FORUMS > Bradford Bulls > The 2 Bidders |
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973_1515165968.gif Last edited by Ferocious Aardvark on stardate Jun 26, 3013 11:27 am, edited 48,562,867,458,300,023 times in total:d7dc4b20b2c2dd7b76ac6eac29d5604e_973.gif |
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| Quote: Derwent "a) We don't know what the creditors ratio is - what is being proposed is basically a CVA and you need >75% of total creditors by value to agree to it. If HMRC are owed more than 25% of the total creditor value then they can reject it. The creditors do not have to agree to the administrators proposals '"
Why would there be a CVA if there is no money? Are you confusing the proposals as a whole, with the deal to sell the Bulls? They are two different things. The proposals relate to the old company, which will be wound up. But before that, the Bulls business will (hopefully!) have been sold off.
The administrator can, in the course of his duties, do whatever he wants. Including making staff redundant, and including selling some or all of the assets. Those individual deals are not something the creditors get a say in. That's my understanding of it anyway.
Quote: Derwent "
b) As I said, I don't know the details of the Odsal deal and it may all be perfectly fine. But if HMRC suspect that any directors have acted illegally then, using the Rangers case as a recent example, they will wish to retain the right to pursue them individually.'"
I have no idea about that, though see no reason at all for saying or even suggesting illegal activity, all I am saying is I don't see any connection between any such matters, which may or may not arise in the future, and any proposed sale. If a given bidder buys the business, why would they care if HMRC, or anyone, pursued former directors individually?
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| Quote: Derwent "
b) As I said, I don't know the details of the Odsal deal and it may all be perfectly fine. But if HMRC suspect that any directors have acted illegally then, using the Rangers case as a recent example, they will wish to retain the right to pursue them individually.'"
The Rangers case certainly has made HMRC adopt a harder line on sports clubs, but remember there are actual criminal investigations going on in that case and the amounts involved dwarf the ones at Odsal.
The lease deal would never be questioned in this context- it is a documented transaction which would have involved both lawyers and the council as the site's owner. It is much more likely that behind the scenes more questions would have been asked of the RFL and the commecial sense of the transction to them.
I would suspect that with the benefit of hindsight the actions of the various directors will be judged to have been inept but would be very surprised if any formal action would be taken - and as has been mentioned in several posts even if there was potentially a case to answer there is no point in spending money when there is no hope of actually recovering anything.
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Rank | Posts | Team |
International Chairman | 16250 | |
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Feb 2002 | 23 years | |
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953.jpg 2015 - major missed opportunity, 2016 - stronger teams = harder task (no problem there then), 2017 - OMG What now!!!:953.jpg |
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| Ah but the people that bought the lease have put a bid in to buy the club so the lease would technically be back with the Bulls......naughty naughty rfl
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Rank | Posts | Team |
International Chairman | 14145 | No Team Selected |
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Dec 2001 | 23 years | |
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45_1302643626.jpg :d7dc4b20b2c2dd7b76ac6eac29d5604e_45.jpg |
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| Quote: DemonUK "Ah but the people that bought the lease have put a bid in to buy the club so the lease would technically be back with the Bulls......naughty naughty rfl'"
Do enlighten us as to how that might be so, and why anyone would have been naughty? Being mindful of the AUP.
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International Chairman | 7594 | |
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Dec 2001 | 23 years | |
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8_1434361123.jpg When my club didn't exist it was still bigger than yours:d7dc4b20b2c2dd7b76ac6eac29d5604e_8.jpg |
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| Quote: DemonUK "Ah but the people that bought the lease have put a bid in to buy the club so the lease would technically be back with the Bulls......naughty naughty rfl'"
Does that mean we also get all the cash from the sale of TV rights?
Or is it more likely that just because an organisation owns two distinct things that those things do not then automatically get ownership of each other?
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International Star | 1149 | |
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Apr 2012 | 13 years | |
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| Quote: DemonUK "Ah but the people that bought the lease have put a bid in to buy the club so the lease would technically be back with the Bulls......naughty naughty rfl'"
The lease is with the RFL
The bid - which is not currently one of the two preferred bids - was from SLE.
Two separate legal entities
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Rank | Posts | Team |
International Chairman | 16250 | |
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Feb 2002 | 23 years | |
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953.jpg 2015 - major missed opportunity, 2016 - stronger teams = harder task (no problem there then), 2017 - OMG What now!!!:953.jpg |
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| The point made earlier about despising of assets prior to admin/liquidation is valid i think in this case.
As for AUP don't worry I'm gone. If you think its fine to rip off hardworking businesses that's fine. Personally i think its despicable. Hey a top SL team and associated business sold for £150k. Sick of the whole business and how you feel you have a god given right to SL.
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Player Coach | 9554 | |
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| Quote: DemonUK "The point made earlier about despising of assets prior to admin/liquidation is valid i think in this case.
As for AUP don't worry I'm gone. If you think its fine to rip off hardworking businesses that's fine. Personally i think its despicable. Hey a top SL team and associated business sold for £150k. Sick of the whole business and how you feel you have a god given right to SL.'"
don't bang the door on your way out
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| And stop despising our assets!
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Moderator | 10969 | |
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1271.jpg Whenever you find yourself on the side of the majority, it is time to pause and reflect.
Mark Twain
Build Bridges NOT Walls:1271.jpg |
Moderator
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| Quote: DemonUK "The point made earlier about despising of assets prior to admin/liquidation is valid i think in this case.
As for AUP don't worry I'm gone. If you think its fine to rip off hardworking businesses that's fine. Personally i think its despicable. Hey a top SL team and associated business sold for £150k. Sick of the whole business and how you feel you have a god given right to SL.'"
Do you know what I'm sick of matey?
I'm sick of self righteous goody goodies coming on here and telling us that we, the fans of this club, have no right to discuss what the hell is actually going on, or may be going on(even though we have less influence on proceedings than a piece of paper blowing in the wind);have no right to ponder the endless legal possibilities and probabilities, and even worse we have no right to hope that things turn out for the best for our club.
It's nothing but self righteous, pompous claptrap and for the millionth time IT'S NOWT TO DO WITH US, we're just fans hoping for the best. I don't care if you wish us well or ill, I just wish these people would go forth and multiply.
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Player Coach | 4035 | |
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30148_1289234681.jpg :d7dc4b20b2c2dd7b76ac6eac29d5604e_30148.jpg |
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| Quote: Bulliac "Do you know what I'm sick of matey?
I'm sick of self righteous goody goodies coming on here and telling us that we, the fans of this club, have no right to discuss what the hell is actually going on, or may be going on(even though we have less influence on proceedings than a piece of paper blowing in the wind);have no right to ponder the endless legal possibilities and probabilities, and even worse we have no right to hope that things turn out for the best for our club.
It's nothing but self righteous, pompous claptrap and for the millionth time IT'S NOWT TO DO WITH US, we're just fans hoping for the best. I don't care if you wish us well or ill, I just wish these people would go forth and multiply.'"
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Rank | Posts | Team |
International Chairman | 16250 | |
Joined | Service | Reputation |
Feb 2002 | 23 years | |
Online | Last Post | Last Page |
Feb 2020 | Feb 2020 | LINK |
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953.jpg 2015 - major missed opportunity, 2016 - stronger teams = harder task (no problem there then), 2017 - OMG What now!!!:953.jpg |
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| Some of your fans have used the "we have a 10000 fanbase SL needs us"
I do appreciate the bid however was a SL bid and my assumptions are wrong. As for my opinions, they are mine and I am entitled to have them. Widnes were knocked back from SL because they had been in administration the year before and that was given as a reason. Why should you or anyone else be different. While I feel sorry for the fans, they wanted the clubs to be run more as businesses, yours failed, however you have been given help over and above what is acceptable and I hope that if Salford or Cas or any other team has to protect itself from creditors the RFL will pay the players wages etc. Incidentally why are they not paying the coaching staff.
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Club Coach | 5880 | No Team Selected |
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Mar 2005 | 20 years | |
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13517.jpg :13517.jpg |
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| The Lister Hotel @listerhotel
Last minute deal saves club from closing at midnight tonight #BradfordBulls
The Lister Hotel The Lister Hotel @listerhotel
Omar khan & Gerry Sutcliffe are officially the new owners of the Bradford bulls #BradfordBulls
The Lister Hotel The Lister Hotel @listerhotel
Bulls announcement expected today #bradfordbulls
Not sure why this hotel has any info, but some recent tweets from their account regarding the takeover. Interesting that one mentions the club was due to close at midnight tonight? Or am I just reading that wrong?
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Rank | Posts | Team |
International Chairman | 28357 | |
Joined | Service | Reputation |
Feb 2002 | 23 years | |
Online | Last Post | Last Page |
May 2024 | Oct 2019 | LINK |
Milestone Posts |
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Milestone Years |
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Signature |
973_1515165968.gif Last edited by Ferocious Aardvark on stardate Jun 26, 3013 11:27 am, edited 48,562,867,458,300,023 times in total:d7dc4b20b2c2dd7b76ac6eac29d5604e_973.gif |
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| Quote: Ferocious Aardvark "Is anybody offering odds on us having a new owner in time for Saturday's game? I want a bet.
We will run out tomorrow under new management. Sadly, nobody would take my bet
Run with the Bulls, we're OK
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International Star | 142 | No Team Selected |
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May 2011 | 14 years | |
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| Looks like its owned by Omar Khan rl[Link]rl
So would suggest the tweets may have some spin to them
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