The Tigers needed to beat Wigan Athletic on Bank Holiday Monday to have any chance of survival, and looked on course to do that as they led 2-1 at the DW Stadium.
But a stoppage time equaliser from Steve Gohouri ensured that Hull are relegated back to the second tier of English football.
It brings to an end a two-year spell in the top division for the Tigers, who are in the familiar position of being heavily in debt - reportedly as much as £30million - and expect to see a raft of player departures this summer as they seek to balance the books after apparently over-spending in an attempt to stay in the Premier League.
City owner Russell Bartlett said the club are trying to avoid going into administration, but should they do so before 4.50pm on May 9 they would ensure any points deduction is made on this year's Premier League total and should ensure they start next season without a deduction in the Championship.