Re: How About This Then : Fri Jan 31, 2014 1:07 am  

roger daly wrote:

I have been told by 2 separate people this week,unconnected by the way, there is big news happening behind the scenes at Odsal regarding the owners. More new owners will be in place before the season starts, apparently only way to get rid of Omar once and for all.

Now if this turns out to be wrong,I will say don't shoot the messenger.If it turns out to be true obviously I will take the plaudits.

Make of this what you will

So far as what he have to date been told, Omar had either sold, or agreed to sell, all the shares to MM and RW, but they never paid. I was at the fans meeting when they publicly declared that Omar "wouldn't get a penny". I therefore think it is very harsh to talk about "getting rid of Omar" when it seems agreed by all sides that a deal was done, Presumably had Omar been paid then that would have been that. No additional owners would be needed to "get rid of Omar". Why on earth would he require that?

So who is/would be selling? Have the shares changed hands now? Seems to me that on paper they most likely are still Omar's, and that ties in with what you have heard as if they were not, then Omar would already be history, certainly so far as the club was concerned.

Also, you might not like his style, but that is no way to talk about the man who pretty much single-handedly saved the club we support from going out of existence and indisputably ploughed a load of his own money in. For my part, I will always be grateful to him for that.

How could we have new owners, if they have not been approved by the RFL? I heard a story that at least one proposed new owner had been in touch with the RFL very recently and basically got knocked back. I am unclear as to the reasons, but they cannot have been connected with being a fit and proper person as I believe no inquiry into that was done.

And perhaps more to the point, how do they get past the security company that was given a debenture over the club? Presumably they would need to be paid off in full first. How much would that be now? I bet the interest piling up ain't at a quarter of a percent.

It does seem that the only obvious way to sort out the mess would be a deal that saw the shares change hands, with OK and the security company getting paid off, so it would have to be someone who had the resources and willingness to pay all that before they got the Odsal keys.

Re: How About This Then : Fri Jan 31, 2014 8:54 am  

Ferocious Aardvark wrote:

So who is/would be selling? Have the shares changed hands now? Seems to me that on paper they most likely are still Omar's, and that ties in with what you have heard as if they were not, then Omar would already be history, certainly so far as the club was concerned.

I think there is two or three issues:

1) Transfer of the shares - so OK wont have any ownership
2) Repayment of his loan - as though he did put money in - he wants it back
3) Sorting out the "payday" loan OK's idiot Whitecut landed us with.

It is absolutely true OK's actions saved us from the block at the end of 2012, but it seems that he - or the "managers" he brought in marched us straight back to the brink at the end of last season

Re: How About This Then : Fri Jan 31, 2014 9:09 am  

More owners in the next two weeks? Mmmm, they are have to get a move on!

Re: How About This Then : Fri Jan 31, 2014 9:35 am  

I thought this thread was going to be about Jimmy Savile.

Re: How About This Then : Fri Jan 31, 2014 11:08 am  

Northernrelic wrote: I think there is two or three issues: 1) Transfer of the shares - so OK wont have any ownership 2) Repayment of his loan - as though he did put money in - he wants it back 3) Sorting out the "payday" loan OK's idiot Whitecut landed us with. It is absolutely true OK's actions saved us from the block at the end of 2012, but it seems that he - or the "managers" he brought in marched us straight back to the brink at the end of last season What is this "repayment of his loan" bit? I haven't heard anything about this, has there been any report of any such thing? Wasn't said or even hinted at at the fans meeting. Re the "payday loan" - if as appears that was done by Whitcut after OK had left then TBF you can hardly have a go at OK for it. He never did any such thing all the time he was in charge. I spent a few minutes recapping on what's come out: You say "sorting out". You mean "repaying", but who borrowed it? I mean, I know that in effect the Bulls are in the position of guaranteeing it by way of the debenture, but did the Bulls take out the loan? If so - what for? bobsmyuncle wrote: Safeguard Security Group Ltd of Leeds hold a Deed of Debenture over OK Bulls Ltd dated 30/9/2013. It represents a fixed and floating charge over assets and is payable on demand. OK announced he was out on 25 September so BEFORE the date of that debenture. Unless anyone knows different, this indicates to me he was nothing to do with it. Northernrelic wrote: But this transaction seems to be have been for directors to take a loan from the company in order to fund their purchase of shares as individuals from the existing shareholder That at least makes sense, though some time ago I replied to that, to the effect that I hadn't seen anything anywhere suggesting that MM was anything to do with that loan, just RW. Nobody has to date said different so far as I know. Anyway, the obvious questions remain - what was that money for, and where did it go? Nobody has suggested it being siphoned away or otherwise 'disappearing' so presumably the Bulls got it, and still "have" it, either in the bank or else have spent it on eg wages. IF the money (however obtained) was in the event needed for the general running costs then presumably but for that money we'd have been stuffed unless a similar sum had been sourced from some other lender. And if the Bulls did benefit from the money then it seems fair enough that they should repay it, wouldn't you say? I'm not sure there's a queue of lenders to rugby league clubs these days. OK claimed to have a binding contract to sell his shares to MM and RW for £300,000 :- http://www.totalrl.com/web/bradford-bul ... nresolved/ In the same article, it says the debenture holder was wanting "repayment of its £180,000". If that is right, that could be £150K loan and £30K interest/profit/charges. £150K is half of £300K.

Northernrelic wrote: I think there is two or three issues: 1) Transfer of the shares - so OK wont have any ownership 2) Repayment of his loan - as though he did put money in - he wants it back 3) Sorting out the "payday" loan OK's idiot Whitecut landed us with. It is absolutely true OK's actions saved us from the block at the end of 2012, but it seems that he - or the "managers" he brought in marched us straight back to the brink at the end of last season What is this "repayment of his loan" bit? I haven't heard anything about this, has there been any report of any such thing? Wasn't said or even hinted at at the fans meeting. Re the "payday loan" - if as appears that was done by Whitcut after OK had left then TBF you can hardly have a go at OK for it. He never did any such thing all the time he was in charge. I spent a few minutes recapping on what's come out: You say "sorting out". You mean "repaying", but who borrowed it? I mean, I know that in effect the Bulls are in the position of guaranteeing it by way of the debenture, but did the Bulls take out the loan? If so - what for? bobsmyuncle wrote: Safeguard Security Group Ltd of Leeds hold a Deed of Debenture over OK Bulls Ltd dated 30/9/2013. It represents a fixed and floating charge over assets and is payable on demand. OK announced he was out on 25 September so BEFORE the date of that debenture. Unless anyone knows different, this indicates to me he was nothing to do with it. Northernrelic wrote: But this transaction seems to be have been for directors to take a loan from the company in order to fund their purchase of shares as individuals from the existing shareholder That at least makes sense, though some time ago I replied to that, to the effect that I hadn't seen anything anywhere suggesting that MM was anything to do with that loan, just RW. Nobody has to date said different so far as I know. Anyway, the obvious questions remain - what was that money for, and where did it go? Nobody has suggested it being siphoned away or otherwise 'disappearing' so presumably the Bulls got it, and still "have" it, either in the bank or else have spent it on eg wages. IF the money (however obtained) was in the event needed for the general running costs then presumably but for that money we'd have been stuffed unless a similar sum had been sourced from some other lender. And if the Bulls did benefit from the money then it seems fair enough that they should repay it, wouldn't you say? I'm not sure there's a queue of lenders to rugby league clubs these days. OK claimed to have a binding contract to sell his shares to MM and RW for £300,000 :- http://www.totalrl.com/web/bradford-bul ... nresolved/ In the same article, it says the debenture holder was wanting "repayment of its £180,000". If that is right, that could be £150K loan and £30K interest/profit/charges. £150K is half of £300K.

Re: How About This Then : Fri Jan 31, 2014 11:24 am  

Is there any evidence/statement/report that would indicate that the club owe any other amounts than the £180k FA refers to (accepting it may possibly be 50% of 300k) ie a significant amount to OK?

Re: How About This Then : Fri Jan 31, 2014 11:39 am  

FA I said quite clearly the payday loan was down to Whitecut for whatever reason - but OK brought in Whitecut which seems to have been a near fatal mistake for the club.
As to what these loans were for think it is pretty simple that as had become the norm we were spending more than we were bringing in and needed to plug the gap in some way if just to pay the wages.
Fortunately the new guys seem to understand the danger of spending more than your income so I take comfort in that for the future.

Bulls complete ownerships change... : Fri Jan 31, 2014 11:56 am  

http://www.bradfordbulls.co.uk/news/art ... hip-change

http://www.bradfordbulls.co.uk/news/art ... hip-change

Re: How About This Then : Fri Jan 31, 2014 12:01 pm  

http://www.superleague.co.uk/article/29 ... -confirmed

http://www.superleague.co.uk/article/29 ... -confirmed

Re: Bulls complete ownerships change... : Fri Jan 31, 2014 12:06 pm  

Worrying bit in there is bit about seeking to avoid a points deduction. Any deduction would make it virtually impossible to avoid relegation IMO.