Yep, says it all mate, we are not big enuf for the top men

t.co/BiUDbHrm

t.co/BiUDbHrm

Maybe its all the bull we have served up over the last 14 years of false promise, and struggle, maybe they just thought here they ( we ) go again.

There is an element of truth in that, but frankly it pales when a club that has won so much in recent times is begging for 500k to keep it afloat within three weeks.

Truth is any club could have followed the Bulls blueprint, borrow to the hilt, buy success, gamble that you keep winning and when you don't and the whole thing collapses get the begging bowl out.

Even Ted could have managed that, well maybe not the winning bit

What we've learned is ex-Wakefield players aren't stupid enough to sell their possessions to 'rescue' a club? I apologise to all those I thought were a bit thick over the years.

I still can't understand why we can see what seemingly no-one else can. It's so odd.

Yep, can't fault that article.

Had to laugh at the prophetic ad in that blog celebrating 100 years of the Titanic

Good article, with the most basic of business lessons, control your costs of go bust.
It sounds very much like the Risdale era at Leeds and quite rightly asks how they could have "passed" the financial checks in the franchising process.
It does make you wonder how much influence the RFL have and are they really governing the sport adequately.

With regards the RFL not helping WTW in their hour of need we need to remember back to the start of super league. If you remember all the talk was about a merger between Wakefield and Cas, this was what the RFL really wanted if they are honest, one team in superleague representing this area (including Fev IMO) and anything other than this they did not want to know about. So when Wakefield went into administration i think they thought this is their big chance, dont give any help let them merge with Cas and fev and build one new stadium.
These are my thoughts anyway other thoughts are available

I'm not defending the Bulls management here but if the decision by RBS to withdraw the overdraft came out of the blue then it's difficult for them to pre plan for the repercussion.

That said I know they were treading a fine line in the hope they wouldn't face any financial adversity which isn't the most intelligent way to conduct your business. They won't be on their own in doing this though, not in SL, Rugby League, Sport or any other industry.

The current economic climate has sent thousands of businesses over the edge and thousands more operate with the sword of Damacles hanging over them.

The article fails to recognise any of this and is therefore only half right.

I may be wrong and I don't like to defend the banking industry, but wasn't the situation something like:
-BB have a biggish overdraft
-They liquidate some of their assets by selling the lease to the RFL
-They use this cash to pay off a debt to the RFL
-They don't use this cash to reduce their debt to the bank but instead ask for a slightly increased overdraft facility

I think I'd have told them to take a running jump too

I doubt if it came out of the blue. As soon as they sold the lease of Odsal to the RFL they probably lost the security they had against the overdraft so it was inevitable that the overdraft would have been reduced or withdrawn. Banks only allow overdrafts if there is something to secure that overdraft against.

I appreciate what you are saying Clan, but surely the Bulls board would have consulted the bank prior to selling the ground lease to the RFL, as this was evidently their main collateral for securing bank funding ???

If RBS told the Bulls that they'd withdraw the overdraft if they sold the lease to Odsal and the Bulls went ahead and did it anyway then they're getting all the criticism they deserve.

However...

I can't see that being the case, IMO the Bulls board must have had no inclination that selling the lease to the RFL would result in the banks actions or they wouldnt have done it because they'd definitely know it would lead to this crisis, therefore I have to assume that RBSs decision caught the Bulls by surprise.

I'm not defending the Bulls here but lets not exonerate the banks actions either, many many businesses are failing because of the refusal by the banking industry to do what the Government are insisting and start backing private enterprise. They've had their bailouts but are now flatly denying small businesses the same opportunity to survive and in lots of cases it's their actions in drying up cash flow that's sending otherwise sound businesses bust in these tough times.