BRADFORD Bulls’ situation has been described as “grim” by the man brought in to save the club from liquidation.
The ailing Super League club today entered administration in an effort to avoid a winding-up petition brought by HM Revenue & Customs over an unpaid tax bill of £300,000.
Brendan Guilfoyle, from insolvency firm The P&A Partnership, who has been appointed as joint administrator, says he has just 10 working days to find a buyer and may have to listen to offers for players to bring in short-term cash.
“It’s a crisis situation,” he said, “and selling players and redundancies cannot be ruled out.
“I don’t have very much money. I certainly don’t have anywhere near enough to pay the wages for July.
“I need someone to come in and fund this club quickly. What we are hoping is that the administration will be seen as a positive development by someone who wants to buy the club.”
The Bulls directors filed a notice of intention to enter administration on June 13 in order to buy them more time to find investment.
Fans rallied around earlier this year, responding to a plea from former chairman Peter Hood by raising around £500,000 in a fortnight to pay bills after the bank cut the club’s overdraft facilities.
But Guilfoyle revealed recently that a further £1.2m was still needed to safeguard the club’s future until the end of the season.
It is understood Bradford 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.
Bradford are the third Super League club to enter administration in the last two years.
Wrexham-based Crusaders went into administration in November 2010 after struggling to pay off inherited debt and, although they were readmitted to the league a month later, they were liquidated at the end of the 2011 season.
Wakefield spent a week in the hands of an administrator on the eve of last season - and saw three players sold to pay off debts in that time - before local businessman Andrew Glover completed a successful takeover.
Both clubs started the season on minus four points as their punishment for breaching the RFL’s rules on insolvency.