Bradford Bulls owner Omar Khan has released £900,000 from his property portfolio to bankroll the cash-strapped club and enable it to pay players’ and staff’s delayed wages, the Telegraph & Argus understands.
The Super League club boss, who was this week forced to insist it was not on the brink of a second financial meltdown in 12 months, confirmed he will plough funds secured by releasing equity in his assets to meet the overdue wage bill, which had been due to be paid “on or around the 28th”.
On Wednesday Mr Khan released a statement denying rumours the club was going into administration after revealing a “temporary funding issue” meant it could not pay players and staff until August 8.
This means Francis Cummins’ side will go into Sunday’s vital clash at Wakefield Wildcats – which could keep the side’s play-off hopes alive – without receiving last month’s pay.
But yesterday Mr Khan, who bought the ailing club for £150,000 amid threats of liquidation last September, said an issue with his bank had caused the delay and insisted releasing equity in his properties was “not an issue”.
“I’m releasing equity in my properties and putting the money into the club,” he told the T&A.
“I am doing this for the club and the city of Bradford. It is a place I love. It is my heritage. It is the city I’ve been brought up in. This is our city and our club.”
Ryan Whitcut, general manager of the club, refused to reveal how much money Mr Khan would plough into the business, but the T&A understands the figure is about £900,000.
He insisted the money would “cover” the club over this year and next.
“The funding issue is to cover us for the rest of this year and next, so there will be no more issues,” Mr Whitcut said.
Blake Solly, director of licensing and standards at the RFL, said the game’s governing body would continue to work closely with the Bulls and did not believe it was a repeat of last year’s financial crisis.
“This financial injection will give the Bulls funding that is much needed and will provide them with reserves of cash that gives a platform to build on,” he added.
“We are comfortable with their position and that this money will drop into place to ensure players and staff are paid on or before August 8.”