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On the day that news broke of the proposed deal from Superleague Europe (SLE) to take over the Bradford Bulls, BullBuilder arranged a meeting with Blake Solly, RFL Director of Licensing and Standards, to find out more details of the way ahead for the club.
In a constructive meeting, we established that SLE look on this as a short-term measure and are confident of attracting a long-term, unconditional bid in the near future.
Solly could give no guarantees about the division in which the club will play next season: he commented that the debt of the club remains a concern and is estimated to be approximately £1.5m. However, he assured BullBuilder that the club would continue to play at Odsal for the foreseeable future.
If the SLE bid is accepted, we understand that players will then be free to speak to other clubs to secure their future for next season. Where recently redundant back room and coaching staff are concerned, there is a likelihood that some may be re-employed.
However, in the interim, those staff are still not being paid and are unlikely to be reimbursed for their unpaid work in the mean time, so the Hardship Fund instigated by BullBuilder is still required.
Therefore, BullBuilder intend to carry out a bucket collection in support of the Hardship Fund at this Sunday’s home game against Widnes.
We will be looking for the club’s support in this, but can guarantee that all money raised will go toward the Hardship Fund. Supporters’ generosity has already made a major contribution to relieving financial distress suffered by individuals as a result of their commitment to the Bulls, with funds of £4,200 already allocated or distributed. Thanks to all who have made this happen.
We thank Blake Solly for taking the time to speak to us and look forward to a constructive relationship, allowing BullBuilder to communicate the views of the fans to the RFL. We have agreed to further meetings after the SLE deal has been ratified, and will keep BullBuilder members informed.
www.bullbuilder.co.uk/NewsItem.a ... d887bf5c2c |
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On the day that news broke of the proposed deal from Superleague Europe (SLE) to take over the Bradford Bulls, BullBuilder arranged a meeting with Blake Solly, RFL Director of Licensing and Standards, to find out more details of the way ahead for the club.
In a constructive meeting, we established that SLE look on this as a short-term measure and are confident of attracting a long-term, unconditional bid in the near future.
Solly could give no guarantees about the division in which the club will play next season: he commented that the debt of the club remains a concern and is estimated to be approximately £1.5m. However, he assured BullBuilder that the club would continue to play at Odsal for the foreseeable future.
If the SLE bid is accepted, we understand that players will then be free to speak to other clubs to secure their future for next season. Where recently redundant back room and coaching staff are concerned, there is a likelihood that some may be re-employed.
However, in the interim, those staff are still not being paid and are unlikely to be reimbursed for their unpaid work in the mean time, so the Hardship Fund instigated by BullBuilder is still required.
Therefore, BullBuilder intend to carry out a bucket collection in support of the Hardship Fund at this Sunday’s home game against Widnes.
We will be looking for the club’s support in this, but can guarantee that all money raised will go toward the Hardship Fund. Supporters’ generosity has already made a major contribution to relieving financial distress suffered by individuals as a result of their commitment to the Bulls, with funds of £4,200 already allocated or distributed. Thanks to all who have made this happen.
We thank Blake Solly for taking the time to speak to us and look forward to a constructive relationship, allowing BullBuilder to communicate the views of the fans to the RFL. We have agreed to further meetings after the SLE deal has been ratified, and will keep BullBuilder members informed.
www.bullbuilder.co.uk/NewsItem.a ... d887bf5c2c | |
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| International Chairman | 6038 | No
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| Apr 2002 | 23 years | |
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| Quote Bullnorthern="Bullnorthern"I think the statement was published in the T & A the day after administration. The season ticket issue was included in a headline box summarising the debts.
I'm sure that Guru did mention it but my source was not him /her but the article.'"
The T&A stated that their source was P&A. | | | |
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| International Star | 750 | Bradford Bulls |
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| Jun 2012 | 13 years | |
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Adey-- I am sorry that my post upset you so much.
There are few occasions when I disagree with your conclusions but this is one of them. I respect your financial experience and acumen
For the record I am not allied to any side in this whole sorry mess-- I do not know and have never met any of the old or new board members and I think you will find I have been consistent in preferring a completely new set of directors.
I am frustrated that I cannot locate the "summary box" from the T & A on which I based some of my comments-- if anyone can help and post a link I'd be grateful. I took a cutting from the isuue of 26th or 27th June but I passed it to a friend who is away on holiday. Otherwise I'd have copied it so people could judge better.
However I am 99% sure of 2 things-- the T&A showed the administrators as the source (thanks to Cibaman for corroborating this) and the 2010 & 2011 season tickets were included as unpaid tax liabilities. I cannot for the life of me believe that BG would risk his reputation by allowing his company to be effectively quoted in the press-- it was not one of those anonymous/unattributable sources but the P & A Partnership.
The consistent message has been that there are around £1.5 million of debts-- I am just as brassed off as the rest of the fans that this has never been properly analysed. But I cannot see why anyone would overstate the size of the debt.
And that was the point of my post-- not to relive or rake over the past but to say "this is where we are and this is the obstacle any rescue has to overcome".
And finally the most likely reason for HMRC moving to wind up is that the Bulls payment record gave concern. One way or another the scale and background of all the debts will be revealed. In the meantime I suggest we accept that the debts are somewhere around 1.5m and hope that the RFL /SL find a buyer.
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| Moderator | 10969 | Bradford Bulls |
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| Mar 2002 | 23 years | |
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Biggest reason I can think of for a sudden rise in the debt figure after admin is the cost of the admin itself, plus the cost of the earlier 'review' which triggered the admin. One thing for sure is the administrator and his company won't be going without their slice of the cake. A plague on all their houses..
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The odd thing is that had not £500,000 been raised from the pledge and a net cash receipt of £250,000 not been gained from the sale of the lease then the Overall debts would have been at 31/12/2011 not £1.5m but around £2.2M
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| International Chairman | 14145 | No
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| Dec 2001 | 23 years | |
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| Quote bobsmyuncle="bobsmyuncle"The odd thing is that had not £500,000 been raised from the pledge and a net cash receipt of £250,000 not been gained from the sale of the lease then the Overall debts would have been at 31/12/2011 not £1.5m but around £2.2M'"
Bit baffled by the logic of that? If trying to reconcile back from the supposed £1.5m at 26/6/12 to what the creditors were likely to be at 31/12/11, you'd need to make a lot more adjustments than just those - not least for the losses in the 6m since that date, and the creditors at 26/6/132 that crystalised on administration.
We know we had 0.7m owing to the RFL, and 0.25m owing to HMRC for image rights tax. Lets assume they owed 2 months PAYE call that 0.2m and trade and rugby creditors of say 0.3m, and lets say an overdraft usage of £0.3m that gives around £1.75m. But that's really too simplistic, since there are so many numbers we do not know and may never know as few hard numbers have been put in the public domain. We'd have a bettter idea if we knew what comprised the huge "accrued expenses" figure at 31/12/10, although I am assuming that included the final Harrisgate instalment, the image rights tax estimated liability and (you would hope) income in advance for season tickets etc. | | | |
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