Or perhaps the "Bricks and mortar" isnt worth as much as a guarantee as it was?

RBS are not obliged to lend to anybody. Out of courtesy there should have been a dialogue between the club and RBS before the stadium was sold. Doesnt look like Hood thought this. If I was RBS, I'd be annoyed if the club had done this without any consultation.

This smells like more spin from Hood, but at least its something! Again, he's blaming others rather than simply saying he misjudged the situation.

Interesting stuff and a start from Peter Hood.

Is it that RBS pulled the overdraft facility or refused to stand behind a 500k (totally guessing here) payment to HMRC which they and the Bulls didn't expect? In other words the tax bill took RBS as much by surprise as the Bulls board.

Three things which strike me.

The Bulls didn't expect RBS to pull its overdraft facility. It's hard to fathom without the figures but from RBS' point of view their liabilities could have been rising substantially just as they became aware of the Bulls assets reducing. No bank would like this and one can understand the speed with which they pulled the agreement. I think Anarkik is correct on this.

Secondly, the Bulls appear surprised by the size of the tax bill which possibily precipitated the RBS wobbles. Again not unheard of but hard to imagine they didn't have ongoing discussions and some idea of what was coming.

Thirdly, the Bulls appear surprised by the RFL calling in the debt in one go when the consequences were there for all to see. I'm surprised they ever lent the club 700k but can't understand that having lent them the money they would demand it back in such drastic manner without making it clear to the club. The club were expecting money only to find out it wasn't coming in the last week? It's very odd.

There is a kind of strained logic between the three events but still one might expect the club should have known and managed the situation better. It doesn't explain why when we had the successful Pledge 1 we needed 700k from RFL but we are where we are .

Anyway we asked Peter Hood for info and we've got at least some.
What else is going on Adey that's giving you a warm feeling?

hmmmm. Hood makes much of the Coral Stand and the £3.6 million it cost to build it, and rightly lists it as an "asset".

But tell me Mr Hood, as you don't own either the land or the lease on the land on which it stands, what value would you put on this asset?

In layman's language, what could you flog it for?.....scrap value of the steel, fittings and fixtures? As a job lot to say Wakey, in case Newmarket doesn't get the go ahead?

It would be interesting to hear your and the bank's valuations.

No point in selling to Wakey they never paid for the Benidorm block did they?

Some interesting stuff, but just a couple of pieces of the jigsaw? Doesn't really explain the urgent need for £1m.

Could we be looking at something similar to a stock market crash to explain some of the suddeness of this? Most of it is based on nervousness and not actual fact. Rumours of a tax issue causing nervous creditors to pull debts. We can deal with one maybe two but not everything at once. Image rights thing hasn't been secret.

RBS, well I suspect they sponsor the "Six Nations".

Anyone else want to do some digging?

I think not.The Board would have been aware of the long term and short term cash flow situation, and the potentials of their every actions many months ago.
It is inconceivable that there has now suddenly appeared a financial situation that they should have anticipated. This smacks of incredible bad financial planning.

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I did offer my services at an early Bullbuilder meeting.

I work for a high st bank and have a portfolio of small business customers. Should have taken about 24 hours to open once forms & ID complete. Did you have problems???

We were told to use Co-op bank by Supporters' Direct. You will appreciate why.

I would much much prefer we had gone with your proposal - think I speak for all of us - but it was made pretty clear what was expected. Although maybe it might have been better had you been responsible for the Bulls' account...?

And our experience was precisely what I told people I expected it to be, unfortunately.

If you knew which bank i worked for you might think co-op was the better option!!!

RBS were fully within their rights to withdraw the overdraft.

I have no doubt they did this for a reason.

I believe I recall precisely which bank you worked for!

Still there?

Do share your in-depth knowledge with us as to the reason?

Lets just say, I doubt the bank I work in will be offering the Bulls an overdraft.....