Hull City have confirmed that Adam Pearson's consultancy role with the club has been terminated with immediate effect.

The news comes just a day after reports claimed that manager Nick Barmby has been suspended for comments that he made to the media about the club's finances.

"Having listened to media speculation today over funds not being available in the January transfer window, we reiterate that funds were available as previously stated by us," read a statement from the club's owners.

"We also confirm the club has terminated the consultancy agreement with Adam Pearson without notice and without compensation.

"We are also aware of speculation about the club being up for sale. We can categorically confirm there is no truth in that rumour and we are fully committed to Hull City and its future."

The club are still yet to comment on speculation regarding Barmby's future.