Quote snowie="snowie"just so then you know correctly when Chris left Wakefield the only debts that were left were director loans, the club did not owe a penny to anyone other than the money owed to the directors had willingly loaned the business. this information is from CB
The current directors have taken a loan out from the council to secure the ground ownership but I can only assume that is the reason Chris chose to leave.
by the way if your adding a link you need to at least check it works properly first'"
Yes, snowie we know about the director loans; and they are not at first sight obvious based on the abridged accounts that are routinely published for rugby league clubs such as Trinity (and the Bulls).
Having spoken to a reliable source (not Mick the Gled btw !) we are however told that there were still some debts as of the date of CB's departure, as there are with most businesses. Therefore our source maintains that to allege that Trinity was debt free when he left may be a tad arrogant. Wakey is after all not a cash business.
Apologies for the weblink; it opens at our end snowie. Regardless, the historic Trinity accounts are easy to find on the Companies House website under 'Spirit of 1873 Ltd'.
Another anomaly in what CB claims appears to be as follows. If as may well be the case a substantial chunk of the creditors due sum in the Wakey accounts is in fact attributed to director loans then the so called £2M debt when in August 2013 CB and Carter took over from Michael Glover and Jimmy Elston may well be also somewhat of an exaggeration. We need to check early next week with our source but we presume that former Wakey directors, Glover and Elston, also had director loans which may have been in part transferred across to Carter and CB. We also understand that Michael C and Chris B were also involved in the club when it spiralled downwards in late 2012-2013, but not in a director capacity.
The estimated creditor sum when CB became a Wakey director in August 2013 (based on amended accounts up to 11/13) was circa £1.7M and as of 11/18 the sum was in fact circa £840K. Therefore it would appear that for CB to claim that he virtually single-handedly reduced 'the debt' by £2M - as has been claimed - may well be untrue or even a gross exaggeration. In any event it's an easy task for any numbers guy to look to do a formal (or even informal) CVA with a bunch of somewhat desperate creditors in particular for a struggling business, as Trinity was in late 2013, and as the Bulls are know, albeit the alleged criminal undertones at the Bulls (some of which are as of yet still unknown to CB) appear to be far more serious and murky at our club than was the case at Trinity.
As per the above what CB is in reality trying to do by simple cost cutting and (player) asset stripping is not rocket science. In respect of the many creditors (some of which are nesteggers) a number are toying a wee bit with CB and may be looking to play hard ball in part because Chris does not appear to be treating all creditors on a fair and equal basis. For example, Kappa are we understand being treated more favourably than some other creditors, in part because they were forewarned that the club was, and still is, a toxic brand. Such apparent diverging business practice by CB is not unlawful per se, but when creditors talk to one another (as they are doing re BB17) then in such circumstances many can get rightfully miffed when a party, such as CB, who is presently not even a shareholder of our business, starts trying to cut deals in somewhat of a purported underhand manner. The danger then is that at least 1-2 creditors may be so peeved that they elect to pull the WUP trigger, assuming they have not done so already.
Regardless of what is hypothesised above, what we surely need to see at the Bulls is some sight of a credible investor. Are CB and his pals willing to loan BB17 say £300K each on a director loan basis? We sure wouldn't. In fact as things stand we wouldn't even risk buying a season ticket via credit card or otherwise.
Yes, it's all a bit convoluted snowie, but we sense that you have some good insight and should be able to get your head around where we are coming from. If you still think we are talking boll..ks (pending re-connecting with our source re Trinity director loans per late 2013) then pl explain why that may be the case.
We, like many others, are in part on somewhat of a fact finding and exploratory mission in regard to certain aspects of the ever emerging Bulls jigsaw/ debacle.
On an aside it's worth mentioning that Michael (Carter) was, and still is, very much the visionary front of house man at Trinity; was, and still is, the main money man, and also played a significant part in turning around Wakey's fortunes. It was not all down to CB. At the end of the day MC and CB did, however, not see eye to eye, but some rumours we've heard of CB being accused of having his fingers in the till appear to be unfounded. That said, such past alleged sins may be an essential skill set for a new Bulls owner
Finally, returning to the update on our present creditors, we have a new one to add to the list. The Bulls club doctor is we understand owed £16K.
