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Board index Championship 1 Bradford Bulls - RedAmberandBlack.net What's happened to our £1/2M Pledge money?

Posted by childofthenorthern on Mon Jun 18, 2012 10:18 am
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Adeybull wrote:
...
So where the hell did it go? Possibilities include:

- simply paying the salaries and other running costs from around October; on the assumption that other income was far far less than ongoing costs;

- paying off some other loans or liabilities we were unaware of (maybe including the last lot re Harrisgate);
...


Given the rumour that directors loans exist and interest was not being paid could it be possible the discrepancy, both in reported debt and ongoing costs, lie there?
Posted by Adeybull on Mon Jun 18, 2012 10:48 am
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There were no loans from directors at 31/12/10.

The only real comment I have seen on this subject, beyond the usual fairly wild speculation, was the assertion that about a year ago a former director threatened to initiate winding up if accrued interest on his loan account, the loan itself having been repaid years ago out of the Odsal settlement, was not repaid. If that was true, the amount involved was previously disclosed as around £50k so that would not make big inroads.
Posted by Bradford Badger on Mon Jun 18, 2012 1:38 pm
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Posted by Bull Mania on Wed Jun 20, 2012 6:42 pm
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Think it went on paying players wages and filling the overdraft facility.

See on the T&A we "Supposedly" have £800k on the table but still need £400k in next few days to survive. IF (and it's a big IF) this is true then it is a great effort by Caisley and co.

i really didn't want Caisley coming back and always thought Hood took some unfair criticism, butit does sound like Caisley & co have been pretty open about the financial situation overall and they have done well to get 800k on the table.

I don't tihnk you can blame 1.7 million debt on cheap seaosn tickets, we had awful attendances in 2010.
Posted by mat on Wed Jun 20, 2012 6:45 pm
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Adeybull wrote:
There were no loans from directors at 31/12/10.

The only real comment I have seen on this subject, beyond the usual fairly wild speculation, was the assertion that about a year ago a former director threatened to initiate winding up if accrued interest on his loan account, the loan itself having been repaid years ago out of the Odsal settlement, was not repaid. If that was true, the amount involved was previously disclosed as around £50k so that would not make big inroads.

and apparently said former director has allegedly taken that £50k amount OUT of the club sine the change in board. seems strange to be taking funding away from club he's supposed to be trying to save.
Posted by Bulls4Champs on Wed Jun 20, 2012 7:12 pm
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mat wrote:
and apparently said former director has allegedly taken that £50k amount OUT of the club sine the change in board. seems strange to be taking funding away from club he's supposed to be trying to save.


If it was owed to me I would take it back before the club went under.
Posted by debaser on Wed Jun 20, 2012 7:19 pm
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So everyone else can put money in to try and save it, in a lot of cases, more money than they can really afford, but not any of the directors?
(and I feel fine)
Posted by Bulls4Champs on Wed Jun 20, 2012 8:16 pm
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Nobody made anybody put money in, and nobody has to, not even the BoD.
Posted by Homer Simpson on Wed Jun 20, 2012 11:10 pm
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Lack of turnover by reduced Season tickets IS one of the biggest reasons

Date Of Accounts........31/12/2010........31/12/2009..........31/12/2008
Turnover....................£3,956,715..........£4,600,518.........£4,639,613
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Posted by mat on Thu Jun 21, 2012 6:12 am
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Homer Simpson wrote:
Lack of turnover by reduced Season tickets IS one of the biggest reasons

Date Of Accounts........31/12/2010........31/12/2009..........31/12/2008
Turnover....................£3,956,715..........£4,600,518.........£4,639,613


The cheap season tickets didn't start until 2011, as a response to the already declining turnover. Figures for that year aren't out yet
Last edited by mat on Thu Jun 21, 2012 8:17 am, edited 1 time in total.
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