Re: Peter Hood says Bulls on brink of going bust. : Sun Apr 01, 2012 8:38 pm  

Income from gate receipts? When most people who attend have already paid, i cant see the away support generating enough to cover our wage roll

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 7:13 am  

M@islebugs wrote:

Whilst I agree with the scentiment I can't see how that could happen. My understanding would be that a business which recieved 500k onto its books is worth 500k more than it was yesterday. By next friday the supporters of Bradford Bulls could well have made Mr Caisley approx 125k better off than he was on thursday night. I'm not comfortable with that.

It would seem that Bulls are currently worth roughly minus £1m and would be worth roughly minus £500k post pledge. I didnt think Caisley actually owned shares, just controlled Jack Bates' shares, but even if he did the £125k improvement would be from minus £250k to minus £125k!

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 12:36 pm  

Live on West Yorkshire Sport daily from 6pm tonight Bradford Bulls RL chairman Peter Hood. Listen in on BBC Leeds 92.4FM.

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 4:36 pm  

Could anyone clarify what the position of the RFL would be if we end up in Administration?

How much, roughly, would they be owed as a creditor?

And, to what extent could they use their position to maximise their negotiating position? For example, could they insist that any successor company would not be admitted into any RFL competitions without re-paying any debts owing to the RFL by the existing company?

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 4:56 pm  

We have been given to understand the advance from last year has been repaid.

No idea if they owe us or if we owe them at this point in the year.

Rent is usually paid in advance, but who knows.

Our entitlement to Sky monies and other central funding would doubtless be voided in the event of insolvency.

There may well be a reversionary clause in the lease, same was as there was in the lease with the council - if not tenant paying rent for minimum of x years, repay £x amount on sliding scale - sort of thing.

The lease will doubtless be voidable in the event of insolvency, anf the RFL could enter into a new lease with the phoenix company on whatever terms they agreed.

The RFL could insist on any terms it chose, regarding a phoenix company repaying monies owed by the failed copmpany. Whether it could persuade the phoenix to pay up would be a matter between the parties, and would reflect their respective bargaining positions.

My suspicion is that a phoenix company would be in a strong initial position, since the RFL and Sky would be very very keen to have Phoenix stand seamlessly in place of Failed, with the mimimum disruption. But only if we had a prepack, and Phoenix was all set up waiting in the wings and ready to rock. The longer the intrerregnum went on, the more the club's pklayers and other assets would be likley to dissipate IMO, and the less likelihood IMO of Phoenix taking to the air.

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 5:20 pm  

Peter Hood has just said on Radio Leeds that the immediate creditors are the bank and HRMC, no mention of the RFL.

Doesnt sound like there's any immediate prospect of a white knight.

It still seems very vague as to what makes up the difference between the £500k and the £1m. Not clear whether its ongoing losses or whether there are other specific big bills in the pipeline.

It still doesnt give me any confidence that, if the pledge raises the £500k, we will not be in the same situation in 6 months, and all of that money raised by the fans will be wasted.

Still mulling over my pledge/not pledge decision.

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 5:24 pm  

If you have a new board or person taking over from admin they will have to pass a fit and proper business test. When glover did this the RFL took a Some time over this and this is when the cultures came in.

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 5:25 pm  

If you have a new board or person taking over from admin they will have to pass a fit and proper business test. When glover did this the RFL took a Some time over this and this is when the cultures came in.

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 5:26 pm  

Sorry vultures I hate iPhone text

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 5:43 pm  

Supercat...exactly!!!!!

That is why I keep saying that unless there is a prepack in place already (and that would presumably mean the RFL had already issued the necessary confidential assurances), the longer the interregnum the greater the damage - and the greater the mountain for the phoenix to climb.