Bradford Bulls chairman Peter Hood has issued a statement this afternoon clarifying their relationship with their bank, NatWest.

It reads: "In response to a number of misguided comments across the social-media spectrum concerning this club and its banking arrangements, I am happy to provide clarification.

"In the 1990s, the club arranged overdraft facilities with the Bradford office of National Westminster Bank.

"In connection with this overdraft, the club provided NatWest with a ‘debenture' - a type of ‘mortgage' over all of the club's assets in whatever form.

"The overdraft was subsequently repaid in full but the debenture was left in place against the possibility of a new facility perhaps being needed in future.

"In 2002, the club returned to Odsal from Valley Parade under a new 150-year lease from Bradford Council.

"The following year, the club built and fitted-out the Coral Stand at a cost of circa £3.6m, paid for in cash.

"We also made various other substantial investments into the Odsal Stadium infrastructure.

"When, subsequently, the club arranged a new overdraft with NatWest, the bank now had substantial extra security in the form of land and buildings worth multiple millions of pounds.

"Furthermore, the directors provided NatWest with personal guarantees.

"Today those personal guarantees collectively amount to approximately twice what the club owes the bank.

"In total, even after the club disposed of its land to the RFL in the recent sale-and-leaseback deal, the bank still has security over bricks and mortar and personal guarantees worth in aggregate in the region of perhaps ten times the overdraft.

"At no time has NatWest ever been specifically secured on the stadium - otherwise, how could we have sold it?

"As everyone knows, if you have a mortgage on your home and you sell it, you have to pay the mortgage company off out of the proceeds."