Quote: Highlander "The key event, in all this, was when the RFL gave us after a request from our then-chairman Mr Hood, a secret £700k loan in September 2011
That screwed us completely. You could argue that they were trying to "protect" us, but it laid the way for the stripping of our last asset, and both the insolvency events since then.
Bottom line, the RFL £700k intervention got Bradford into that (2012) season and no more. Then all the rubbish about "competition integrity" kicked in.
Bradford lost their main asset, which the RFL took to cover their increasingly stupid looking decision to give us an unsecured loan. (6 months later the administrator offered creditors SFA. I've always wondered why he didn't look at the RFL deal which effectively made them preferred creditors to the detriment of the taxpayers & everyone else.)
Bradford built up another 8months of debt, thereby ensuring administration.
Bradford went to the fans, and used up all that goodwill.
If the RFL had said no in September 2011, Bradford would have entered administration in the preseason. With less debt, still holding an asset (so more attractive to investors - maybe a better quality of investor), and still able call on the fans goodwill.
That RFL intervention screwed us completely. Our directors must have made a compelling case. I don't know who to blame more for it. The directors who sold it to the RFL, or the RFL who bought it....'"
Ok so going by your summary the Bulls BOD were racking up unsustainable debt in 2011 which needed hushing up so as to avoid admin before the franchise period 2012-14?
This was agreed to by the RFL (thats dodgy to start with) and we all move on.
2012 it all hits the fan for admin 1 and since then its down to all the agreements in relation to admin 1 that has led to admin 2.
The fact that the RFL so covertly came to the Bulls aid (not a concert) has subsequently led to the problems two years down the line and ultimately with the new sanctions has made the club something of a basket case as far as a sale is concerned.
A quick question, which year did the Bulls first miss out on top eight rugby?
The reason i ask is that i have an aquintance that worked at the Bulls until they were made redundant in admin 1.
They told me at the point of missing out on the play offs that first time that the bulls were screwed financialy, and they could'nt believe that the club were spending in the way they were with such arrogance and disregard.
I was told this at the time not afterwards and i posted something to this end on our board if not on both.
I just wondered if there was a substantial gap between the first time you dropped out of the top 8 and 2011 because it seemed like quite a while between me being told this and that person being redundant.
