Bradford face administration
15th June 2012
The threat of administration hangs over Bradford Bulls today after their financial crisis took a new twist.
The beleaguered Bulls are once more facing a race against time to secure their future after being hit by a winding-up order from HM Revenue & Customs.
Insolvency firm The P&A Partnership, who were brought in last month to conduct a review of the club’s finances, say the loss-making Stobart Super League club have just two weeks to find fresh investment.
Brendan Guilfoyle, of The P&A Partnership, confirmed that, despite fans recently raising £500,000 to keep the club afloat, Bradford still need more than £1million to survive to the end of the season.
He said: “HMRC is threatening to wind up Bradford Bulls Holdings Ltd and, under these circumstances, the directors have had no alternative but to file a notice of intention to appoint administrators to protect the club.
“This pro-active decision gives the club a breathing space to find partners to invest in the club.
“It doesn’t mean that the club will necessarily enter administration. The club has two weeks to find additional funds – this may mean a number of investors coming together to save the club.”
Bradford recently underwent a boardroom re-shuffle, with Stephen Coulby and Rowland Agar rejoining the club following the resignations of chairman Peter Hood and co-director Andrew Bennett, and Coulby said the club remained determined to avoid entering administration.
If administrators are appointed, the Bulls would almost certainly be docked league points - Wakefield Trinity Wildcats and Crusaders RL each lost four points last season - which would effectively kill off their play-off hopes.
Worse still, it would leave the club prone to predatory moves for their leading players, with rival Super League clubs already poised with offers for the likes of John Bateman, Elliott Whitehead and Jason Crookes.