Quote: The Clan "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.'"
I honestly cant see how the RBS can be responsible for anything other than not wasting the tax payers money!
The time line as i see it is this:
1 The Bulls are in trouble and need some money, the RFL come in with £1m (forget about the spin, the bank are in a better position to know the extent of the Bulls troubles more than anyone else receiving a Bulls press release).
2. As a result of the above the overdraft security is diminished.
3. The Bulls need extra money (higher overdraft) from RBS, who review the situation, because for the second time in a few months the Bulls are out of funds.
4. The RBS Decide that the security is not high enough due to points 1&2 for their previous level of lending so it is certainly not high enough for the new lending, added onto that they would like the Bulls to reduce their level of lending to a more modest level in keeping with their new lower level of security.
5. This creates a new debt added to the HMRC and payroll worries and the huge amount of money needed to fill the hole.
THE FUTURE: They will also have the image rights issue to contend with shortly and the continued running of the club and for that reason, the RBS have quite rightly acted in the correct manner.
The blame lies 100% with the people running the club, and if the people of bradford wish to waste their money thats up to them, but i wouldnt spend a penny until there were assurances that the BOD would resign if the money was raised through pledging.
The supporters are effectively now party to keeping these people in jobs, covering up the mess and prolonging the inevitable.
One thing that does confuse me is the RFLs ability to lend "certain" clubs, vast amounts of money, which only comes out long after the event and usually when its about to disappear. How do these people continue to get away with propping up certain clubs and wasting so much of the games money in the process??
