Administrators miss Bulls sale deadline
THE administrators of the Bradford Bulls have been forced to extend the sale deadline to Monday 19 December.
They said in a statement on the Bulls’ website that it was not possible to complete the due diligence required in the time given.
They had already extended their timeframe for a sale to Friday 19 December, by which time a deal was expected to be announced.
Administrators at PBC Business Recovery have been working with the Rugby Football League, Bradford Council and Judith Cummins MP since the club called them in on 14 December.
They have confirmed that there are preferred bidders in the sale of the beleaguered Bulls, who will be announced on Monday 19th.
The beleaguered Bulls have had spells in administration in 2012, 2014 and October 2015. The most recent administration was put down to “pressure from HMRC”. They were subsequently relieved of their RFL membership.
Last week the RFL said that a number of interested parties had made it clear that any interest in buying the Club would be contingent on the RFL transferring its leasehold interest in Odsal to that party at an unspecified value.
They insisted that as this was not an asset of the Club, and therefore not available to be sold by the administrator, leaving potential buyers in a difficult situation.
Mr Gary Pettit of PBC Business Recovery, Northampton, who was appointed one of the joint administrators, said: “I wanted to clarify that whilst we had hoped to make a major, positive announcement today, everyone is going have to remain patient.
“Obviously, we wish to end the uncertainty for all concerned as quickly as is possible. We recognise and understand the human aspects for everyone (and their families) who has the best interests of the Bradford Bulls at heart.
“I would reiterate that it is crucial we obtain the right deal – rather than the quickest deal – for the Club’s future.
“As I said on Wednesday, our preferred bidders wish to have future supporter representation upon the board of directors. This is aimed at driving future transparency and accountability.”
Ralph Rimmer, chief operating officer of the RFL, said: “We are continuing to work extremely hard with the administrators to try and find a positive resolution for the club.
“We understand that this is an incredibly difficult time for supporters, players, staff and their families and we thank them for their patience whilst we undertake this important work over the coming days.”
