Ask DFS



Back on topic... Sadler normally has an insider (at the RFL I'd guess) and knows things generally before the public so with him confirming something can only be good news, even if its only "in principle" for now.
He tweeted a takeover of Bradford was agreed about a week before it went to press as "official". Even his own paper, LE only reported speculation at the time when he bloody well knew!

And there doesn't appear to be any change in ownership of Salford Football Club (1914) Ltd - nothing registered at Companies House since 8th December when the accounts were filed - curiouser & curiouser said Alice!

A Newco usually is independent of the parent, the debts stay with the parent. This is usually after a club goes into administration and a buy out happens.
That's why Rangers NewCo didn't receive any money from players that left.

Was the petition dismissed today?

Not sure but I think all creditors have to agree and have to be treated equally but I could be wrong.
I assume the Wilkinson loans were converted to equity and are lost forever,unlike the creditors who will be paid over 5 years.
I think the carrot is to tell people that,if they don't agree to this,the firm will be liquidated and nobody will receive anything.
The CVA might well have been a RFL stipulation to allow the Rugby franchise to be transferred to a Newco.

Also to avoid a points deduction. I imagine there are benefits for Koukash here if he is indeed paying off the debt. For one, the newco doesn't inherit a bad credit history.

[url=http://www.thebusinessdesk.com/northwest/news/438677-debt-negotiations-go-on-for-salford-reds.html?news_section=4158Debt negotiations go on for Salford City Reds[/url