The Tigers look to have found a way out of their financial troubles with the imminent takeover of local businessmen Assem and Ehad Allam, but the recent figures show some of the mess the club was and still is in.
A statement on the club's official website revealed agents' costs of £3m between October 1 2008 and September 30 2010, most of which came during the East Yorkshire side's two-year stint in the Premier League. This is added to the £1.5m still outstanding.
Pearson told the Hull Daily Mail: "The football club has been guilty of paying over the odds on agents` fees. We've had a bill of £3m to pay dating back to the period between the summer of 2008 and summer of 2009 and there's around £1.5m still left to pay over the next year
"The club could not afford those figures. In my opinion, it should have been a third of that when you put it in context with our assets.
"The days of us paying half a million on a deal are long gone. Someone would be lucky to get that figure with a nought taken off now."
Source: PA
Source: PA