D-day for beleaguered Bulls
Guilfoyle reveals struggling club still need a further £1million
Last Updated: June 26, 2012 11:34am
Bradford Bulls: the club are facing a race against time to avoid entering administration
Bradford fans will find out on Tuesday if last-minute talks with potential investors have spared their club from going into administration.
Directors of the Bulls filed a notice of intention to enter administration last week in order to buy them extra time, but the moratorium keeping the taxman at bay ends on June 26.
Up to £1.2million is needed to safeguard the Stobart Super League club's future until the end of the season, with HM Revenue & Customs threatening to wind up the club over unpaid tax.
It is thought they currently owe £98,000 in PAYE tax from May and the same amount for June, plus an outstanding VAT bill of £250,000 from the sale of the Odsal lease to the RFL, while the monthly wage bill is over £200,000.
Brendan Guilfoyle, an insolvency expert and partner in the P&A Group who conducted the independent financial review of the Bulls, would be the appointed administrator if Bradford fail to come up with additional funds.
"I know the directors are making strenuous efforts to find investors but I do fear that administration is looming."
Brendan Guilfoyle Quotes of the week
"I know the directors are making strenuous efforts to find investors but I do fear that administration is looming," he said.
"I'm still waiting to hear from them and I am planning to meet them mid-morning to get an update."
Despite a plea earlier this season seeing around £500,000 raised, Guilfoyle has revealed the Bulls still need a further £1million after conducting a financial review.
"If the club does go into administration it will be a very challenging administration for me because there's no money," he added.
"I'll then have the immediate challenge of trying to secure the wages for July, which are due in the middle of next month."
If Bradford do go into administration they would almost certainly be docked league points, both Crusaders and Wakefield have been punished for doing so in recent times, while there is also a danger of them losing players.