| FORUMS > The Virtual Terrace > Bulls have officially gone into administration |
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| Quote: Kosh "All very interesting, but Odsal wasn't sold. The [ilease[/i was sold. I'm fairly certain that doesn't count as an asset any more than the players do.'"
Well the bank certainly thought it was an asset as that's why they pulled the overdraft. |
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[i:10za56ci]Hold on to me baby, his bony hands will do you no harm
It said in the cards, we lost our souls to the Nameless One[/i:10za56ci]:d7dc4b20b2c2dd7b76ac6eac29d5604e_6505.jpg |
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| Quote: LifeLongHKRFan "Well the bank certainly thought it was an asset as that's why they pulled the overdraft.'"
Wrong. The bank pulled the overdraft because they could - they were basically limiting their exposure to sports clubs in general and the Bulls in particular. It turns out that the lease had never been used as security in the first place. |
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| Rank | Posts | Team |
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But the banks statement said that the sale of the lease contributed to the decision to withdraw the overdraft facility. So they must have seen it as an asset.
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| Quote: Michael_Ward "I think the Tax Man ought to be questioning the sale of Odsal to the RFL.
There are a number of things that appear potentially difficult about the sale
I don't doubt that HMRC will be investigating this. Odsal couldn't be sold in liquidation, it belongs to the council. But in "buying" the lease, the RFL was getting something back for its money from previous loans to the profligate club when otherwise it would have just been another creditor getting 2p in the pound. The timing was suspicious, but the saving grace for the RFL if HMRC attempt to claw this back is that the lease is as good as worthless without a sports club playing on it.
Trebles all round.
Which brings us to the point of the Bulls fulfilling their fixtures in liquidation (aka there being a newco to give the RFL a return on their Odsal lease). This hasn't been thought through. A newco, if a sugardaddy isn't found before liquidation, stripped of assets (players), with no income (season tickets) for the rest of the season and the usual tax and incidental overheads will be losing money in 2011 at almost as fast a rate as the old Bradford Bulls. They literally will not be able to fulfill their fixtures no matter what the RFL wishfully say.
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My posts do not reflect the opinion of rlfans.com, my employer, the Prime Minister, Lassie, NRL fans or the privately educated. The opinions posted here are solely intended to influence the intellectually destitute.
Money back guarantee applies.:d7dc4b20b2c2dd7b76ac6eac29d5604e_975.gif |
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| Quote: Him "But the RFL don't own the stadium, they own the lease. Which I would imagine is of little value on its own.'"
Everything I've read suggests that the Stadium was sold. Has that information been superseded?
Also, a secure tenancy can massively reduce the value of land, as it cannot be sold on for redevelopment until the lease is up or is bought out. This makes it worth a substantial amount in its own right. |
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"If you start listening to the fans it won't be long before you're sitting with them," - Wayne Bennett.:d7dc4b20b2c2dd7b76ac6eac29d5604e_438.jpg |
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The RFL own a long lease on the ground. Bradford Council own the ground and have since 1985.
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[i:10za56ci]Hold on to me baby, his bony hands will do you no harm
It said in the cards, we lost our souls to the Nameless One[/i:10za56ci]:d7dc4b20b2c2dd7b76ac6eac29d5604e_6505.jpg |
Moderator
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| Quote: LifeLongHKRFan "But the banks statement said that the sale of the lease contributed to the decision to withdraw the overdraft facility. So they must have seen it as an asset.'"
When pressed they admitted that was not actually the case. They just used it as a convenient excuse to save face. |
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| Rank | Posts | Team |
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| Jul 2003 | 21 years | |
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[i:10za56ci]Hold on to me baby, his bony hands will do you no harm
It said in the cards, we lost our souls to the Nameless One[/i:10za56ci]:d7dc4b20b2c2dd7b76ac6eac29d5604e_6505.jpg |
Moderator
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| Quote: craigizzard "Which brings us to the point of the Bulls fulfilling their fixtures in liquidation (aka there being a newco to give the RFL a return on their Odsal lease). This hasn't been thought through. A newco, if a sugardaddy isn't found before liquidation, stripped of assets (players), with no income (season tickets) for the rest of the season and the usual tax and incidental overheads will be losing money in 2011 at almost as fast a rate as the old Bradford Bulls. They literally will not be able to fulfill their fixtures no matter what the RFL wishfully say.'"
There's also the small matter of any such arrangement requiring the agreement of the majority of the other 13 SL clubs. By no means a foregone conclusion. |
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| Rank | Posts | Team |
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[i:10za56ci]Hold on to me baby, his bony hands will do you no harm
It said in the cards, we lost our souls to the Nameless One[/i:10za56ci]:d7dc4b20b2c2dd7b76ac6eac29d5604e_6505.jpg |
Moderator
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| Quote: Michael_Ward "Everything I've read suggests that the Stadium was sold.'"
Maybe try using both eyes? |
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| Rank | Posts | Team |
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975_1347830146.gif
My posts do not reflect the opinion of rlfans.com, my employer, the Prime Minister, Lassie, NRL fans or the privately educated. The opinions posted here are solely intended to influence the intellectually destitute.
Money back guarantee applies.:d7dc4b20b2c2dd7b76ac6eac29d5604e_975.gif |
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| Quote: Kosh "Maybe try using both eyes?'"
And maybe you could tone down your attitude. |
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| Rank | Posts | Team |
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6505_1460484023.jpg
[i:10za56ci]Hold on to me baby, his bony hands will do you no harm
It said in the cards, we lost our souls to the Nameless One[/i:10za56ci]:d7dc4b20b2c2dd7b76ac6eac29d5604e_6505.jpg |
Moderator
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| Quote: Michael_Ward "And maybe you could tone down your attitude.'"
I'm not the one who failed to do even rudimentary research before publicly suggesting that the sport's governing body and a major club might have conspired to defraud creditors including the HMRC. Which of us do you think requires the most attitude adjustment? |
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| Pack it in the pair of you or i'll go fetch a moderator.
Oh wait ............. erm .............
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| Rank | Posts | Team |
| Club Owner | 2100 | No
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| Jan 2004 | 21 years | |
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| Quote: bren2k "When exactly will you be doing that -kicking event you promised you would do if ever Mr Glover put temporary stands at BV?'"
I am still safe. Only one of the two promised stands has been seen so far, so I stick with what I said. |
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| Rank | Posts | Team |
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actually when I say "stand" I do of course mean a roof.
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2 have been put up though, one in the corner near the block of flats and the one behind the sticks?
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