NottinghamWhite
LUFCTALK MODERATOR
Posts: 8687
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Location: Born in The Gelderd End
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Jun 26, 2012 10:42
Have gone into liquidation after failing to find new investment. It isn't just football then that's punching above it's weight.
Last edited by: bogdan
- Jun 26, 2012 10:49.
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bogdan
Posts: 9902
Joined: 08 October 2008
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Jun 26, 2012 10:50
Administration, not yet liquidation.
Telegraph & Argus reports
Bradford Bulls have entered administration.
Brendan Guilfoyle and Chris White, from The P&A Partnership, have been appointed joint administrators after the club failed to find the investment needed.
Commenting on the appointment, Guilfoyle said: “We now have just ten working days to save the club from liquidation because there are no funds to carry on longer. “If there is anyone interested in buying the Bulls then we need to hear from them right now because this famous club is now on the brink of extinction.”
Guilfoyle, who was at the club’s Odsal Stadium this morning to give the news of the administration to employees, added: “The directors made every effort to try to save the club within the 14-day timescale issued by the courts but the moratorium ended yesterday without any potential buyer coming forward.”
White and Guilfoyle are partners at The P&A Partnership, a leading specialist business turnaround and insolvency firm with offices across the UK and in London. Guilfoyle specialises in sports’ administrations and has been involved in the administrations of Leeds United plc, Luton Town, Crystal Palace and Plymouth Argyle.
Last edited by: bogdan
- Jun 26, 2012 10:51.
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sheepy
Posts: 10402
Joined: 08 October 2008
Location: Rothwell
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Jun 26, 2012 12:31
Lets see how the RL handle this one.
What's annoying for their fans is most of them piled a fair bit of their hard earned cash into the club only for it potentially to just go down the tube.
If they get through this I am assuming (tongue in cheek) they will now struggle to get a Super League license.
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MrBones1986
Posts: 868
Joined: 18 May 2011
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Jun 26, 2012 13:47
It will be a very said day if the Bulls go under!
How rubbish will it be if there is no more Bulls, Rhinos matches! 
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bogdan
Posts: 9902
Joined: 08 October 2008
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Jun 26, 2012 13:51
Shouldn't the RFL answer some questions now about how they got their SL license last time round? And if they are rescued by the RFL won't this set some unfair standards - if you're a big enough club, you can get away with stuff. I mean, I doubt that if Keighley went under tomorrow they would get much sympathy? Or is that unlikely to happen? (SL rescuing them)
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birkybullufc
Posts: 1295
Joined: 31 May 2011
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Jun 26, 2012 13:55
Ah well. What you gonna do?
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sheepy
Posts: 10402
Joined: 08 October 2008
Location: Rothwell
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Jun 26, 2012 14:01
bogdan
Shouldn't the RFL answer some questions now about how they got their SL license last time round? And if they are rescued by the RFL won't this set some unfair standards - if you're a big enough club, you can get away with stuff. I mean, I doubt that if Keighley went under tomorrow they would get much sympathy? Or is that unlikely to happen? (SL rescuing them)
Exactly, how the hell did they get their license because one of the criteria is to be financially sound. Somebody was cooking the books!
The RFL surely can't step in because it (1) undermines the license system and (2) sets a precedence they should step in and help other clubs with financial problems.
Its worth pointing out that the RFL have stepped in already when they bought Odsal from the Bulls, something they kept suspiciously quiet.
MrBones1986
How rubbish will it be if there is no more Bulls, Rhinos matches!
I'm sure people said the same in 1973 when Hunslet went belly up, unfortunately for Hunslet the RFL had no desire to help them out.
And lets remember, back in the 60's the Leeds v Hunslet derby was just as big as Rhinos v Bulls and the Hull derby.
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birkybullufc
Posts: 1295
Joined: 31 May 2011
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Jun 26, 2012 14:39
sheepy
bogdan
Shouldn't the RFL answer some questions now about how they got their SL license last time round? And if they are rescued by the RFL won't this set some unfair standards - if you're a big enough club, you can get away with stuff. I mean, I doubt that if Keighley went under tomorrow they would get much sympathy? Or is that unlikely to happen? (SL rescuing them)
Exactly, how the hell did they get their license because one of the criteria is to be financially sound. Somebody was cooking the books!
The RFL surely can't step in because it (1) undermines the license system and (2) sets a precedence they should step in and help other clubs with financial problems.
Its worth pointing out that the RFL have stepped in already when they bought Odsal from the Bulls, something they kept suspiciously quiet.
MrBones1986
How rubbish will it be if there is no more Bulls, Rhinos matches!
I'm sure people said the same in 1973 when Hunslet went belly up, unfortunately for Hunslet the RFL had no desire to help them out.
And lets remember, back in the 60's the Leeds v Hunslet derby was just as big as Rhinos v Bulls and the Hull derby.
The similarities between Rangers and thee Bulls situation are there to see. I was glad to hear Craig White will be facing criminal charges for his contributioin to Rangers demise. Peter Hood and his sidekick should also have criminal charges to answer.
How much did they sell the ground for and what happened to that money? Their only defence they put forward for their running of the club in the manner they did was that a Super League club needs a wealthy benefactor. They budgetted to lose £100,000 a month. wtf! Bulls have some of the best crowds in Super League. It may be boosted by cheap season tickets but if they are struggling to this extent God help some of the smaller clubs.
Super League without the Bulls will be worse off. I hope they pull through.
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birkybullufc
Posts: 1295
Joined: 31 May 2011
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Jul 02, 2012 16:40
All non-playing staff have been made redundant today at Bradford Bulls. RFL not notified of the action taken by administrators and are concerned. Players unhappy as they have no coaching staff to take trainning. A big come down after the win at Wigan on friday.
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birkybullufc
Posts: 1295
Joined: 31 May 2011
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Jul 12, 2012 01:22
Update on things Bull-like from the Guardian.
Bradford Bulls have secured another stay of execution, this time until 27 July, meaning their players should be paid on Friday and allowing them to fulfil their next fixture at Leeds on Friday week. But the longer-term prospects for the four-time Super League champions remain uncertain, even after lengthy talks between the Rugby Football League and a consortium of local businessmen who are exploring the possibility of rescuing the club.
The consortium, which is understood to include a former Great Britain amateur international and the Akbars restaurant chain, are seeking guarantees from the RFL about Bradford's future Super League membership, and the terms on which they could buy back Odsal, the club's famous old ground which was bought by the game's governing body last winter in an unusual deal worth around £1.3m.
But the league would need to be wholly convinced by the consortium to accede to those requests, and may not be in a position to do so anyway as the other Super League clubs would have to back Bradford's continued membership of the elite competition. However, the RFL has provisionally agreed to forward the Bulls their next chunk of the Super League television contract with Sky to allow the administrator, Brendan Guilfoyle, to pay the players their wages for July.
"We have approached the RFL to ask if they would advance payments to the club to enable us to pay July's wages for retained staff and players, on Friday," said Guilfoyle. "They have agreed in principle subject to due diligence. We are very grateful for all their support – they have seconded a finance team to help us respond to all the requests for information."
Guilfoyle added that the consortium "has not yet made a formal offer. They want to see the full extent of losses expected over the next 18 months and ensure they have sufficient funds in place before making a formal offer."
Bradford's players remain in a state of limbo. They have won their last three matches to climb to sixth in the Super League table, but as things stand they do not have a coach to lead their preparations for the local derby at Headingley on Friday week. Mick Potter, who was sacked with the rest of his staff by the administrator last Monday but returned on an unpaid basis for Sunday's win against London Broncos, had a meeting with the acting chief executive Gary Tasker on Tuesday, but no arrangements have been made for him to take charge again.
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bogdan
Posts: 9902
Joined: 08 October 2008
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Jul 12, 2012 01:33
birkybullufc
The consortium are seeking guarantees from the RFL about Bradford's future Super League membership
Maybe I'm reading it wrong, but does this mean they expect the SL status to be granted indefinitely BEFORE they invest? Is this sensible for a club who doesn't own its own ground and is just trying to escape about £2m worth of debt?
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birkybullufc
Posts: 1295
Joined: 31 May 2011
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Jul 13, 2012 02:47
bogdan
birkybullufc
The consortium are seeking guarantees from the RFL about Bradford's future Super League membership
Maybe I'm reading it wrong, but does this mean they expect the SL status to be granted indefinitely BEFORE they invest? Is this sensible for a club who doesn't own its own ground and is just trying to escape about £2m worth of debt?
As far as I can follow, they want to buy the ground back too. In buying the ground, the RFL help facilitate the clowns in charge before. By buying the ground from the previous board they made a mockery of the licensing system and took away the Bull's main asset. That's why the bank withdrew the overdraft. It may explain why they were willing to advance the TV money to keep the club going a few more weeks. If they can't buy the stadium or have a guarantee of a Super League license what would be the point in them investing?
If the consortium do take over the Bulls there are rumours they may just sell Odsal and move to Valley Parade.
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bogdan
Posts: 9902
Joined: 08 October 2008
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Jul 13, 2012 06:41
birkybullufc
As far as I can follow, they want to buy the ground back too. In buying the ground, the RFL help facilitate the clowns in charge before. By buying the ground from the previous board they made a mockery of the licensing system and took away the Bull's main asset. That's why the bank withdrew the overdraft. It may explain why they were willing to advance the TV money to keep the club going a few more weeks. If they can't buy the stadium or have a guarantee of a Super League license what would be the point in them investing?
Fair point with the ground, but on the licence itself I was just thinking in terms of - if the club has proven to be financially unstable and is on the bring, does it qualify for a SL spot still? And I don't know how big an investment the buyers would be able to sustain. If they can only afford enough to keep the club trading and pay a minimum squad of cheap players, then the club will only have their history to show as deserving a top flight status. Just thinking out loud - maybe they have big plans.
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birkybullufc
Posts: 1295
Joined: 31 May 2011
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Jul 13, 2012 18:05
With the state of the club I don't think the group looking to buy the Bulls would be doing so without big plans on how they can take the club forward. Without a Super League license those plans would be baseless. Time will tell.
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bogdan
Posts: 9902
Joined: 08 October 2008
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Aug 02, 2012 14:16
Well this is an amazing development - Super League now wants to buy out the Bulls
Says LoveRugbyLeague
Super League and its clubs have put together a bid to buy Bradford out of administration.
Chief executive Nigel Wood has tabled the offer after Super League clubs put together what they are describing as "an innovative rescue package".
Wood said: “This saga has gone on for far too long and we are of the view that direct positive action is required to safeguard the future of Bradford Bulls.
“The club has been in administration for five weeks now and during that time not one single offer without strings attached has been submitted to the administrator.
“This situation is clearly unacceptable and raises the tangible prospect that we could lose one of our most famous clubs, which would be a tragedy of significant proportions, not just to the sport and the city of Bradford but to the remaining staff, players and volunteers who all deserve some stability after the turmoil of recent events.
“It is to the credit of the Super League clubs that they have given their unanimous support to this move and are not prepared to stand idly by and see Bradford Bulls disappear.
“The time has come for strong and decisive leadership and this course of action, which is based on sound business principles, represents just that.
“Under the ownership of SLE, we can plot a course for Bradford Bulls which is in the best interests of the club, the competition and the wider game.
“If our offer is accepted, SLE will welcome approaches from all interested parties who have an interest in helping us secure a bright future for professional Rugby League in Bradford.”
Super League officials are meeting the Bradford Bulls players, coaches and club staff this afternoon to update them on developments.
Further details of how Bradford Bulls would operate under SLE ownership will be announced in due course following further dialogue with the club’s administrator.
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sheepy
Posts: 10402
Joined: 08 October 2008
Location: Rothwell
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Aug 02, 2012 16:44
What???
Why??
How??
Its wrong, plain wrong.
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bogdan
Posts: 9902
Joined: 08 October 2008
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Aug 02, 2012 16:52
sheepy
Its wrong, plain wrong.
It's right in a way, because they stood their ground against the consortium who made their bid conditional on being given guarantees on things like the SL status. And apparently they (the RFL) will keep the club open to serious bids, but they are likely to be demoted to the Championship (which looks like the right progression to me, for a club in their situation).
But it's wrong as it opens up a can of worms - they are saved because they are a big club, there are apparently quite a few other clubs with financial troubles, so wouldn't all of them be justified to declare bankruptcy and cross their arms waiting for the RFL to step in? And how big must a club be to rely on that? It's a messy situation.
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sheepy
Posts: 10402
Joined: 08 October 2008
Location: Rothwell
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Aug 02, 2012 17:00
Can of worms indeed.
This means in theory any club that gets in financial trouble can expect the RFL/Super League to bail them out.
Silly decision.
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birkybullufc
Posts: 1295
Joined: 31 May 2011
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Aug 03, 2012 09:35
Don't get it. Again more developments that raise more questions than answers. Whats the point in Super League buying the club to let them fall out of Super League? Why not just accept the ABC consortium's offer?
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sheepy
Posts: 10402
Joined: 08 October 2008
Location: Rothwell
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Aug 05, 2012 13:17
All the Super League Clubs had to agree to it to too. If I was Wakefield chairman I would have told them to go do one.
Where was the Super League when Wakey were in trouble?
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