Paul Duffen admits the pressure resulting from Hull’s poor results this season led him to resign as the club’s chairman.

But he wished the club continued success as they bid to retain their Premier League status.

Duffen stood down on Wednesday morning after pressure mounted on him and manager Phil Brown following the club’s poor start to their second season in the top flight, which has seen them take just eight points from their opening 10 games.

In addition, the club’s accounts – finally released this week, five months behind schedule – showed borrowings of £22million, prompting accountants Deloitte to predict the Tigers will have to raise £23million to balance their books should they be relegated, and £16million if they survive.

In a statement, Duffen said: “When I succeeded Adam Pearson as chairman of Hull City Football Club in June 2007 I was very aware of the responsibility to build on his legacy.

“I articulated an intention to take the Tigers to the previously uncharted waters of the Premier League and to the eternal credit of the players and coaching staff, that seemingly ridiculous ambition was achieved 11 months later thanks to a victorious debut appearance at Wembley in the play-off final.”

The Tigers will reveal more regarding the future control of the club at boardroom level early next week.

Reports have linked former chairman Pearson, who resigned from a similar role at Derby this week, with a return to the KC Stadium, but Brown remained tight-lipped on that issue.