i think you should sell your best players raise 500k and prepare for a couple of poor seasons that looks the only way out but i suspect your chairmen wants you to go into administration its the easy way out

Makes you wonder why bod are willing to wait until the Eleventh hour to avoid admin. Is it for fear of expulsion from Superleague?Is the RFL a major creditor to the bulls and if so have they said if you go into admin that they have no choice but to revoke their license?

Well this could be a test for the new management - can they organise a gate and a bucket?

I will put my hand in my pocket if they can

I keep reading these posts on administration - the easy way out, the only option etc, etc. Yes it would change the shareholders but more practically while existing creditors could be iced it still leaves the following "little issues"
1) Working capital for the rest of the season.
2) You still need a viable business plan for future seasons
3) Say goodbye to credit
4) Players become free agents
5) Points deduction - could effectively end our interest in the playoffs and the money that would bring
6) Someone at Redhall has a rush of blood and we find ourselves several leagues down the ladder

I know some Wakey fans keep saying administration ended up being good for them, but what if a Taffy Millionare had appeared and they were looking forward to welcoming Gateshead to Bellevue?

I am not for a minute saying raising £1.2m is easy but I still think a better option than admin

I would agree but the problem is probably collapsing time frames I am afraid

Does anyone understand why the RFL lease deal seems to have changed from £700k to £1.25m + VAT?

I'd guess (though obviously I've no actual knowledge) that the old management left it largely to the staff to organise; directors come up with the ideas and staff put it into operation.

I suspect that a couple of directors would be pretty overwhelmed with all that anyway, apart from which they are probably better off spending time on pursuing the other investors. If that's how it worked before then the staff already have hands on experience. Much previously was done online though,(the virtual ticket) rather than cash, which despite having to pay card fees they felt was the better way to do it.

If it comes to it I'll gladly join you Btw..

No. Because it didn't.

The £700k was the loan existing from the RFL.

The £1,250k (as now confirmed) was the sale value of the Odsal lease.

So we actually had a further cash injection of £550k from the RFL? Plus the £250k VAT?

They still just don't get it, do they?

Administration gets rid of historic debts that the business cannot afford if it is to continue. Administration presupposes there is a viable business going forward, hamstrung by a big overhand of debt.

Except we do not HAVE any big overhang of debt. This new "six figure loan" is the only new figure to emerge (and I suspect "six-figure" is the usual euphemism for "about £100k"?) and the VAT dates only to January 2012 and we knew about it and the due date (if not the precise amount) at the time of the pledge. The nearest we have seems to be the image rights tax settlement, and if the numbers I heard - £250k payable over three years - are anything like right, that by itself is hardly a justification for administration of a business with costs of £4m or more?

The other possible financial reason for administration would be to get out of an unduly onerous contract. The only contracts I could imagine being large enough to have such an impact are the Odsal short lease with the RFL, and player contracts. And surely the RFL would have a LOT to say about us trying to get out of either?

Our problem - and it comes across loud and clear from what Mr Coulby said yesterday - is that we seem to have a very substantial shortfall of income relative to routine operating costs. Our Wakey friends have never explained precisely how administration would solve THAT particular problem.

Of course. Except, at the time, we all assumed the cash injection in January was actually well over £1m, since we were not aware of the existence of the £700k loan - or of any RFL loan, other than the existence of a floating charge registered in January 2011 when it seems a loan, or at least part of it, was granted.

Where this money all went is the "black hole" that has perplexed me for some weeks now, and that I have referred to regularly on here.

Most of the collection work itself, and the manpower, was organised and carried out by Bullbuilder members at the club's request, not the club. The club did not even have enough buckets.

Lets hope we don't kick the bucket

Detailed refute of the current board claims by Hood in League Express tomorrow.

Simple really and doesn't require a rocket scientist to work it out.
A substantial amount of regular expenses that the Bulls have are paying out are the massive debts that have been accumulated, administration would remove this cost from the NEWCO so therefore require less income in to survive.