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Bulls Administrators Set To Make Significant Announcement

Bulls Administrators Set To Make Significant Announcement

Wednesday 14 Dec 2016 6:52pm

JOINT Administrators of Bradford Bulls expect to make a significant announcement within 48 hours regarding the sale of the Club.
 
The Joint Administrators had set a deadline of Wednesday 7th December 2016 for best and final offers to purchase the Club.
 
The Joint Administrators received offers from four separate parties by the deadline, which they had set. The Administrators have now clarified many the issues.
 
The Administrators now have in place an offer from two preferred parties, which are subject to an ongoing due diligence process.  
 
The Joint Administrators have continued to work very closely with the Rugby Football League. There has been an ongoing and extensive dialogue between the RFL, the Joint Administrators and the interested parties.
 
The Joint Administrators have already paid the wages in full for both playing and non-playing staff at Bradford Bulls.  
 
Mr Gary Pettit of PBC Business Recovery, Northampton, who was appointed one of the Joint Administrators, said: “I am conscious that the sale process has not been as straight-forward as had been originally envisaged. However, I have said throughout that it is crucial we obtain the right deal - rather than the quickest deal - for the Club’s future. We have continued to liaise with the RFL.
 
“Based upon the due diligence undertaken, I know that the parties with whom we are dealing have very substantial resources and experience to take the Club forward.  
 
“We believe that we will be able to make a further, more definitive announcement within the next 48 hours regarding sale of the Club.
 
“At least one (if not both) of our preferred bidders wishes to have future supporter representation upon the board of directors. This is aimed at driving future transparency and accountability.
 
“I remain very grateful indeed for the way in which the players and staff at the Club have dealt with the Administration. I am conscious of the dedication, professionalism and sheer graft exhibited by the players and staff against an uncertain background.
 
“I would remind supporters that we had announced a sale of stock in the club shop at bargain prices. The Club has substantial amounts of stock and we still wish to inject valuable cash into the business.
 
“I would again like to thank all those supporters who have come forward to support the Bradford Bulls in their hour of need. We have also been considerably aided by Bradford City Council and by Judith Cummins MP.”