Bradford Facing Bankruptcy

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Bradford Facing Bankruptcy Empty Bradford Facing Bankruptcy

Post by K-PX0110 on Tue 27 Mar 2012, 10:22 am

Taken from the Daily Mail website:

Bradford have warned they will go out of business unless supporters raise £1million - at least half in the next 10 days - to save the cash-strapped Super League club.

The Bulls, who were one of the dominant teams in the early days of Super League, say their problems have reached crisis point and that the Good Friday visit of Leeds could be their last-ever game at Odsal.

Chairman Peter Hood said the recent sale of the lease on Odsal to the Rugby Football League had allowed the club to repay money owed to the game's governing body but they were dealt a blow last week when the Royal Bank of Scotland cut their overdraft facility.

That left the club with 'no cash', according to Hood, who told the Bradford Telegraph & Argus: 'I don't think the situation could be more critical.

'We've got to generate a significant sum to survive and we're doing everything we can to achieve that.

'If we haven't got cash, then we can't stay alive and if we can't stay alive then we can't fulfil our fixtures. It's that serious.'

The club say they need to raise £500,000 by Friday, April 6, to stave off the threat of collapse and have written to every season-ticket holder, member and sponsor in a desperate plea for funds.

The RFL say they are aware of the crisis and are backing the club's survival bid.

RFL director of standards and licensing Blake Solly said: 'The RFL would urge everyone who cares about Bradford Bulls to support the pledge scheme.

'We have been providing and continue to provide Bradford Bulls with all the practical support we can to help the club through their current financial difficulties.'

Hood said the wages of players and staff had been paid for March but their ability to pay April wages would depend on the success of the plea for fresh cash.

Bradford have been battling serious financial difficulties for years largely because, unlike the majority of Super League clubs, they have no wealthy benefactor.

They are currently enjoying crowds in excess of 11,000 but that is on the back of cut-price season tickets.

However, Hood believes if the club can hit their £1million target, their problems will be over.

'If we achieve our targets and get through this short-term period of uncertainty, the club can move forward debt free and deliver our long-term business plan which is sustainable,' he said.

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Post by Kenny on Tue 27 Mar 2012, 11:41 am

I do feel for Bradford but this does beggar the question how did they pass the Super League franchise criteria last year ?

Since then they have had to sell their ground and have now stated they need 1 million to survive with half of that needed within 3 weeks !
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Post by K-PX0110 on Tue 27 Mar 2012, 12:06 pm

KingKenny7Heaven wrote:I do feel for Bradford but this does beggar the question how did they pass the Super League franchise criteria last year ?

Since then they have had to sell their ground and have now stated they need 1 million to survive with half of that needed within 3 weeks !

It's less than 3 weeks, they need £500K by a week this Friday. Got to say it doesn't look good, but shouldn't of been living on an overdraft.

Does seem very strange that they managed to pass the franchise criteria. Guessing they got in more on their past than their present and future.

Wonder what will happen if they do fold:
Will a championship team be moved up this season?
or will each team in Superleague be given a by week?
Also how much money will other teams lose on not having this fixture?
What happens with the Magic Weekend?

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Post by Kenny on Tue 27 Mar 2012, 2:09 pm

K-PX0110 wrote:
KingKenny7Heaven wrote:I do feel for Bradford but this does beggar the question how did they pass the Super League franchise criteria last year ?

Since then they have had to sell their ground and have now stated they need 1 million to survive with half of that needed within 3 weeks !

It's less than 3 weeks, they need £500K by a week this Friday. Got to say it doesn't look good, but shouldn't of been living on an overdraft.

Does seem very strange that they managed to pass the franchise criteria. Guessing they got in more on their past than their present and future.

Wonder what will happen if they do fold:
Will a championship team be moved up this season?
or will each team in Superleague be given a by week?
Also how much money will other teams lose on not having this fixture?
What happens with the Magic Weekend?

Will a championship team be moved up this season ? I cant see a championship moving up this season as it would create more problems by disrupting the championship .

or will each team in Superleague be given a by week? If Bradford do fold i think this what will happen , with Bradfords results wiped off

Also how much money will other teams lose on not having this fixture? Clubs will obviously lose out but what other options are there ?

What happens with the Magic Weekend? Now this im not sure about it , dont know how they would get round this .

So personally i think the RFL will bail the Bulls out this season and then look at the situation for next year , if the Bulls are no better off then why not promote Halifax ( who should of got a franchise anyway ) and move Bradford into the championship
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Post by K-PX0110 on Tue 27 Mar 2012, 2:39 pm

Can see Bradford been bailed out by the RFL as well, but this won't change their situation. So they will have to be relegated at the end of the year. Or RFL will relax the rules around them so that other teams can take/buy players from them. Have been living off of their overdraft, so are pretty much hand to mouth.

Halifax do have everything in place to be able to replace them, but the reason they didn't get a franchise (from what I remember) was due to their proposal being very poor in presentation. If they'd have put more into it, who knows they could of already been in the Superleague.

Am guessing that they were the club (Halifax) who were lined up to replace the team at the start of the season who was facing issues being able to be in Superleague (safe to say it was probably Bradford).

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Post by Luke on Tue 27 Mar 2012, 10:57 pm

The T&A tonight doesn't give anymore details. But having been to see Bradford city tonight and being in a couple of pubs before hand alot of the blame is being put on Chris Caisley, who it seems badly overspent on bonuses, and team bonding.
Also because the club have not reached the play offs for 3 seasons, or had a good challange cup run has cost them in revenue and sponsership. And when they were going to rebuiled odsal, they gave alot of money to local companies and fiesability (spelling) looks that has obviously been wasted.
Suprisingly the cheap season tickets is also believed to be a problem, as they are averging 11000 +, but sold 10000, and with Bradford being a poor city people arn't spending money to go (though that may change now).
This is all hearsay, and some of it maybe more true than other bits.
But Bradford will more than likly be saved for this season, afterwards who knows.
One theory doing the rounds is that because of the franchise system, and with Crusaders folding from Bridgend, and starting a new club, but still keeping there SL franchise, maybe Bradford would be better off folding at the end of the season and starting again next year as a fresh club without the debt. Can't see the RFL allowing that, but who knows what the RFL will & won't allow regards the franchise system.
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Post by Kenny on Thu 29 Mar 2012, 3:48 pm

They have got one of the high earners off the payroll by loaning Paul Sykes to Wakefield
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Post by Luke on Thu 29 Mar 2012, 5:51 pm

Also Kenny, the fans have really shown there metal, by exceeded £100,000 in pledges in the 2 days since the crisis was annonced. There are also several ongoing discussions that could re shape the club, but no details have been released as to who these are with.
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Post by Kenny on Thu 29 Mar 2012, 10:26 pm

Widnes chairman has donated £10,000 out his own pocket to the Bulls aswell
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Post by Luke on Mon 02 Apr 2012, 5:28 pm

Bradford are today likely to receive a winding up order from HMRC, due to the non payment of ther PAYE for the months of Feb & March.

Intrestingly the reason the bank closed the overdraft is due to the club not telling them about the sale of Odsal to the RFL, till after it had happened. This is a club that has been badly mis managed for years.

Though it does make you wonder about the Well the RFL's monitoring systems work, and how the club got a B in it's last franchise bid.
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Post by Kenny on Wed 04 Apr 2012, 3:47 pm

Ex Bradford captain Jamie Peacock has urged both Bradford and Leeds fans to turn up and help support the Bulls by bringing in more gate receipts for this weekends derby .
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Post by Kenny on Wed 11 Apr 2012, 10:08 pm

Bradford have raised the $500,000 they needed to remain in business for now .
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Post by George Hotel1895 on Thu 12 Apr 2012, 10:37 am

KingKenny7Heaven wrote:Bradford have raised the $500,000 they needed to remain in business for now .
Well done to all those concered who help raise the money needed.

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Post by Luke on Mon 23 Apr 2012, 2:07 am

Peter Hood is to stand down as chairman of Bradford. He has been chairman for 6 years, after having been on the board the previous 12 years.

Hood is believed to have been facing a vote of no confidence at a EGM next month, after this motion was put forward by his predessor Chris Caisley.

Co-director Andrew Bennett is also set to be voted out of office at the meeting.
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