Hood hits back
Former Bradford chairman responds to accusations
Last Updated: June 26, 2012 11:35am
Peter Hood: Released a statement to hit back at new director Stephen Coulby's suggestions
Former Bradford chairman Peter Hood has responded to accusations that he left the club in a far worse state than was initially thought.
Hood departed the Bulls in May with the general consensus being that they still needed to raise £500,000 to keep the club in business, having revealed debts of £1million at the end of March.
But new director Stephen Coulby claimed on Saturday that the Bulls still needed £1.25million to make it through to the end of the year, owing in part to Hood and former director Andrew Bennett "budgeting to lose over £1million this year".
Coulby added that the Odsal outfit, who host Castleford on Monday, are losing £100,000 a month, and that despite a potential investment of £500,000 coming into the club, that extra funds are still required.
But, in a statement released to the Bradford Telegraph and Argus, Hood has hit back at Coulby's suggestions.
He said: "On the question of VAT, Coulby is reported as saying that Andrew Bennett and I 'failed to pay a £250,000 VAT bill on the deal which saw them sell the lease on Odsal to the Rugby Football League'.
"What Coulby for some reason chooses not to mention, however, is an arrangement whereby this VAT would be paid at £50,000 per month over the five months commencing May 2012. Not quite the same as failed to pay, I suggest."
Hood also believes that Coulby's claims over the budgeted loss are false, saying: "There is a cashflow model that shows that, if nothing happened to generate new monies, based on a full salary cap spend and other substantial football costs, then the result would be a loss of over £1million."
Furthermore, Hood alleges that at the time he was "forced out" on May 9, that talks were in place with a number of "well-funded" potential investors, as well as the club having received a written, six-figure offer from Warrington for promising forward John Bateman.
Hood goes on to accuse Coulby of "being economical with the truth" and says that when he and Bennett left the club, he did not believe there was a shortfall of over £1million.
He added: "Could it be, perhaps, that he (Coulby) seeks to paint a scenario to justify an imminent plunge into administration, all the while protesting this is the last thing he and his colleagues want?"