FORUMS > Bradford Bulls > Renamed: Super League Europe Ltd buys the Bulls |
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| With regards the playing staff, i wouldnt be surprised if a predetermined nfl style draft as already been taken place with picks going on size of contribution to the bail out fund
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| I am really pleased you have something inplace that will hopefully help you to keep in Super League.
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| Quote: Early Bath "Amazing Move and will come as very welcome news to such other benefactors as John Wilkinson, David Hughes, Ken Davy etc etc who are now protected against loss by the RFL.'"
No they're not.
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| Quote: Ferocious Aardvark "Sorry to disappoint but the point of buying something off an administrator is that there are no debts. It's the administrator who deals with the debts, he pays them off out of anything left from the purchase price.
Hence my question about HMRC.'"
No you are quite wrong -what you say would apply if the club is liquidated but this move ensures that will not now happen.
Administration is about finding a buyer who can settle the debts - the chief aim of the administrator is to protect the creditors.
The other 13 clubs now take on the debts of Bradford Bulls and IMO the clubs will not want that to be anything other than a temporary situation. Either a buyer comes along willing to pay off the debts or Bradford's TV money will be used instead with the Bulls no longer in Super League.
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| Quote: His Bobness "
The other 13 clubs now take on the debts of Bradford Bulls ...'"
Sorry, that's just nonsense.
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| Quote: Ferocious Aardvark "Sorry, that's just nonsense.'"
Techincally, I think they have.
But these are small, in real terms and don't present much risk when spread around thirteen parties.
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| Tried to check what the BBC was saying but the site is down due the number of other Bulls fans trying to see what is going on? or maybe there is something else in the news?
But seriously would I be right in thinking that an offer of £1 plus the value of the debts (£500k?) would be acceptable to the SLE, plus you would need working capital to see the club into next season after banking the GF winnings that is
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| Quote: Northernrelic "Tried to check what the BBC was saying but the site is down due the number of other Bulls fans trying to see what is going on? or maybe there is something else in the news?
But seriously would I be right in thinking that an offer of £1 plus the value of the debts (£500k?) would be acceptable to the SLE, plus you would need working capital to see the club into next season after banking the GF winnings that is
Are the debts only 500k ?
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| Quote: Northernrelic "Tried to check what the BBC was saying but the site is down due the number of other Bulls fans trying to see what is going on? or maybe there is something else in the news?
But seriously would I be right in thinking that an offer of £1 plus the value of the debts (£500k?) would be acceptable to the SLE, plus you would need working capital to see the club into next season after banking the GF winnings that is
The RFL estimated the debts at £1m. A lot less than the number BG has been throwing around
Might tempt some people.
Fans won't buy season tickets until they know the club is safe so that is a lump sum which can be counted on.
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| A retweet by fithandlast says rfl reject sle offer am trying to find if true or wind up. Just read it proper its a wind up sorry folks my error
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| Quote: Northernrelic "Tried to check what the BBC was saying but the site is down due the number of other Bulls fans trying to see what is going on? or maybe there is something else in the news?
But seriously would I be right in thinking that an offer of £1 plus the value of the debts (£500k?) would be acceptable to the SLE, plus you would need working capital to see the club into next season after banking the GF winnings that is
the SLE will have the working capital for this year as they can always use next years Bull's sky money for that and to settle debts as the Bull's wont need it when relegated to Championship....Unless a buyer comes in with an offer equal to what has been spent already
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| Quote: His Bobness "No you are quite wrong -what you say would apply if the club is liquidated but this move ensures that will not now happen.
Administration is about finding a buyer who can settle the debts - the chief aim of the administrator is to protect the creditors.
The other 13 clubs now take on the debts of Bradford Bulls and IMO the clubs will not want that to be anything other than a temporary situation. Either a buyer comes along willing to pay off the debts or Bradford's TV money will be used instead with the Bulls no longer in Super League.'"
You really are one brave or foolish individual, telling FA the lawyer that he is wrong on a matter of law.
Administration is anyway about protecting the bsuiness from its creditors - you have it the wrong way round - whilst an outcome is achieved that is best for the creditors whilst at the same time seeking to preserve a business as a going concern as far as pacticable.
And you clearly fail to understand the concept of limited liability. The other SL clubs no more take on the Bulls' liabilities than you do if you buy shares in Tesco.
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| This is too easy this!! Why didn't such a big organisation like SL(E) come forward in the first place and sit back and watch the Bulls organisation be put through the mill, i can't believe it was because SL(E) thought someone would save them when the sure winner option was to intervene as soon as the Bulls went into administration!!!
Who's paying the player/coaching/staff's wages then now? Is Mick Potter re-instated? the BBC Sports 3 min interview he puts a lot of stuff on the back burner for later, something very shifty still going on, i wouldn't be suprised if the RFL are pulling the strings here!!
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| Quote: Ferocious Aardvark "Sorry, that's just nonsense.'"
taken from the hetherington statement as posted on previous page..
"The Super League clubs do recognise the risk, they are responsible for any liabilities going forward. But the future and the prosperity of the Bradford Bulls is much more important than any short-term financial loss that the clubs may suffer"
that means they take on the debts...
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| Quote: KR RRTR KR "taken from the hetherington statement as posted on previous page..
"The Super League clubs do recognise the risk, they are responsible for any liabilities going forward. But the future and the prosperity of the Bradford Bulls is much more important than any short-term financial loss that the clubs may suffer"
that means they take on the debts...'"
Debts "going forward" not historic.
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