FORUMS > Hull FC > O/T Bradford Bulls Sold......But now back in Administration |
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33809_1522680904.png 'Thus I am tormented by my curiosity and humbled by my ignorance.' from History of an Old Bramin, The New York Mirror (A Weekly Journal Devoted to Literature and the Fine Arts), February 16th 1833.:d7dc4b20b2c2dd7b76ac6eac29d5604e_33809.png |
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| Quote: Kosh "Quite. The whole thing is a farce from start to finish. Not over yet, either.'"
Absolutely. If it was not quite so sad, the catalogue of disaster could almost inspire awe. Everything the RFL has tried to do has backfired and made things worse. I try to think the best of people and I'm sure they meant well at every step. And with one or two exceptions (the suggestion of a mini-licensing round, springs to mind, but it was at least only a suggestion), at the time I could see an argument for each choice they made. Yet, with hindsight, without exception, they'd have been better doing the opposite to what they actually did do.
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33809_1522680904.png 'Thus I am tormented by my curiosity and humbled by my ignorance.' from History of an Old Bramin, The New York Mirror (A Weekly Journal Devoted to Literature and the Fine Arts), February 16th 1833.:d7dc4b20b2c2dd7b76ac6eac29d5604e_33809.png |
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| Quote: Mrs Barista "Isn't the crux of the issue that Red Hall judge the competition stronger with Bradford in it so provided inappropriate levels of support and latitude to make it happen. Restoring parity means poor Bulls management
That's one part of it, certainly. Another is that the 'support' maybe actually made things worse in some situations.
A story I've heard (it might not be true, but as it doesn't reflect badly on anybody's intentions so I don't think it is libellous), is that when the payment went through on the lease, Hood-era Bradford's (understandably nervous) bank cut their overdraft immediately, so the club's cash flow crisis wasn't eased at all. You will know better than me if this is possible, but supposedly Bradford then had to pay tax on the sale! I'm slightly dubious about whether the bank could do that. But if true, although the Bulls were then less indebted, their liquidity crisis was actually heightened.
Then backing Khan's newco to the hilt, but having to bribe the other clubs with half his Sky cash to get it through, thus simultaneously undermining the thing they'd binned licensing for, is a matter of record.
Odsal. It is only the lease - I don't know if that is better or worse. Worse probably. They should be able to sell it or at very least give it away, if the very worst happened. Not a great return on investment, if it's the latter admittedly.
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32641_1503834456.jpg The poor man's bonaire:d7dc4b20b2c2dd7b76ac6eac29d5604e_32641.jpg |
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| They could use odsal for landfill and make a fortune
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13517.jpg :13517.jpg |
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| Quote: Mild Rover "
A story I've heard (it might not be true, but as it doesn't reflect badly on anybody's intentions so I don't think it is libellous), is that when the payment went through on the lease, Hood-era Bradford's (understandably nervous) bank cut their overdraft immediately, so the club's cash flow crisis wasn't eased at all. You will know better than me if this is possible, but supposedly Bradford then had to pay tax on the sale! I'm slightly dubious about whether the bank could do that. But if true, although the Bulls were then less indebted, their liquidity crisis was actually heightened.
'"
That is exactly what happened, and a major (if not sole) reason for Hood getting out the begging bowl. Basically he thought he'd had a eureka moment when realising he could sell the Odsal lease to the RFL, and in one transaction clear the club's debts and raise a few hundred grand on top.
But what this nimrod failed to see was that the lease to Odsal (it's a long lease, so is classed as an asset on the balance sheet) was being used as security on the bank overdraft. He sold the bloody security on the club's borrowings!
Needless to say, the bank withdrew their funding almost immediately and we were up a certain creek without a paddle, as they say.
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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 |
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| Quote: Mild Rover "Then backing Khan's newco to the hilt, but having to bribe the other clubs with half his Sky cash to get it through, thus simultaneously undermining the thing they'd binned licensing for, is a matter of record.'"
What appears to have happened there is that the other clubs were mightily hacked off at the secret £700k loan followed up by the Odsal purchase and were holding out for Bradford to be ejected from SL. OK came up with the cash offer as a way of effectively buying a one-year SL licence. He clearly underestimated the financial impact - just read the statements from the OK management at the time.
Quote: Mild Rover "Odsal. It is only the lease - I don't know if that is better or worse. Worse probably. They should be able to sell it or at very least give it away, if the very worst happened. Not a great return on investment, if it's the latter admittedly.'"
From what I understand, the lease has a central requirement that the Bulls have to play there. No Bulls, no lease. Which makes it a massive potential liability should the Bulls fold or otherwise cease to be able to play there.
This fiasco has many more twists to play out yet.
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22568_1385360567.jpg :d7dc4b20b2c2dd7b76ac6eac29d5604e_22568.jpg |
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33809_1522680904.png 'Thus I am tormented by my curiosity and humbled by my ignorance.' from History of an Old Bramin, The New York Mirror (A Weekly Journal Devoted to Literature and the Fine Arts), February 16th 1833.:d7dc4b20b2c2dd7b76ac6eac29d5604e_33809.png |
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| Marwan Koucash's fortune is self-made. There's no reason why he might not have an independently wealthy brother, but it isn't like they come from money, like oil rich sheikhs or something.
A (notably nameless) Koucash brother was rumoured to be interested in Rovers at one point too.
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| Quote: Mild Rover "Marwan Koucash's fortune is self-made. There's no reason why he might not have an independently wealthy brother, but it isn't like they come from money, like oil rich sheikhs or something.
A (notably nameless) Koucash brother was rumoured to be interested in Rovers at one point too.'"
To be honest I haven't really taken much notice of Koukash in the past, but looking into his life story I have a new found respect for the guy for what he went through as a kid and the fact that he has self made.
It could be quite conceivable that his family were involved in his business ventures, it is often the case that family hold senior positions in self made companies.
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16831.gif :16831.gif |
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| could be a case of koukash own money under the disguise of his brothers 'ownership'
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| Quote: number 6 "could be a case of koukash own money under the disguise of his brothers 'ownership''"
Thought about that, but not a good outcome for anybody. The RFL just couldn't risk one party having control at two clubs. You would assume they would rigorously investigate a possible conflict.
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icons4a4a_files/3930-906crazydonna-msnicons.jpg :icons4a4a_files/3930-906crazydonna-msnicons.jpg |
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| Quote: FCFaithful Stu "Thought about that, but not a good outcome for anybody. The RFL just couldn't risk one party having control at two clubs. You would assume they would rigorously investigate a possible conflict.'"
Didn't stop the Hetheringtons......
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67329_1392756525.jpg Well you may throw your rock and hide your hand
Workin' in the dark against your fellow man
But as sure as God made black and white
What's down in the dark will be brought to the light:d7dc4b20b2c2dd7b76ac6eac29d5604e_67329.jpg |
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| Didn't the koukash brothers both make there money from horse racing ?
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Is Hodgson the new Griffin, or is it all about pace?: |
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| There's a link rlhererl to a copy of a news article released by Moore & Co.
I must say that of the two parties involved I would tend to side on the RFL, but only time will tell.
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Is Hodgson the new Griffin, or is it all about pace?: |
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| Looks like Mrs Koukash is making a bid for Bradford.
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40284_1492546122.jpg :d7dc4b20b2c2dd7b76ac6eac29d5604e_40284.jpg |
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| Hope she succeeds, would pi$$ Hetherington off if nothing else. Another rebel to join the ranks!
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