If clubs with a benefactor like these can be allowed to operate,
London net worth £-8,865,285
Hudds net worth £-7,325,812
Yet clubs without and ok with debt are at risk.
Bradford Total Current Liabilities : £1,873,863
Castleford Total Current Liabilities : £2,200,043
Before any smarty pants have a go, I would imagine our records prior to admin were as bad as these if not worse.

I don't recall the figure (though I seem to remember it was posted on here), but I don't think we hit the 2 million mark. Seem to remember it was between 1 and 1.5m, but I could be wrong. Either way, it makes little difference. The key will be to see how we manage to operate over the next few years, now that the historic debt has been wiped clean.

The figures certainly show the difference between operating with a sugar daddy at the helm and operating without. You have to ask yourself whether our sport is sustainable in the long term in its present format.

Debt on its own isn't a problem. It's whether the debt can be managed/ serviced.

The debt is utterly irrelevant it's your ability to service it that matters. This is usually defined by your cash flow.

The debt of the old club was fairly small, however it still outstripped our ability to pay what we owed per month - cash flow. By 2010 we were struggling with debt at the same time as the credit crunch took a huge bite out of Teds personal wealth. In the past he'd personally guaranteed the the clubs debt, now he couldn't and possibly wouldn't anymore. This was also combined with the clubs only asset slipping away - the ground. In Bradford style the club was beyond repair by the end - although unlike Robbing Hood and Co the old board didn't or couldn't (benefit of doubt) fleece the fans to get their monies back before they left.

Clearly there must be some difference between the Cas and Bulls situation and the type of debt as Cas situation is not as far as we know as urgent as Bradford despite being a higher figure.

Truth is most RL Club bosses do their best but no one saw this recession being as long and severe as it is - running a RL must be a nightmare at the moment unless your in the enviable position AG finds himself - it's not that he has loads to spend but at least he doesn't owe loads.

Interesting that he made a point of the cost of renting BV - I reckon we are paying quite heavily which is why the "sign some quality players" brigade should think on before moaning about the team. It's a harsh environment at the moment.

Also why bigalf and his disciples should be less excited by the prospect of us moving to NM and being crippled by the rental costs - AG was clear in his recent interview that it would actually be cheaper to be at NM than it is to be at BV.

I have no doubt. At the end of the day they want and need us at NM, where as at BV they would just as happily have houses on it.

Potter made redundant, to be re-employed by Newco? www.thetelegraphandargus.co.uk/n ... ord_Bulls/

Potter made redundant, to be re-employed by Newco? www.thetelegraphandargus.co.uk/n ... ord_Bulls/

And so it begins

I remember the despair vividly, I wonder who will come in at the death to save the club?

Interesting times, however, it’s just a ride

.

A lot of Bulls players on twitter are seething re: coaching staff being made redundant.

What did they expect though? Its a shame but was always going to happen.

Quote ="Khlav Kalash"Potter made redundant, to be re-employed by Newco? www.thetelegraphandargus.co.uk/n ... ord_Bulls/'" Nope! New employer will want his own team. As we saw with the Richardsons, those made redundant now will have no claim against the new owner. Sad but clever! Noble returns????

Quote ="Khlav Kalash"Potter made redundant, to be re-employed by Newco? www.thetelegraphandargus.co.uk/n ... ord_Bulls/'" Nope! New employer will want his own team. As we saw with the Richardsons, those made redundant now will have no claim against the new owner. Sad but clever! Noble returns????

As I understand it Vasty, much of the Cas debt is held as charges against WR or is directors loans, in the main from Jack Fulton. As such, I don't think much of this debt is interest bearing or any tax/HMRC arrears owing so, as you say, this is not a problem as it is being effectively serviced.

Of course two other things are a potential problem for Cas going forward. Does Jack ever want his money back and will those that do have charges against WR be happy to see them moved to GH or if/when sold, will they want their money back too? This £2m is not a problem now, but it could be £2m they have to find at some point soon and while even the sale of WR will more than cover this, it could leave them with a £2m hole in the GH funding?

Equally, all the non-playing staff, to the administrator, are just wage burdens at this stage and not assets. As such, you can't sell them, so retaining their employment would be foolish for them personally (so they can look for another job) and for the administrator. If Newco comes in, they can either re-employ them or not. The players however, have a potential asset sale value so it is currently worth keeping them employed until you can establish if indeed anyone is willing to pay money to absolutely guarantee their services as a player (as opposed to taking your chances) and then make any remaining players redundant a short time after.

This is the way it goes!

I hope a Newco is gearing up, it would be a shame for the fans & the RL to see the Bulls die!

According to Guilfoyle "there is only about £20,000 left", where will the redundancy payouts come from, and how will the administrators get paid?

Several mentions of Noble coming back as coach under the newco regime (Caisley?), I wondered why he had disappeared from the Premier Sports Championship coverage to be replaced by Dave Woods, maybe I`ve just found out. The RFL don`t seem too happy either, apparently they weren`t informed until after the fact.

It's all part of the dance.

Mr Guilfoyle is making redundancies ahead of newco's takeover, so that Mr Caisley doesn't have to go to the bother, expense and risk of sacking people to bring in his own team; decks are now cleared for Nobby to be installed and bring in his own people.

As TRB says, sad but clever.

It’s not that long ago many Bradford fans were baying for Potters blood & praying for the second coming, well, there you go.

After major surgery the club will keep the majority of its up and coming players whilst removing many players that wouldn’t be in their plans after this year anyway, in turn shedding some of its bloated backroom.

All supporters will probably have to pay to get into the Iconic stadium for the rest of the season, which many will happily do, so grateful in the knowledge that their club has survived.

The new owners will be debt free & rise like a phoenix blah, blah.

What drama?

the redundancy payments will come from the government fund set up to protect the employees - the redundancy payments office based in scotland

the administrators will get paid from the sale of any assets (e.g. players)

the administrators get their money first, then the banks, then any preferential creditors (usually the landlord...) and then everyone else fights for what is (not) left.

i went through it 12 months ago so speak from experience!!

Might be me being naive, however I don't know why an "investor" would want to chuck a few hundred grand at the bulls. The chances of getting any money back in the short or medium term are slim to none. Could this simply be a means of preserving cash? Things will become clearer tomorrow when the administrator meets with the players I guess.

I'm I not thinking that if I was made redundant and then someone took my place I would have grounds for complaint,
I know the club is in administration but if it pops back up with the same name surely there is some injustice to the ones that have lost their jobs

I thought I heard it said on the radio that he wasn't taking a 'fee' him being a supporter and all that.

Not only do the players have an asset sale value, if any club is willing to pay and able to fit them under the 'cap', but they are the means of gaining custom ie pay the players to play and supporters will pay to see them play. In this respect the 'backroom' staff don't directly bring the customers in.

Potter (and his backroom staff) made redundant then asked to work for free - understandably, he refuses.

Brian Noble however, not known for his largesse (didn't end up coaching at Cas this season for example, due to his excessive salary demands) agrees to coach the Bulls on a voluntary basis.

Administrator attends a supporters meeting (interestingly, accompanied by a representative of Mr Caisley's legal firm) and announces that there *may* now be an investor ready to come to the rescue.

As I said last week - this is a deck-clearing exercise in which the Bulls will shed the staff they don't want (all perfectly legal when in administration and can be done without recourse to the usual due process) allowing Caisley to install his own people, sack off the coach and players, irrespective of the length of their contracts, and start afresh, safe in the knowledge that the RFL will do pretty much anything to retain the Bulls in SL.

Next up - I expect the newco will announce that ST holders will have to pay on the gate for the rest of the season, as they can't honour the cheap as chips season ticket deal.

It all sounds very, very clever and a smokescreen to make somebody quite devious into a hero and the saviour of the day! without selling the main assets of the club, the one's that would have brought a lot of money in and getting rid of people the saviour didnt want and couldnt afford...It seems the fans are just being used as pawns in a emotional blackmail type of way...allegedy!

TBF to the administrator, his hands are tied if there is only one interested party.
Caisley is the one that benefits always round, slippery individual and the fans need to be wary.
That said a snake running the club is better than no club (or at least no SL club) to the majority of them, and prior to his departure he seamed to be viewed as a bulls fan more than a director.
Club saved, Caisley and Noble back in charge, most will view this as a win win.............initially!

has anyone any idea why the bulls website is down ?

No money to run it. Nobody to run it either.