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