FORUMS > Bradford Bulls > Peter Hood says Bulls on brink of going bust. |
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| The bank has come out this not looking too bad.
Isn't RBS partly public owned? Surely its not in public interests to see a large top flight sports team completely disappear, baad for the economy and a city with not much going for it. Obviously they have the right to withdraw an overdraft facility but there hasn't been much discussed about why.
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| Quote: Ferocious Aardvark "Pretty much this. i said i wouldn't but how can you not?
And at the same time I'm not a fscking mug and feel like I will prove to be if I do it.
I keep wondering "What's to lose?". If they dont get the £500k then I dont have to pay. If they do then surely £500k should be enough to save the club and I would be happy to pay more than £100 to do that.
But the club say they need £1m. That seems mind boggling to me. How can a cash injection of £500k not be enough to save a club the size of the Bulls? And unless they can demonstrate how they can get from £500k to £1m I might just be throwing my money away.
It comes down to an issue of trust. Without a lot more info from the Board I cant bring myself to do it.
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| Quote: Ewwenorfolk "Isn't RBS partly public owned? Surely its not in public interests to see a large top flight sports team completely disappear, baad for the economy and a city with not much going for it.'"
To be fair, it's not the Bank's job to fund failing sports teams.
If a bust taxpayer owned Bank took it upon itself to bankroll bust union clubs, I'm not sure we'd agree it was the best use of taxpayer cash.
As I said on the VT, we don't know what the "urgency" is - I'm sure the Bank will have issued the Bulls board with more than one ultimatum, they won't have just woken up one day and decided to cut their working cap facility and screw the club.
The "urgency" could very well be entirely of the Bulls' making, if they haven't addressed the Bank's concerns adequately over time and if brinksmanship has led to this current plight. The Bank's concerns are likely to have been wholly legitimate too, given the perilous state of the club's finances.
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| Quote: Cibaman "I keep wondering "What's to lose?". If they dont get the £500k then I dont have to pay. If they do then surely £500k should be enough to save the club and I would be happy to pay more than £100 to do that.
But the club say they need £1m. That seems mind boggling to me. How can a cash injection of £500k not be enough to save a club the size of the Bulls? And unless they can demonstrate how they can get from £500k to £1m I might just be throwing my money away.
It comes down to an issue of trust. Without a lot more info from the Board I cant bring myself to do it.'"
I'd expect they're hoping to take alot on the gate and in the shop vs leeds to help out.
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| Quote: FearTheVee "To be fair, it's not the Bank's job to fund failing sports teams.
If a bust taxpayer owned Bank took it upon itself to bankroll bust union clubs, I'm not sure we'd agree it was the best use of taxpayer cash.
As I said on the VT, we don't know what the "urgency" is - I'm sure the Bank will have issued the Bulls board with more than one ultimatum, they won't have just woken up one day and decided to cut their working cap facility and screw the club.
The "urgency" could very well be entirely of the Bulls' making, if they haven't addressed the Bank's concerns adequately over time and if brinksmanship has led to this current plight. The Bank's concerns are likely to have been wholly legitimate too, given the perilous state of the club's finances.'"
True, and well put.
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| Quote: Adeybull "That was precisely what I had been wondering.'"
Im pretty sure thats what the issue is, in which case, did we not discuss the situation with our bank?? and if not, why the feck not? And if we did why are we here now? Lots of questions I don't expect an answer to.
I'd lose my house if I treated my credit like this I reckon. I've pledged but I'm not happy with my own decison, will still help, donate to an escrow, whatever else comes out of the bullbuilder/other group discussions.
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| Sorry to hear guys. Hope it gets sorted. Best of luck.
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| There's already 2 threads on the Leeds site about which Bulls players they would have when we go under, Vultures turn my stomach. I bet that slime ball Hethrington is enjoying all this.
As for all the good wishes from the proper RL fans (including Rhino's fans) from other clubs, many thanks it is appreciated.
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| I was just thinking what I would do if this was Saints.
I would share all the concerns about whether my £100 meant anything, or whether the morons in charge would even know what to do with it.
I would end up donating though because:
a) I can afford to, and
b) If I didn't, and rather than rising from the ashes my club disappeared, I would never forgive myself.
I know that probably makes me a mug, but blind faith tends to be what supporting a sports club is all about.
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| I do hope the Bulls pull through, however we do remember a certain Mr Caisley voting for our demise when we were in a similar position. I am sure we would vote to keep you in however.
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| was shocked when I read the news and We at the DONS have had our fair share of financial problems over the course of our existence, hope you get sorted cos the game of Rugby League wud be alot poorer without the Bradford Bulls.
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| I feel for your fans but who can afford £100 pounds this day and age .With all the cuts and money is tight .Just hope you get it sorted .Will be ring our friends tonight they live in Idle .Hope to come to Bradford this weekend Frank and I will be having a chin wag about it all .We go in Oddfellows for lunch been informed they had the deco changed .Good luck to you all hope things turn out right for you Ray
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| Quote: Duckman "Would the bank call in the overdraft due to us selling our biggest asset? the ground lease. Thus increasing our risk to them? Has solving one problem caused another?'"
Maybe.
Quote: Duckman "The club's bank, the Royal Bank of Scotland, said it had not cut the Bulls' overdraft but that the directors had failed to provide alternative security to secure credit since selling the lease on Odsal.'"
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| Quote: Adeybull "That was precisely what I had been wondering.'"
Looks like you're spot on
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| so the thing that was supposed to secure our future has done entirely the opposite.......idiots!!!!
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