FORUMS > Bradford Bulls > what goes up must come down |
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| Quote: Maccbull_BigBullyBooaza "Correct call me old fashioned but I don't like all these new names for things.'"
Not so old fashioned that you forget the East Riding?
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| Quote: cod'ead "Not so old fashioned that you forget the East Riding?'"
Think maybe you missed what he was really getting at, Coddy? Re Shuddersfield...
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| Quote: Adeybull "Well don't forget that the Huddersfield rugby league club company is actually the company that used to be called Sheffield Eagles rlfc Ltd and used to play out of the Don Valley Stadium...'"
Tell that to the, soon to in Adminstration, Assetscan Limited.
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| Quote: Wadski "Tell that to the, soon to in Adminstration, Assetscan Limited.'"
Indeed. Guess I'm not the only one who knows where to look for these sort of things then! I'd say the signs are looking ominous. Not good.
Your views on their - what looks suspiciously like - invitation to the public to apply for shares? Legal? And what happens if they cash the cheques and then go into Administration? I'm finding it hard to avoid the conclusion that a desperate BOD may have seriously overstepped the line here. Hopefully i guess I'm wrong.
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| Quote: Adeybull "Indeed. Guess I'm not the only one who knows where to look for these sort of things then! I'd say the signs are looking ominous. Not good.
Your views on their - what looks suspiciously like - invitation to the public to apply for shares? Legal? And what happens if they cash the cheques and then go into Administration? I'm finding it hard to avoid the conclusion that a desperate BOD may have seriously overstepped the line here. Hopefully i guess I'm wrong.'"
I've avoided commenting on the subject after the lambasting on VT about a year ago when I summed up several items that pointed towards an iceberg on their horizon.
It's not a public issue of shares, as the BoD have said that if the fans raise this money they will hand over their stake in the business to the trust, not to the investors.
What concerns me further is what these fans will get for their hard earned cash? A business that is in debt, with the Image Rights issue still hanging over the sport, and a queue of debtors wanting paying.
£500,000 isn't much help to cashflow when they have already announced that £350,000 is to the VAT man and a £162,000 'donation' was infact a loan. (Although the latter may be part of the £350k). That swallows the fund before they even start to think about other debts, staff salaries etc. Administration will follow as soon as the rest of the skeletons come out of the cupboard.
If I was asked for my advise I would suggest they wait, raise their £500k if it's possible and use it to buy the club debt free from the administrators and own 100% not 50%.
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| Quote: cod'ead "So, prior to 1974, what was it then?'"
No idea but it wasn't Yorkshire.
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| Quote: cod'ead "Not so old fashioned that you forget the East Riding?'"
A Yorkshire man knows more about the Ridings than someone from Hull HTH!
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| I've always thought a Yorkshireman wouldn't call his home town Beverley.
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| Quote: Wadski "I've avoided commenting on the subject after the lambasting on VT about a year ago when I summed up several items that pointed towards an iceberg on their horizon.
It's not a public issue of shares, as the BoD have said that if the fans raise this money they will hand over their stake in the business to the trust, not to the investors.
What concerns me further is what these fans will get for their hard earned cash? A business that is in debt, with the Image Rights issue still hanging over the sport, and a queue of debtors wanting paying.
£500,000 isn't much help to cashflow when they have already announced that £350,000 is to the VAT man and a £162,000 'donation' was infact a loan. (Although the latter may be part of the £350k). That swallows the fund before they even start to think about other debts, staff salaries etc. Administration will follow as soon as the rest of the skeletons come out of the cupboard.
If I was asked for my advise I would suggest they wait, raise their £500k if it's possible and use it to buy the club debt free from the administrators and own 100% not 50%.'"
Who is raising the £500,000? Is it the existing company? That is what it indicates on the web page I saw. Is it the new Supporters' Trust? The one that does not exist yet? Is it the accounting or legal firm to whom the cheques are to be paid? Is it someone else?? Not seen the appliocation form they refer to, so its hard to tell.
Unless there is a lot more info somewhere, the whole thing seems extremely unclear - and dangerous IMO.
I am having serious problems seeing how this is not an invitation to the public to subscribe for shares in the limited company that is the club, to be honest. Funnily enough, the group I am working for as an interim manager at the moment is doing something similar, albeit not with this urgency - raising though about £35m. And, funnily enough, it needs a full-blown prospectus to be allowed to invite suppliers and customers etc to subscribe for shares. Even though it is structured as a co-operative.
And yes, I have difficulty disagreeing with your assessment. It looks to me that they should let the thing go, let the existing BOD take the hit, and get the ST formed ASAP as the vehicle to buy the club off the Administrators. But what do I know?
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| Quote: vbfg "I've always thought a Yorkshireman wouldn't call his home town Beverley.'"
But you'd be happy with Idle?
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| Quote: cod'ead "But you'd be happy with Idle?'"
Membership at Idle working mans club is highly sought after I'll have you know!
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| Quote: cod'ead "But you'd be happy with Idle?'"
We've also got a place called Slack End (in Wibsey), not sure how many are happy to say they are from there either.
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| all you lot that slag off the quins have not got a clue whot is going on in london and the south do you not know its the fastist growing area for rl in the country. just look at the home grown players we have in our team ok our fans are small ill give you that but thay will grow
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| Quins will grow, Crusaders will grow, Catalans will grow.
Wakefield will go down due to obvious reasons.
Widnes will come up because Halifax don't have a youth system.
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Club Coach | 7239 | No Team Selected |
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| Quote: kingsting "do you not know its the fastist growing area for rl in the country. just look at the home grown players we have in our team ok our fans are small ill give you that but thay will grow'"
When? The fans haven't grown for bloody ages and I see no signs that they will to be honest. I'm not saying give up on Quins as there are other reasons why they are so important. And no doubt there are a few players starting to punch through from London now and make it in bigger sides. But I can't see any sign that the fanbase is ever going to increase and I think that's down to factors massively out of the club or sport's control.
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