Duffen resigned last month citing the team's poor form, but just a day after the publication of an alarming financial report alongside the club's accounts.

Auditors stated the club would need to raise £23million just to balance the books if relegated from the Barclay's Premier League this season.

That led to reports Hull's debt had spiralled to around £27million but new chairman Adam Pearson has stated it is around £9million.

Duffen told the Daily Express: "It is no different to the reality faced by many Premier League clubs. I'm pleased the actual debt of Hull has been confirmed at £9million, a wholly acceptable figure on a club turnover in excess of £50million."

Duffen has also insisted the club's £30million wage bill is manageable and that payments to agents were not excessive.

He added: "That is in the bottom quarter of the Premier League's wage table - and it would have been less if we had moved on more of the players we wanted to in the summer.

"Over my tenure through three summer transfer windows, the amount paid to agents would be less than £3million, not the £5.5million mentioned in some quarters. And that was on more than 30 transactions."