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.
– Brendan Guilfoyle, The P&A Partnership
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.