Bradford Bulls 'would have ceased to exist as a Super League club' (From Bradford Telegraph and Argus)
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Bradford Bulls 'would have ceased to exist as a Super League club'
Bradford Bulls would have ceased to exist had the Super League club not been placed into administration earlier this year, it was claimed yesterday.
Leeds-based firm Safeguard Security Group Limited made a loan of £150,000 to the club’s former holding company, OK Bulls Ltd, on September 30, shortly after former owner Omar Khan had left the Bulls.
The loan was secured against the club by means of a debenture as the Bulls’ latest financial crisis began to unravel.
OK Bulls Ltd was placed into administration on January 31 after Marc Green, the debenture holder and managing director of SSG, appointed Leeds-based administrator David Wilson.
Mr Green claimed in a statement that he appointed Mr Wilson to prevent the club being liquidated after a winding-up order from HMRC.
The statement said: “The Bulls faced a winding-up order issued by HMRC and had SSG not exercised their powers as debenture holders to appoint an administrator the club would have been compulsorily wound up and would have ceased to exist.
“The appointment of the administrator therefore was a positive step and taken in the best interests of the club, its employees, supporters and players.
“SSG’s involvement in the Bulls arose as a result of a plea by the then purported owner of the club and SSG indicated that they were prepared to provide a level of support which again at the time ensured the continuation of the Bulls.”
As the debenture holder, Mr Green is the secured creditor from OK Bulls Ltd and is waiting to recoup the money he is owed when the club is sold by the administrator.
A sale had been agreed in principle with a London-based consortium on Thursday but the Rugby Football League were last night seeking further proof of funds relating to their bid and it is not clear when any deal might be completed.
The statement added that Mr Green had worked tirelessly to help broker a deal “which now appears to have resulted in securing new ownership and a bright future for the Bulls.
“It is a matter of fact and record that throughout such discussions Mr Green has been at pains to attempt to broker a solution to the problems faced by the Bulls in recognition of the significance of the club to the population of Bradford, the supporters, employees and players.
“This position has been supported by the RFL, who at all times have confirmed that SSG and Mr Green have acted appropriately and in the best interests of the club.
“Any suggestion that SSG and Marc have sought to damage the club in any way or have been obstructive in any way are completely untrue.”
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