Bulls bring in P&A Partnership

INSOLVENCY firm The P&A Partnership has undertaken a review of Bradford Bulls’s finances as the rugby league club looks to avoid administration.

The Bulls say they could be forced to enter administration within the next fortnight after being hit by a winding-up order from HM Revenue & Customs.
 
The Odsal-based club says it requires £1m to see out the season and cannot afford to pay monies owed to the taxman as well as other liabilities.
 
HMRC is threatening to wind up Bradford Bulls Holdings Ltd and the club’s board of directors said they have had no alternative but to file a notice of intention to appoint administrators.

They claim the move will buy them vital breathing space as they bid to keep the HMRC at bay and attract new funds into the club within the next two weeks.
 
Sheffield-based The P&A Partnership has been brought in at the request of the Super League club’s newly-formed board of directors, which saw Stephen Coulby and Rowland Agar replace Peter Hood and Andrew Bennett last month.
 
The P&A Partnership say the Bulls are a “loss-making business” that requires more than £1m to survive through until the end of the season.
 
The club said that positive discussions are continuing with potential investors and that any move into administration would protect the club.

Brendan Guilfoyle, of The P&A Partnership, said: “The club’s new directors asked my firm to carry out a review of the club’s finances and the reality is that this is a loss-making business.
 
“Despite the magnificent effort of supporters in raising £500,000, the club still requires more than £1m to complete the season.”

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