As I said at the time how fortunate(icon_smile.gif)) they fell out with Elliot and were able to get some cash in otherwise they would not have been able to attract any new players at all.OK/GS want to be CHEERED but,imo,do not/or can't, provide finances.We need someone with REAL CASH not an Honorary Chairman.I never thought this lot had longevity and here we are.What did Joe Whilley see?
Caisley,where are you?

thanks for the good wishes, suspect we'll need them! And youre right, I can't understand why this hasn't been forseen, there has been no out of the blue one off costs (that we've been told of) it just seems the cash reserves have slowly dryed up as expenditure is bigger than income. Could it have been that hard to see it coming? and have the contingency plan in place to avoid the bad PR and a demotivated squad ahead of a crucial game?

A bank loan is one thing for this pay run, but what I want to know is whats going to change for next month? Or the close season?

Quite.

A response to an email I sent the club about the situation;



See how easy it is get actual facts rather than speculate or spread pronouncements of doom?

No,the actual FACTS would be if you had the Bank Receipts/statement in front of you.
It don't sound good to me.

Caisley,where are you?

Someone asked why didn't OK bridge the gap? It turns out he tried but count get the money across in time.

Yes, it's a poor situation and it's bad news for the players/staff at the club. But it's not that they're not going to be paid, they will just be getting paid late.

But this sort of answer isn't good enough for some, it seems. If you're not happy why not email Ryan Whitcut yourself?

You assume actual facts = club statment

If OK was putting "his money" in then you can make transfers between bank accounts virtually instantaneously so there would be no reason for this delay. The RFl statement refers to "3rd" party finance and bank loans. So perhaps OK is getting a loan from the bank which he is going to guarantee - that could take some time, but is definitely not the same as putting cash in. Loans are effectively advances against future cash flows - and if the bank thought they were certain they would not be asking for a guarantee.

As for hoping for Mr C to rush in does he have any spare cash? and would he have issued even the spun version of the facts Roofaldo2 was sent?

So why don't you email the club and ask for clarification? Or is it much easier to sit back and but your own spin on what you e been told so that it fits your own theories?

If you are putting in cash - as in actual money from your bank account - then you can do that the same day. So if OK was putting "his cash in" - and by cash I think must people reading the the press release take this to mean actual readies - there would be no delay. As I said OK could well be backing a bank loan - which would explain the delay till the 8th - but that isn't the same as the impression they are trying to create in the press release and the reply you got from the club. I am just pointing out that by using the expression "cash" in the annoucement it clearly isn't in the way most people reading the release would understand it otherwise there would be no delay.

Whatever the final truth, there does seem to be a spectacular lack of planning here.
A simple cash flow spreadsheet (doesn't every company have one?) would have predicted the cash shortfall well in advance - who is responsible for day to day financial matters in the club?

For some people it's never good enough. The club could come out with the complete utter truth personally and face to face with them and they still wouldn't believe it.



I for one am happy with the reply you've had from Ryan, I have no proof to contrary and so no reason not to believe it. Also there was a tweet from Robbie last night in reply to someone who asked about the situation, he said it is a glitch that they will move past. If I was to trust anybody from the club's word, it would be his. Onwards and upwards.

Does anyone think that it is ironic that the clubs main sponsor is a loan company?

in Koukash we trust sign sammut and carvell !!!

Er, i don't think he did, and it's an email from RW, not a club statement.


This is a general statement and not about OK as I have no clue as to his personal assets, but I hope you don't actually believe that people with substantial wealth leave six figure sums idling in current accounts doing nothing, available at the cashpoint. If you did, trust me - they really don't.


First, I would be astonished if any bank lent large sums of money to ANY rugby league club without some form of security or guarantee. Wouldn't you? As to "definitely not the same as putting cash in" - I'm not sure what you mean? I am sorry but this seems naive. Roman Abramovich or other multi billionaires could probably just "put cash in" to their club but for normal people clearly the money would have to be sourced from somewhere and paperwork would have to be done.

The other point many ignore is that whilst a bank or other financial institution may indeed insist on a guarantee, the last thing they want to do is to be having to enforce that guarantee. It is a last resort option. Forget the Bulls - no company will obtain substantial business funding, even if a guarantee is offered, if the proposed lender believes the proposed arrangement cannot realistically be serviced..

If the club ATEOTD receives funds sufficient to then pay out the wages, what difference does it make to the players or the fans? Whereas you do a disservice to OK himself. If he is, as you suggest, getting the funds by offering a personal guarantee of some sort, then if the club defaults he would be personally liable. So what, materially, is the difference? It looks like he is prepared to put more and more of his own neck on the line to finance the club. Who else is? I don't see any queue.

Who's the Bulls' sponsor? Can't get a loan try the C of E or Wonga!!!

Can anyone work out where the figure of £840k has come from?

I doubt it's for one specific thing, most likely it's made up from a number of smaller cash inputs to shore up short falls

I doubt it's for one specific thing, most likely it's made up from a number of smaller cash inputs to shore up short falls

I think FA you work in the legal profession so surprised you dont think a e-mail signed RW General Manager, Bulls, Odsal would not be interpreted as a statement from the club?

No I don't think OK keeps a pile of cash under his bed and I am perfectly aware you would be silly to keep large amounts of cash in a current account , but most financial savings instruments can be converted within days. Now I freely admit that this is just my personal assumption but if there are proper financial controls and forecasting in place at the club then this cash flow problem with the July wages should have been obvious several weeks if not months ago - so the delay is not just the time between now and the 8th.

Paying wages on time is important in any business, and the message it sends when you fail to do this is important. We know how the club is being massively disadvantaged with its reduced share of the Sky money and my concern if we are looking for bank support is that we have a genuine problem once again with basic working capital, and before you point it out I am aware that it is a problem most of the other clubs are wrestlling with all the time

I think that is the amount of sky money we lost

Doesn't need to be interpreted, it's an email reply to an email enquiry.


Maybe, maybe not, but we don't know if or when the management foresaw a possible funding shortfall, and probably never will, so there's no basis for me to comment. Save that it's possible they could see the train coming, but couldn't stop it in time.


Nobody would argue with that. I'd imagine the club would have done anything to avoid this terrible adverse publicity.


Who wouldn't be worried, all the more so given what we've been through, but I am certain that the crazy fixture list (one home game in something like 2 months) must be a significant contributing factor. That really is an absolute disgrace, doubly so when we are already on half money.

It's not just a matter of paying the player/staff wages though, albeit late.
It sends out the wrong message to trade creditors who will think here we go again and consequently demand quicker payment for outstanding invoices or withdraw their services or stop supplying goods until paid.

Some of it will probably be the sky cash I reckon. A new compnay with no history also can't get credit so a lot of things will have had to have been paid for up front.

Also a number of suppliers that the previous company used will have to be dealt with as they'll be specialist suppliers meaning they may have had to settle debts that the old company ran up to continue trading with them.

It's a new company with no history. It's unlikely they had credit with most people yet anyway.

Whilst feeling sorry for the players I think they should cast their minds back to their abject display on 10 May and what that meant for revenue over the summer months. Given London's ties in the Challenge Cup we could have had at least had two extra games including a semi-final.

That said we must have been aware when the fixtures were published that there'd be a shortfall coming.

If the players think the best response to this is to shut up shop and finish the season early then they're foolish in the extreme. They now need to go all out and secure the club play-off football - that's the only way to get extra income and generate some feel good factor for 2014.