Re: Latest financial situation - all posts here : Fri Jun 15, 2012 10:18 am  

Blotto wrote: This could be the latest reason but it doesn't explain it that well http://www.bbc.co.uk/sport/0/rugby-league/18455849 He claimed on Look North that no one individual is interested in putting in the full amount necessary to fill the black hole, but that there are some investors who are willing to contribute a sum towards that. However they will only do that if the club convinces them that they have raised enough money in total to pay off the debts and a bit more. The impression was that the club is struggling to find the last few hundred thousand. Not clear how such a solution would be reflected in the shareholdings, whether it would still mean administration or not.

Blotto wrote: This could be the latest reason but it doesn't explain it that well http://www.bbc.co.uk/sport/0/rugby-league/18455849 He claimed on Look North that no one individual is interested in putting in the full amount necessary to fill the black hole, but that there are some investors who are willing to contribute a sum towards that. However they will only do that if the club convinces them that they have raised enough money in total to pay off the debts and a bit more. The impression was that the club is struggling to find the last few hundred thousand. Not clear how such a solution would be reflected in the shareholdings, whether it would still mean administration or not.

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 10:32 am  

The article seems to state an exact sum the HMRC winding up order relates to £82k. Not sure if this us then included in "couple of hundred" figure later on.

So if the fans could fill this gap would the investors then come in with the working capital to see the club through to next season? So avoid winding up, avoid admin and a points deduction that would definitely stop our playoff aspirations.

If the BoD could put this deal forward I for one would contribute as the objectives and use of the cash would be clear enough

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 10:42 am  

Homer Simpson wrote:

With filed accounts stating a Turnover of £4.6mil in 2010 droppong to £3.9m in 2011, with the same overheads it took no brain specialist to guess what was going to give. The RFL really looked into the accounts when issuing licences out didn't they?

The £500k pledged has been and gone. YOU were told it was a bottomless pit you your pledging to and still did it. Where's the return and loyalty from the Bradford Bulls now to the fans, its gone on players wages for the last 2.5 months. You were fools to pledge, it was better to buy shares in a Newco, Well at least the Boss of Thomas Cook will be happy sitting on his £15mil wages over the last 4 years while 500 staff are made redundant

Just how the hell were or are supporters supposed tO buy shares in Newco? There is no conceivable way ant supporter-owned vehicle is likely to get hold of the club or it's assets. Where was this "Newco"? You clearly have no conception of what would be involved, especially when you re seeking to raise money from the public, and most especially of all you clearly have no idea whatsoever of the timelines involved.

Had we not pledged, notice of administration would have been lodged within days. The Newco that came in for the assets would almost certainly have been a vehicle already in existence and likely owned by existing shareholders. Far far more quickly than any credible vehicle the supporters could have put together would have been ble to act.

At least by what we did we bought time.

Do you actually have any knowledge or experience in this field? Or are you just another sanctimonious patronising know-all revelling in a nice bit of schadenfreude?

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 10:48 am  

Northernrelic wrote:

The article seems to state an exact sum the HMRC winding up order relates to £82k. Not sure if this us then included in "couple of hundred" figure later on.

So if the fans could fill this gap would the investors then come in with the working capital to see the club through to next season? So avoid winding up, avoid admin and a points deduction that would definitely stop our playoff aspirations.

If the BoD could put this deal forward I for one would contribute as the objectives and use of the cash would be clear enough

That is April's PAYE, it would seem.

On 22 June (at the latest) May's PAYE will be due.

This at least is not historic debt; the club does not have enough income to pay the monthly costs, so it resorts to holding on to money deducted from employees on (presumably) 14 April, money never its own apart from the employers' NIC, to pay the bills. And presumably the same again next month, ,except HMRC has seemingly had enough.

Would you be prepared to pay the tax and NI deducted from employees EVERY month?

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 10:55 am  

As trivial as this may seem in the greater scheme of things IMO not paying the PAYE to HMRC is unforgivable - that is not the club's money and never has been. If my employer didn't pass my tax on I'd be more than a little angry.

What a sorry, sorry mess. Two months ago I had a little hope with our current situation. Now I have none.

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 11:15 am  

A decision has been made NOT to pay HMRC the £82k and, in preference to pay this month's salaries as stated by Mr Couby, publicly, on several occasions. HMRC could have been paid and no winding up order issued if so desired. (money for salries could have paid HMRC)
The ONLY and I state again for ADEY the only VAT liability is £250,000 agreed to be paid over 5 months.
The other liability is Image Rights which was potentially £500,000 but is NOW £250,000 to be paid over 3 years. With potential income of £12,000,000 over the period that equtes to 2.01% of turnover.

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 11:28 am  

To start afresh as Bradford Phoenix Ltd is the only possible way forward. New money into newco. Simples.

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 11:40 am  

Adeybull wrote:

That is April's PAYE, it would seem.

On 22 June (at the latest) May's PAYE will be due.

This at least is not historic debt; the club does not have enough income to pay the monthly costs, so it resorts to holding on to money deducted from employees on (presumably) 14 April, money never its own apart from the employers' NIC, to pay the bills. And presumably the same again next month, ,except HMRC has seemingly had enough.

Would you be prepared to pay the tax and NI deducted from employees EVERY month?

Adey every time we buy a ticket we are paying the players gross salaries, and a signifcant part of the current crisis is due to not paying enough enough for season tickets to cover current cists which are mainly wages. So yes as I stated in my post I would be happy to contribute further to pay salaries, keep the team out of admin and who knows help to attract those ellusive investors in!

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 12:11 pm  

Both Hood with his letters to 1000 wealthy people and Pledge for survival, and now Coulby use the term 'invest' when what they appear to mean is 'give'. I never believed Hood and for the precise same reason have to ask the same of Coulby. What are these 'investors' getting in return? My understanding of an investment is the purchase of a stake or share.

Who was the person Caisley was referring to when he stated that Hood told him someone was prepared to buy the club out of administration?

Re: Latest financial situation - all posts here : Fri Jun 15, 2012 1:06 pm  

There are always people willing to buy a Club out of administration, Caisley must have or had talks with one or two, if the Club does go into administration what happens to the Bradford Bulls franchise? who actually owns it? I always remember being told Chicago Bulls owned the Logo, and so possibly the franchise name? I notice the benefactor that was mentioned has disappeared and talks of needing investors have reappeared.