Live updates

Money problems may “threaten stability” of Bulls

Financial problems uncovered at Bradford Bulls

The board of directors at Bradford Bulls say they have uncovered a host of financial issues and outstanding debts, which could once again drive the club towards administration if not dealt with.

Just six weeks after taking control, they insist the club is not on the verge of administration yet, but admit the financial situation is a lot worse than they expected.

Chairman Mark Moore and fellow directors Andrew Calvett and Ian Watt last night told season-ticket holders of their plans to secure the Bulls’ long-term future.

A spokesperson for the club said:

"The board of directors must make hard decisions and implement tough cost-cutting measures in order for the Bulls to survive.

This is likely to mean staff redundancies across a range of departments, as well as budget reductions."

Advertisement

Brendan Guilfoyle apologises to Bradford Bulls players

A meeting between players at Bradford Bulls and the administrator was cancelled this morning. Brendan Guilfoyle, partner at P&A Partnership and administrator at the rugby league club has said sorry for it.

Late last night I decided to cancel it as I had no update for the players and told them to have a day off. Unfortunately it was too late for the message to get through by the time we contacted the captain, the players’ representatives and their solicitors.

We have been in touch with the captain, Matt Diskin to give a personal apology to him and his team mates - I recognise how unsettling it was for the players.”

– Brendan Guilfoyle

500 people turned up to support the club at the Guide Post Hotel in Bradford last night.

I am sure the passion and tangible support offered by fans will play a significant part in any rescue. It has already had an effect. One businessman who had rejected any involvement rang me after the meeting and said he had changed his mind. He has now asked to look at the numbers, based on the loyalty and support shown by fans.

– Brendan Guilfoyle

The deadline for the administration has now been extended until 10 July, but Mr Guilfoyle said there can be no further extension unless a buyer is found. It means the home match against London Broncos will go ahead on Sunday.

I cannot state strongly enough that I am not speaking to any former directors or shareholders, or anyone who has ever acted as a director, about buying the Club.

I am desperately looking for ways for this Club to survive and genuinely looking for purchasers. I would urge Bradford’s business community to rally round and see how they can save this Club. This City should be proud of its fan base, who are a real asset to anyone buying Bradford Bulls.

– Brendan Guilfoyle

Bulls chiefs have two week deadline

Beleaguered Bradford Bulls bosses have two weeks to find additional funds or face the prospect of going into administration. The club revealed they had been hit by a winding-up order from HM Revenue & Customs.

Insolvency firm The P&A Partnership, who were brought in last month to conduct a review of the club's finances confirmed that despite fans raising £500,000 to keep the club afloat, the Bulls still need more than £1million to survive to the end of the season.

Pressure from the taxman has prompted the club to file a notice of intention to appoint administrators.

This proactive decision gives the club a breathing space to find partners to invest in the club. It doesn't mean that the club will necessarily enter administration. The club has two weeks to find additional funds - this may mean a number of investors coming together to save the club.

– Brendan Guilfoyle, The P&A Partnership

Clintons on brink of administration

Clinton Cards is set to lose its fight for survival after its largest supplier said it will force it into administration later today. The retailer, which operates 628 Clintons and 139 Birthdays stores, has requested that its shares be suspended on the London Stock Exchange.

The move comes after its banks - Barclays and taxpayer-backed Royal Bank of Scotland - sold the company's £35 million of loans to its biggest supplier, American Greetings. The banks waived certain loan conditions, but American Greetings says it will push the company into administration today.

8000 jobs are at risk across the UK. The largest branch of Clinton Cards is at the White Rose Centre in Leeds.

Advertisement

Today's top stories