Board index ‹ Super League ‹ Wakefield Trinity Wildcats ‹ Bulls edge closer to Administration

charlie wrote:

Most of the Bulls fans are from Halifax

dewsbury and leeds too

Bu-ll-st
http://www.thetelegraphandargus.co.uk/sport/9778329.Guilfoyle_admits_he___s____pessimistic____of_Bradford_Bulls____prospects/?ref=rss

[kinleycat]

The deal with the RFL for the lease of odsal is looking like the worst bit of business since Gerald Ratner labeled his own jewellery as crap!!!

Seems a little unprofessonal of the 'administrator' to state such things at this stage

kinleycat wrote:

The deal with the RFL for the lease of odsal is looking like the worst bit of business since Gerald Ratner labeled his own jewellery as crap!!!

It may appear to be poor business, but it certanly would give a new Bulls team somewhere to play and if the brown stuff really does stick, then surely there would be some other development at Odsal where they could gain some rent/ income ?

[kinleycat]

From the point of view of getting £1m, seemingly oblivious to the bank pulling the plug when they no longer held the odsal lease, then giving £700,000 of it straight back (in effect) to the RFL to settle the loan and then failing to turn £250,000 of the remaining £300,000 over to HMRC causing them to petition for them to be wound up.
I'd say it was pretty high in the calamity stakes!!

kinleycat wrote:

The deal with the RFL for the lease of odsal is looking like the worst bit of business since Gerald Ratner labeled his own jewellery as crap!!!

Why is it bad business? It's value isn't only dependent on the Bulls playing there. Other parties want it for other purposes. I'm sure the RFL could get rid if and when they need to.

[kinleycat]

Because the sale of the lease equalled virtually no money no credit and a petition from HMRC to be wound up.
All those things are in my view "quiet bad".
Not for the RFL; they got there £700k loan back. Not for anyone seeking to buy the club with a secure lease in place, but simply as a decision made by the then directors.
It was the catalyst for the club to implode.

The RFL will now be a creditor, with the Bulls owing their lease payments. Any Newco will have to renegotiate the terms - can't see the RFL doing any better out of this - probably much worse.

If the press article is accurate then a wage bill of over £2.4 M would suggest they are paying their
clerical and backroom staff far too much