Hull missed the chance to go third in the Sky Bet Championship after twice coming from behind to salvage a 2-2 draw away to rock-bottom Sheffield Wednesday.
Wednesday, who took step closer to a takeover on Christmas Eve when a consortium led by James Bord was named as the preferred bidder by administrators, initially led through Svante Ingelsson before Mohamed Belloumi claimed City's first equaliser.
Matt Crooks earned the Tigers a point at Hillsborough with a 65th-minute leveller after Bailey Cadamarteri had restored the Owls' advantage.
Hull stay fourth, below Ipswich on goal difference, while the hosts move on to minus eight points but remain without a home league victory this season after their wretched winless run stretched to 16 games.
Beleaguered Wednesday were playing their first home Boxing Day fixture since the 2015/16 season a decade ago.
That memorable campaign - the first under former owner Dejphon Chansiri - concluded with defeat to Hull in the Championship play-off final, while this miserable one is almost certain to end in relegation.
The Owls began brightly and were rewarded with a 21st-minute lead.
A long pass from goalkeeper Pierce Charles breached the Tigers' backline and Swedish midfielder Ingelsson raced clear to dispatch only his second Wednesday goal beyond Ivor Pandur.
In-form striker Ollie McBurnie headed wide as Hull sought to respond before an effort from Belloumi - which may have been flying wide - was blocked on the line by Wednesday's ex-Hull defender Liam Cooper.
Backed by almost 4,000 travelling fans, the visitors levelled eight minutes before half-time.
Algerian winger Belloumi collected an incisive pass from Crooks and stepped inside Cooper to fire his first goal since September 2024 into the bottom right corner.
Hull were perhaps fortunate to avoid a red card when defender John Egan, who had already been booked, escaped punishment after appearing to stand on the ankle of Ingelsson.
Referee Stephen Martin then frustrated the away side in the final moments of the half, blowing for a free-kick in Wednesday's favour before Liam Millar found the net from Belloumi's right-wing corner.
McBurnie went clean through in the opening minutes of the second period but was unable to get a shot away due to pressure from Owls defender Gabriel Otegbayo.
Although Hull are competing at the top end of the division, only their opponents began the day with a worse defensive record and they fell behind for a second time on the hour mark.
Barry Bannan's diagonal ball into the box picked out the unmarked Cadamarteri, who chested down before the lifting the ball over Pandur to score for the first time since August.
Hull equalised for a second time just five minutes later when Crooks' attempted pass inside the 18-yard box broke loose for him to sidefoot beyond Charles.
Wednesday - without a single senior outfield player on their bench - were on the back foot for large periods of the second half.
Hull substitute Kyle Joseph went close to a winner in the first of eight minutes of added time but the Owls held on to register only a 10th point of a challenging campaign.
Sheffield Wednesday's Henrik Pedersen:
"It was generally a strong performance from our side.
"The first 35 minutes was really strong. We were very compact defensively but on the ball we were strong. We had a good intensity on the ball and a good dynamic on the ball.
"I'm generally proud of the performance. How the senior players led the young guys was amazing."
Hull's Sergej Jakirovic:
"I'm satisfied with this point because how we played today was not so good, without energy.
"We played like today it's Christmas. On 20 per cent of what we can.
"We showed maybe good character because two times we were down and we came back.
"If you ask them (the players) maybe they will say they gave 100 per cent but I know my team.
"You can make this game easy for you if your attitude, your approach is professional. In this league you cannot beat anyone without maximum effort."
