Sadly, very often in this situations you are doing the opposite of helping by bailing out. If the bail out isn't accompanied by some sort of far reaching operational restructuring, you're just allowing a bust business to limp on temporarily.

My gut feel is that Administration would be the best bet for the Bulls, albeit I have no basis in fact for that!

Banks are quite happy to cut overdrafts without warning. Believe me, I know. I've been there and it led to my business going bust and left me in a right old mess. It may be a different matter with larger concerns but banks have no scruples in protecting and recovering their cash with absolute ruthlessness at the first opportunity if they deem it necessary.

It could indeed be of their making, but Bradford weren't urgently appealing for cash until RBS did what they did. For all we know they were in the middle of a good financial plan and delicately but successfully balancing the books and slowly paying off debts until RBS decided they were too much of a risk and decided to recover their cash.

We're all speculating.

and I hereby stand down from my role of Bradfords accountant.......

With all due respect I find it hard to believe this happened out of the blue, without warning, whilst fully compliant with all relevant financial covenants.

If it transpires that it did, then I apologise in advance.

Judging by recent events, it looks like you were.

There was a little more to it, but that's what happened. Because I'd put my account back into the black (with cash essential to keeping the business running), they closed the overdraft. I know of a few local businesses who've lost overdraft and/or credit facilities over the last 3-4 years with little or no warning.

Must admit, the recent purchase of Odsal is the one thing making me question darker dealings behind the scenes. I'm not a conspiracy person normally but I suspect the Bradford knew things were tight and approached the RFL, who then stepped in to save such an enormous asset - a wise move, certainly in hindsight. RBS cutting their overdraft was the straw that broke the Bull's back.

He won't mind - KPMG have probably made him an offer to join them!

Interesting quote from the BBC:

The issue would be, where would the Administrator get the cash to run the club for the rest of the season? The Bulls problem is more a lack of income rather than excessive costs.

Even if the Administrator drastically cut costs he/she would still need an income stream to keep going. The cheap season ticket money has all been received up front. Apart from money from away fans, there's very little taken at the turnstiles on match day. Commercial/sponsorship income is usually received at least partly up front. I'm not sure how the Sky money is paid, but on the face of it most of the money for this season has already been received.

It seems to me that, to get through the season, the Administrator would have to cancel the season tickets and charge everyone again to watch a severely weakened team.

Just seen Duckett on Look North, when questioned as to where it all went wrong, one of the reasons stated was the Iestyn Harris affair.

Does anyone know roughly how much it cost?

Cronus is spot on with his last 2 posts

That is interesting.

Wonder if that meant they wont sign Personal Guarantees.

The fans need to clarify that.