an impairment provision is recorded.

Management estimates the recoverable amount of trade receivables based on historical collection patterns, customer credit risk, and current market conditions. Provision is made for balances where recovery is uncertain.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

At 30 June 2025, assets with a net book value of £67,549 were held under hire purchase contracts and are secured over assets.

The long-term loans are from ACM BV Group and Allamhouse which are not secured. Interest is charged at 8% on the ACM BV Group loan, and 0% on the loan from Allamhouse.

Allamhouse loan is non-repayable unless promoted to Premier League.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company has entered into player transfer agreements that include contingent consideration clauses. These clauses require additional payments to selling clubs if certain conditions are met, such as player appearances or team performance targets.

As at the reporting date, the maximum potential liability under these agreements is £591,600. The timing and likelihood of these payments depend on future events that are uncertain at this stage. No provision has been recognised in these financial statements.

The company also has agreements that may result in the receipt of additional income if certain conditions are met, such as future player transfers or performance-related bonuses. The maximum potential inflow under these agreements is £4,257,000. The timing and likelihood of these receipts depend on future events that are uncertain at this stage. No asset has been recognised in these financial statements.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The operating lease relates to the use of the football stadium, which is leased from a related party. Lease rentals are payable under normal commercial terms and are subject to periodic review.

Subsequent to the reporting date, the company converted loan balances into equity. One ordinary share was issued at nominal value, with a share premium of €16,753,624, resulting in the conversion of total debt of €16,753,625.

The Company also completed sale of certain players registrations for aggregate consideration of £4.3 million.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The interest received on the group loan from Superstadium Management Company Limited is £1,540,869 (2024: £1,159,417).

The interest paid on the group loan to ACM Sport is £3,040,215 (2024: £1,871,766).

The operating lease relating to the rent payable of £34,246,296 (2024: £35,469,378) is with Superstadium Management Company Limited.

Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

The directors loan account balance has been cleared and fully repaid afterdate.

The parent company is Acun Medya Holding BV, a company registered in Netherlands, under the company number 67477801.

The company is ultimately controlled by Ali Acun Ilicali.