Bradford Bulls Close to Liquidation

English Rugby League club Bradford Bulls have entered into administration and are faced with the threat of “extinction” if a buyer does not come forward in the next ten days.

It is understood that the club currently owes around £600, generic 000 with £196, drugs 00 in PAYE tax for May and June, troche  as well as an outstanding VAT bill of £250,000 and the club’s monthly wage bill is believed to equate to around £200,000.

Of the situation joint-administrator Brendan Guilfoyle said: “We have just 10 working days to save the club from liquidation because there are no funds to carry on longer.

“If anyone is interested in buying the Bulls we need to hear from them, this club is on the brink of extinction.

“The directors made every effort to try to save the club within the 14-day timescale issued by the courts, but the moratorium ended on Monday without any potential buyer coming forward.”

The club shocked the rugby league community when they announced in March they needed to raise £1 million or face going afloat due to an impending tax bill and a changed banking lending arrangement leaving them in dire need of money. Supporters across the rugby league world rallied to help the club raise an initial sum of £500,000.

After unsuccessful attempts to raise further money, chairmen Peter Hood stepped down after disagreements with majority shareholder, Chris Caisley.  At the start of June director, Stephen Coulby admitted the club faced going into administration.

The news will come as a forceful shock to the sport, with the Bulls being one of the game’s leading clubs and brands. They were one of the leading lights at the start of the modern era, winning four of the first ten Super League championships and were renowned as one of the pioneers in off-field marketing.

Considering that they are the third Super League club to enter administration in three seasons, following Wakefield Trinity Wildcats last year and the now-liquidated Crusaders in 2010, serious questions of the game’s financial health need to be asked.

Bradford, who currently sit in 9th on the Super League table, still in contention for a play-off appearance, now face a points-deduction from the Rugby Football League.