: Tue Mar 27, 2012 6:36 pm  

Ewwenerfolk: I've thought of trying to do something for charity. Sponsored walk to red hall and back or something Fancy bouncing some ideas about?

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 6:38 pm  

can i just say that i come here in peace and am in no way enjoying the predicament that your great club is in at the moment,i sincerely hope that there is a way back for you as sl would be a worse place without you I have often been accused of being nothing more than a troll on here due to my negative posts,but i was merely trying to convey the information that i was told in confidence to you in order that you could seek the relevant answers at your fans forum evenings I have just posted this on southstander viewtopic.php?f=17&t=523095&p=16797027#p16797027 the hints and clues were clearly there but you all just ignored them?

can i just say that i come here in peace and am in no way enjoying the predicament that your great club is in at the moment,i sincerely hope that there is a way back for you as sl would be a worse place without you I have often been accused of being nothing more than a troll on here due to my negative posts,but i was merely trying to convey the information that i was told in confidence to you in order that you could seek the relevant answers at your fans forum evenings I have just posted this on southstander viewtopic.php?f=17&t=523095&p=16797027#p16797027 the hints and clues were clearly there but you all just ignored them?

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 6:38 pm  

If its true about Stu Fielden and JP then thats fantastic. It's great that our ex-players are giving back to the club.

I wonder if Stu would come back WHEN FIT (Wigan dont really need him).

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 6:44 pm  

Very difficult to have any more faith in Hood. Each time money has come into the club (selling players and the lease on the ground) Hood has come out with statements saying that we didn't really need the money. He even said that the reason the lease was sold to the RFL was to stop so called predators. If everyone who pledged to buy a season ticket had been asked to pay a realistic amount, then things might have turned out differently. Unfortunately, those who questioned the financial viability of selling season tickets at such prices have been proved correct.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 6:47 pm  

As an employment solicitor I deal with a lot of insolvencies. This is my 2p worth.

The reason for the crisis: most business sail close to the wind on cash flow. The main oil to the wheels is the overdraft. Banks can pull the overdraft at any time. In the current climate they do so with regularity. If you're operating with a big OD to have it pulled will kill the business very quickly.

Without the overdraft the business will need a loan v. quickly. Banks aren't making business loans at the moment, particularly to businesses without assets.

Bradford will be relying on credit from suppliers. Once they get wind that the club is in trouble, they will want paying and pull credit. This is perhaps why the club was hesitant to reveal the true financial picture. That or the OD being pulled with a couple of weeks notice.

The business could go into admin, such as a pre pack to restart under a different company, but the vide I've been getting from the current board is that they've been waiting for someone to come along to take he club off their hands for years.

It's all well and good saying sack the board, but realistically who's going to take the club forward. There may be people waiting in the wings to buy the club out of administration. We won't know that until the club goes under am insolvency practitioner.

If I had the money, I certainly would buy the club now with the baggage of £1m of debts. I'd buy the assets in admin debt free including free of any wages owed.

Re: : Tue Mar 27, 2012 6:47 pm  

AaronBull wrote:

Don't often agree with redeveready but he's right here.

Which is a shame because he is usually spot on. Does not really say much for you.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 6:48 pm  

redmuzza wrote:

Does that matter as long as your club keeps going...

At the end of the day, as a supporter of a club thats had more than its fair share of 'last dawns', if you come out of this with the club in one piece, just without the players, then its all worthwhile. You can get new players, you can get new staff, you can get a new board, but once the club as an entity goes, you're buggered. There are enough people who care about rugby in Bradford to keep it going, and thats all that matters at the moment.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 6:50 pm  

frepneyboy wrote:

I just hope the directors havent made an asset vanish just before the poop hits the fan. That would be naughty, and would be reversed.

What assets? Elliot Whitehead in the car boot?

Re: : Tue Mar 27, 2012 6:58 pm  

AaronBull wrote:

Ewwenerfolk: I've thought of trying to do something for charity. Sponsored walk to red hall and back or something Fancy bouncing some ideas about?

If we timed it right, could do it on the day of the Leeds game. Pick out some fundraising spots on the way there (Asda Thornbury, Odeon etc) then make it back to fundraise at Odsal until kick off time?

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 7:02 pm  

Surely Bradford have £2m at least guaranteed for the next two years in Sky payments from the RFL. If this is a simply cash flow issue why not simply borrow against that?

It seems very odd that a short-term cash flow problem has resulted in the club not needing a loan but a cash injection of £1m. And £1m seems a surprisingly large overdraft for a company only turning over £3-4m.