Former Bradford Bulls owner Omar Khan to speak out on demise of OK Bulls Limited (From Bradford Telegraph and Argus)
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Former Bradford Bulls owner Omar Khan to speak out on demise of OK Bulls Limited
5:00am Wednesday 16th April 2014 in News
Former Bradford Bulls owner Omar Khan last night indicated he will comment further about the demise of his company OK Bulls Limited after a creditors meeting is held next week.
The restaurateur, who took over the club in September 2012, claims a report by administrator David Wilson about the state of the company’s finances contains “substantial inaccuracies”.
Mr Wilson’s report shows OK Bulls owed more than £1.1 million and only had £753 in the bank when it went into administration in January this year.
The report also states OK Bulls bought the rugby league club for £150,000 and Mr Khan invested a further £400,000 – far less than the £1 million he claims he is owed.
In a statement issued last night, Mr Khan said: “There has been much speculation about my position with regard to the administration of OK Bulls Limited which has arisen in part due to the proposals by the administrator which, in my opinion, do not give a balanced and fair view of the true position.
“My solicitor has written a lengthy e-mail to the administrator, pointing out what I consider are substantial inaccuracies. To date, I have only received a partial response to the matters raised.
“It should be noted that at my request, and at my cost, the administrator has convened an initial creditors’ meeting for Wednesday, April 23, 2014.
“Following this meeting, I shall issue a further press release, as appropriate.”
The Super League club was taken over by Marc Green, managing director of Safeguard Security Group last month.
Mr Green’s company was a secured creditor of OK Bulls after it had loaned it £150,000 on a short-term basis which also gave it a debenture holding. In January Mr Green exercised his right as a debenture holder to put OK Bulls into administration in order to prevent the club being liquidated after a winding up order had been served on it by HMRC over unpaid taxes.