Thu, 14 Jun 2012 | ADMINISTRATION
Rugby club Bradford Bulls is facing entering administration within two weeks over a hefty unpaid tax bill.
The club has two weeks to raise the £1 million funds needed to see it to the end of the season. This is crucial for the club despite generating £500,000 in April through fan pledges, gate receipts and an auction, following a plea for help from fans.
It was thought at the time that a further £500,000 would be sufficient to meet its current liabilities but further problems in its finances came to light afterwards leading to The P&A Partnership being called in as administrators.
Key figures behind the rugby club Andrew Bennett and Peter Hood had resigned shortly after saying that the additional £1 million was required to save the club.
The directors filed a notice to appoint administrators after being threatened with a winding-up order from HMRC.
Brendan Guilfoyle of The P&A Partnership said, “It doesn’t mean that the club will necessarily enter administration. The club has two weeks to find additional funds – this may mean a number of investors coming together to save the club.”
Bradford Bulls' director Stephen Coulby commented, “Bradford Bulls remains a terrific club with a marvellous history, an iconic brand and it has a great deal to offer any partner wanting real value for his investment.”
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