FORUMS > Bradford Bulls > Winding up order ? |
|
Rank | Posts | Team |
Player Coach | 1012 | |
Joined | Service | Reputation |
Dec 2008 | 16 years | |
Online | Last Post | Last Page |
Nov 2024 | Jul 2022 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| In the original report of Omar's 900k investment it was clearly stated this was intended to cover ongoing costs for this year and next so the 1.74M (840+900) is intended to be over 2 years not 1. Although not ideal that he has to put that amount of money in, when Omar took the club over he talked about 2-3 years to get it running at a self sustaining level and we're 1 year into that. If he needs to do it again any time next year then there is something very wrong.
|
|
|
Rank | Posts | Team |
International Star | 203 | No Team Selected |
Joined | Service | Reputation |
Sep 2013 | 11 years | |
Online | Last Post | Last Page |
Sep 2013 | Sep 2013 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: Ferocious Aardvark "
The purchase price was based upon the valuation placed on all assets & equipment by P&A.
This was £3m & agreed by Omar Khan.
He paid £225k for the assets. £150k on setting up & transferring them from Bradford Bulls Holdings to OK Bulls Ltd, with a further £75k on a charge which I believe has now been settled.
So no bills were left unpaid when they fell due?
Sutcliffe didn't set a totally unrealistic target of 10k season tickets & express huge disappointment on more than one occasion at hitting 6500?
The fact that the club has two loans shows how badly wrong the directors got it.
Omar Khan is trying to make himself out to be some sort of hero, simply because he has put an unspecified amount of money into a business, of which he is sole shareholder, to cover financial shortfalls brought about due to truly incompetent financial forecasting.
A board of 14? Never heard of such a number for a business of that size, plus assistant & deputy directors, whatever they are.
For the foreseeable, the Bulls will be one of the also rans in Super League, with Bradford City taking the lions share of spectators, sponsorship & media coverage in the city.
|
|
|
Rank | Posts | Team |
International Star | 1625 | No Team Selected |
Joined | Service | Reputation |
Mar 2012 | 13 years | |
Online | Last Post | Last Page |
Oct 2019 | Oct 2019 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: BiffasBoys "For the foreseeable, the Bulls will be one of the also rans in Super League, with Bradford City taking the lions share of spectators, sponsorship & media coverage in the city.'"
Which goes to show these things are cyclical, good for City to finally to get their act together and eventually drag themselves up a division instead of the perpetual free fall of the last decade. As for Super League, well that's pretty much down to the previous regime getting us into a huge mess at a time when the world fell in on it's arrse, but we're still at the top table and still have a team to watch.
I'm sure precious City remember the bad times too. Still, I'm also sure there are plenty rubbing their hands with faux concern.
|
|
|
Rank | Posts | Team |
Club Owner | 20966 | No Team Selected |
Joined | Service | Reputation |
Aug 2003 | 21 years | |
Online | Last Post | Last Page |
Jun 2015 | Feb 2015 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: roofaldo2 "Right, so you can't refute my argument so you're resorting to being childish?
What would you call it then? First year running a sporting club. 2 problems regarding cash, both of which have been resolved.
So the Bulls haven't had enough money this year? So who do they currently owe money to?
It's not the players, they're paid.
It's not the HMRC, they're paid.
Who is oh mystic maker up of figures?
Come on, tell us all. Or perhaps you'd like to go make up a quote and attribute that to me instead?'"
hey...OK has invested the better part of 2 million in 11 months....let's see how he gets on next year and if he has another 2 mill handy
|
|
|
|
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 |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: BiffasBoys "The purchase price was based upon the valuation placed on all assets & equipment by P&A.
This was £3m & agreed by Omar Khan. '"
Anything which really does have a value of £3m, can be sold for something in that order. I could say my dog is valued at £3m, and to me it probably is, but as nobody would pay that, it is almost as meaningless. Nobody, but nobody, being remotely interested in buying my dog at anything approaching my valuation is all I need to know. I can boldly insist its value is £3m, but in any sense that actually matters, it's not.
Quote: BiffasBoys "So no bills were left unpaid when they fell due? '"
You understood the point very well. Your new question doesn't make any sense. The relevant question is whether the bills were paid, and they were, albeit late.
Quote: BiffasBoys "Sutcliffe didn't set a totally unrealistic target of 10k season tickets & express huge disappointment on more than one occasion at hitting 6500? '"
The target was ambitious. "Totally unrealistic" is just your jaundiced view. We've had that number in the recent past and I'd assume that if we set an ambitious target of 10K then secretly we'd have been aiming for maybe 8K plus. Given the way in which the Bulls fans stuck together during the crisis and the goodwill that was evident at that time, I too am disappointed that this only materialised in 6.5k. I didn't expect 10k, but 6.5k was a bit poor to be honest. And why wouldn't GS be disappointed? And what is the relevance if he expressed his disappointment "on more than one occasion"?
i) I think he does have a point about "competing"* for fans and sponsors, etc. Even though there are probably hundreds who watch both any new fan or sponsor may be drawn to City at this time.
ii) what kind of dog?!
{*"competing" probably isn't the right word but it's the best I can think of atm!}
|
|
|
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 |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Hmmm. I don't personally think "new fans" choosing shall I got to City, or shall i go to Bulls, is a significant consideration. I don't think there's much decent sized sponsorship about, full stop, and can't think of any City have got that we might have got instead if we weren't crap. Didn't Provident come to us first, City second?
Media coverage? Is what it has always been. Obviously if you beat Premier League sides, and appearances at Wembley, get a lot of coverage but what does that matter, I mean what's it actually worth in cash? I'm really not seeing media coverage as a factor.
I opened an old box and had a look at the paper cuttings I kept from when we first won the league in the 1990s. Just match reports, same sort of area win or lose barring the Final. Wouldn't say that overall it made much difference to media coverage. And we have much more chance of a Wembley gig in 2014 than we have of being in the top 4.
|
|
|
|
Rank | Posts | Team |
Club Owner | 20966 | No Team Selected |
Joined | Service | Reputation |
Aug 2003 | 21 years | |
Online | Last Post | Last Page |
Jun 2015 | Feb 2015 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: childofthenorthern "rlhttps://www.thetelegraphandargus.co.uk/archive/2013/08/02/10587678.Bradford_Bulls_owner_Omar_Khan_injects___900_000_to_pay_wages/rl
Just for the avoidance of doubt "this year and next" is the relevant bit in regards to your assertions of 2 Million per year.'"
First of the lot with regard to the 900k was the Wages owing from July......leaving 700k. You would expect that the next big expenditure would be Augusts wages and given Catalans and London where the 2 teams visiting, it's fair to say another 200k has been chipped off the "loan" leaving 500k.
September is the last month for wages (during the season) and other than the visit of Huddersfield this weekend, there has been no announcement regarding "new revenue streams" for this year, so your 900k is now 300k.
If I make allowances for a final SKY TV payment of 100k, then that figure goes up to 400k.
October is a quiet month, where players have left and stadium staff (excepting management) have all been laid off with view to re-hiring, so let's say 100k on October. November, the NEW players and existing squad return to training.....back up to say 150k a month for Nov, Dec and January.... so before a fan walks through the gates in February, there's another 550k in wages to be paid.
Now, I am not saying that other sponsors wont be found and other revenue streams wont open up, but all of the above stems from 900k being needed to, in part, pay July's wages.
Queue a few precious fans getting defensive and telling me of the millions in corporate and sponsorship revenue I have missed, but the reality is, where were these millions in July when you had wages to pay?
|
|
|
Rank | Posts | Team |
International Star | 203 | No Team Selected |
Joined | Service | Reputation |
Sep 2013 | 11 years | |
Online | Last Post | Last Page |
Sep 2013 | Sep 2013 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: gutterfax "hey...OK has invested the better part of 2 million in 11 months....let's see how he gets on next year and if he has another 2 mill handy
He hasn't invested anything like that amount of money.
Purchase price was £225k & he recently put an unconfirmed amount in, rumoured to be £900k. £1.26 at the very most.
|
|
|
Rank | Posts | Team |
Club Owner | 20966 | No Team Selected |
Joined | Service | Reputation |
Aug 2003 | 21 years | |
Online | Last Post | Last Page |
Jun 2015 | Feb 2015 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: BiffasBoys "He hasn't invested anything like that amount of money.
Purchase price was £225k & he recently put an unconfirmed amount in, rumoured to be £900k. £1.26 at the very most.'"
Jesus wept.....it makes no difference if he put 1 million, 10 million or 50 million into the club...the fact remains that money was needed to pay the wages from July and no other revenue streams have been announced since, but wages still need to be paid.
I get it...everything at Bradford is fine.
|
|
|
Rank | Posts | Team |
International Star | 203 | No Team Selected |
Joined | Service | Reputation |
Sep 2013 | 11 years | |
Online | Last Post | Last Page |
Sep 2013 | Sep 2013 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: Ferocious Aardvark "Anything which really does have a value of £3m, can be sold for something in that order. I could say my dog is valued at £3m, and to me it probably is, but as nobody would pay that, it is almost as meaningless. Nobody, but nobody, being remotely interested in buying my dog at anything approaching my valuation is all I need to know. I can boldly insist its value is £3m, but in any sense that actually matters, it's not.
Quote: Ferocious Aardvark "Well. Khan certainly bought a puppy'"
You understood the point very well. Your new question doesn't make any sense. The relevant question is whether the bills were paid, and they were, albeit late.
Quote: Ferocious Aardvark "It wasn't a new question.'"
The target was ambitious. "Totally unrealistic" is just your jaundiced view. We've had that number in the recent past and I'd assume that if we set an ambitious target of 10K then secretly we'd have been aiming for maybe 8K plus. Given the way in which the Bulls fans stuck together during the crisis and the goodwill that was evident at that time, I too am disappointed that this only materialised in 6.5k. I didn't expect 10k, but 6.5k was a bit poor to be honest. And why wouldn't GS be disappointed? And what is the relevance if he expressed his disappointment "on more than one occasion"?
On the contrary, it is always wise to try & use accurate figures. I didn't make any suggestion that there was not a real underlying problem that led to late wages & tax bill payments.
The club has claimed the Bartercard naming deal will generate a six figure annual sum. Very hard to believe when it has just 55,000 cardholders worldwide.
The Bulls are in big trouble. Interest & credibility is declining rapidly. The owners don't seem to be cutting their pattern according to the cloth they have. The club has big debts to service & and an owner who is too egotistical to allow anyone else part ownership.
|
|
|
Rank | Posts | Team |
Player Coach | 12310 | |
Joined | Service | Reputation |
Oct 2006 | 18 years | |
Online | Last Post | Last Page |
Feb 2023 | Feb 2023 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Quote: BiffasBoys "On the contrary, it is always wise to try & use accurate figures. I didn't make any suggestion that there was not a real underlying problem that led to late wages & tax bill payments.
The club has claimed the Bartercard naming deal will generate a six figure annual sum. Very hard to believe when it has just 55,000 cardholders worldwide.
The Bulls are in big trouble. Interest & credibility is declining rapidly. The owners don't seem to be cutting their pattern according to the cloth they have. The club has big debts to service & and an owner who is too egotistical to allow anyone else part ownership.'"
Must be awful for you being so bitter!
|
|
|
Rank | Posts | Team |
International Star | 1722 | No Team Selected |
Joined | Service | Reputation |
Oct 2010 | 14 years | |
Online | Last Post | Last Page |
Dec 2018 | Oct 2017 | LINK |
Milestone Posts |
|
Milestone Years |
|
Location |
|
Signature |
TO BE FIXED |
|
| Been looking at this thread for a couple of days.
At first I thought that Gutterfax was just trolling, but after reading some of his arguments, I'm starting to feel that his reasoning includes some thought.
The timing of the new 'pledge' and the deadline the club has created for itself makes me a little nervous. The money that the 1000 fans raise over the next week will be around £280k, this being pretty close to the monthly wage bill.
I would like to think that every move the club makes is an exciting new venture allowing fans to engage with their club, but I'm getting a repetitive impression that each move the club makes is done with the intention of surviving for 1 more month.
I'm concerned that these 'oversights' by the accounts department and Ryan are becoming a little regular, and the fact that the club refused to make a statement regarding last months wages makes me think there was a little more to that story.
Wasn't there Sunday (looks like I tore my ACL on Sat), but can anyone confirm if the new pledge allows the fans to still use the 3 month payment option (and still be included into the 1000). If not, then I will be concerned as this would indicate the club is not interested in the amount of fans on the terraces next year, but the amount of cash that 1000 fans can contribute over a 7 day period.
I'm all for supporting the cause and that, but after last year (when fans we're lied to and told to throw their money into a magical pot) I find myself looking a little deeper into some decisions/announcements. Surely I'm not the only one a little concerned??
|
|
|
|
|
|