THE BRADFORD BULLS could be forced to enter administration, having been served a winding-up order by HM Revenue & Customs.
The rugby league club is struggling to meet the tax-man’s bill and claims it needs about £1m to fulfil its remaining fixtures this season, despite supporters already raising £500,000, reports the Bradford Telegraph & Argus.
The club’s board of directors said the appointment of administrators would buy the club vital time in keeping HMRC at bay while they attempt to garner new funds.
An independent review of the club’s finances was conducted by Brendan Guilfoyle of insolvency firm The P&A Partnership at the request of a newly formed board of directors.
The review found the Bulls are a “loss-making business”, requiring £1m to survive the rest of the season.
Stephen Coulby, one of the club’s new directors, said that more than £1.2m was required to meet the four-time Super League champions’ current liabilities.
He told the Telegraph & Argus: “Unfortunately, developments last Friday and pressure from HMRC has meant that we have had to seek protection while positive talks with investors continue now that we have ascertained the full extent of the club’s debts.
“Had the actual position been, as we were initially led to believe, a requirement for a £1m investment into the business, half of which having already been raised through the sterling efforts of supporters, the present uncertainty would have been resolved by now.
“Regrettably, other matters have recently been brought to our attention which have widened the funding gap, but we are still intent on avoiding administration and its consequences if at all possible.”
It is understood that players and staff will be paid as normal this month, with wages due to hit their bank accounts today.