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The BBC Football website reports that Julian Rhodes is ready to complete his £900,000 purchase of Bradford City within the next few days. The move will allow the club to exit administration. Rhodes has already transferred the £900,000 required for the deal to solicitors.
It will be used to settle debts under the terms of the Company Voluntary Arrangement which was approved by a majority of creditors earlier this year.
Final details need to be agreed with the Football League, The PFA, finance company Lombard and former chairman Gordon Gibb's pension fund, which objected to the CVA
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20-8-04
BBC Radio Leeds report that the future of Bradford City has been secured.
Jim Brown, Chairman of the steering committee has confirmed that the club has received the backing of the necessary 75% of creditors.
The creditors' voluntary agreement is a big boost for the club, whose future has been in doubt for some time.
Former club chief executive Julian Rhodes is expected to take charge when administrators hand back control of the club.
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19-07-04
The Football League have asked Bradford City and their administrators for guarantees regarding the club's future.
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8-07-04
Bradford's staff (playing and non-playing) have agreed to extend their wage deferral until 16 July in the hope that it will help stave off closure.
Meanwhile it is reported that Gordon Gibb is hoping to retake control of the club after proposing a new deal over the rent of the ground.
A spokesman for the administrators said: 'We would like to express our appreciation to both staff and players for agreeing to a further wage deferral, in order to allow discussions with interested parties and key stakeholders to continue.'
The Football League are waiting for assurances that City will be able to fulfil their fixtures this season and Gibb's decision on the rent appears to have gone a long way to help.
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The City Gent website reports,
A statement was released saying that the administrators had held a meeting with the remaining staff telling them that they would be made redundant if the landlord didn't agree to the administrator's requests. This was followed by the following statement released by the administrators themselves:
'The Joint Administrators of Bradford City AFC (1983) Ltd have confirmed that following a lengthy period of discussion with the Landlord of Valley Parade they have issed a formal request for a rent-free period until the end of the 2004/2005 season. This request has been made on the basis that if it is not granted the club will be forced to close. A deadline of Thursday 1 July has been given for a decision to be made by the Landlord.'
'Whilst the efforts by supporters and the people of Bradford succeeded in raising a substantial sum of funds, this money was exhausted meeting salary costs of players and staff to the end of June. Whilst discussions with interested parties continue, none are at a stage whereby an investment into the club is imminent. The ongoing discussions regarding the stadium rent have delayed allowing the season tickets to go on sale. Although season ticket sales represent a significant proportion of income, it is necessary that the issue regarding the rent is resolved first.'
Outlining why the club faces its most critical period yet, Neil Brackenbury, Joint Administrator said: 'There are a number of obstacles still to be overcome to allow the club to play Coca-Cola Football League Division One football next season
More information is available on the citygent website (link below)
The 8th July 2004 will be the date where Bradford City's immediate future will finally be decided. But, The City gent website reports that the news from the Football League conference held at Chester is positive.
It has been confirmed that the League are happy with the preliminary financial arrangements that have been made, but they want assurances over where City will be playing their home fixtures next season, and what arrangements will be made if there is a financial shortfall this season. But League officials are reported to have told Managing Director Shaun Harvey that the League would be stronger with City's presence.
Harvey said: 'It was pleasing to receive a warm reception from both the Football League and its member clubs who all want to see Bradford City survive.'
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This week sees a critical time for the club, with its status as a Football League Club hanging in the balance.
Chair of the Trust, Mark Boocock, said, 'This is an absolutely critical time for Bradford City Football Club at Valley Parade. The fans and the community of Bradford need to show how much this club means to them.'
The supporters Trust are trying to raise £100,000 by June 1st and donations can be made at the bcst website (link below)
Boocock said 'Fans have already seen this club on the brink of extinction before. I cannot over emphasise that this situation is more serious than it has ever been. We need the community of Bradford to unite to save its football club.'
The Trust and Supporters Direct are currently working with the club to explore ways of securing the future of Bradford City Football Club at Valley Parade.
Kevin Rye, Supporters Direct caseworker for the Trust said, 'What the Trust is doing is vital to securing the future of the club, but it cannot do this without the support of Bradford City fans and the community of Bradford.'
The Trust calls on all those interested in securing the future of Bradford City at Valley Parade to work with the Trust and the club to ensure this never happens again.
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The City Gent website reports that the Joint Administrators of Bradford City AFC (1983) Ltd have announced that the meeting of creditors, convened for Friday 7 May 2004, has been adjourned for seven days until Friday 14 May 2004.
As a result of lengthy discussions between the Joint Administrators, Julian Rhodes and certain key stakeholders it was felt by Julian Rhodes that whilst the Company Voluntary Arrangement (CVA) proposed would be approved by Creditors, the conditions attached, which are essential to the implementation of the CVA, are unlikely to be satisfied at present.
Discussions with the key stakeholders will continue, in the hope that a successful conclusion can be reached however it is essential that the club is on a sound financial footing before exiting Administration.
As a result, in all probability the CVA will be withdrawn. Should that circumstance arise, the club will remain in Administration and will continue to trade, subject to resolving a number of critical issues. During this period the Joint Administrators will work closely with Julian Rhodes to safeguard the future of the club.
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28-04-04
Bradford City Supporters Trust today called for Bradford City Council to take action to save Bradford City AFC and Valley Parade.
The Trust presented their case in an emergency appeal to a full council meeting on Tuesday night, just 17 days before a meeting of creditors is due to decide the fate of the club, in its centenary year. The appeal was made because there is a real chance that the club could go to the wall, and professional football cease to exist in the City.
In an emotional statement, read out by the Trust, it appealed to the council to provide tangible support to their efforts to put together a realistic rescue plan and so restore certainty to the club after two years of financial turmoil. The Trust called for all groups within the council to unite to tackle the crisis in hand, saying, 'No other sporting institution in Bradford brings the same level of local, national and international recognition that Bradford City Football Club brings. Football is this city's and the nation's number one sport.'
The statement went on to evoke the memories of the tragic fire at Valley Parade on the 11th of May 1985, where 56 fans lost their lives, saying: 'To this day the ground remains a fitting memorial to them. Do not forget that also those people who live on with the memory of that day, those people who survived the tragedy. We will never forget that day and this is one reason why we call for action to be taken to help the football club.' The statement went on, 'We, Bradford City supporters, are not merely customers of a failing business - we are its lifeblood'.
Chair of the Trust, Chris Hawkridge, has called for the council to work with them and local partners, to secure the future of Valley Parade, saying: 'We had a crisis two years ago after relegation from the Premier League. This is yet more serious, but we are not simply asking for the Council to sink money into the club. We understand their concerns, and their requirement to be diligent with the use of public funds. What we are proposing is a solution that would allow Valley Parade to become a true, community asset, with the stakeholders deriving real and tangible benefit from it. An arrangement of this type has already been made at Halifax Town's ground, the Shay, and it was a key recommendation in the cross-party Commons All Party Football Group (APFG) report in February. It would demonstrate that the whole community of Bradford - the council, fans, local business and the ordinary population of the City - want their football club to be a real and active part of it.'
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The Bradford City Supporters' Trust has arranged for a vigil to be held on Saturday 17th April 2004 at 1pm in Centenary Square outside the City Hall in Bradford.
The vigil will be held to demonstrate the strength of feeling among Bradford City fans and the wider general public of Bradford about the current plight of the city's only remaining professional, League Football Club. It will be aimed at the City of Bradford Metropolitan District Council and local businesses based and established in Bradford
A petition will be handed to a Council representative to highlight the urgency of the situation and the feeling that action must be taken now to help preserve the existence of Bradford City Association Football Club.
It is widely considered that unless immediate action is taken by the City of Bradford Metropolitan District Council and other interested parties the football club could cease to exist at the end of the current season.
The petition can be found on the BCST website (link below)
A copy of the petition will be handed to the Club.
Contrary to previous publicity and despite the efforts of the Local Authority and Police it is regrettable that a march will not take place due to the difficulties in arranging for the closure of public roads and pathways.
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Bradford are once again in administration after the club's creditors applied for the order. Bradford were in administration in 2002, before agreeing a CVA, to enable them stay in the league.
Director David Rhodes told Bradford's website: 'we are not willing to continue to gift any further funds to the club, and because the club have now defaulted on its CVA payments, the supervisors of the CVA have had no other option but to seek an administration order.'
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18-02-04
Shaun Harvey City's managing director has said that Bradford could be forced back into administration unless they can resolve their remaining financial problems once and for all.
harvey said 'We are close to the finishing line but there are still a few hurdles to negotiate 'In the event of failing to reach an agreeement with the remaining stakeholders, then we will be forced to find additional funding elsewhere. 'As a last resort we could go back into administration,' he told their website.
It is estimated that between £3m-£5m of funding is required, which chief executive Julian Rhodes and his family are prepared to fund.
Harvey added: 'I have been assured by Julian Rhodes that in the event of the company having to be placed in the hands of an Administrator that his commitment to the club will not alter. 'He will do everything within his control to ensure the survival of the club.'
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Reported on the Rivals site
The Football League have give Bradford City the go-ahead to start the league season against Wolves on Sunday.
However the board have to agree to certain financial conditions for that to happen.
Bradford City have been given a deadline of 4pm on Friday for Julian Rhodes and Gordon Gibb to reach a final agreement on the takeover of the club. The League also require securement of a financial agreement with the P.F.A.
City director David Rhodes has given his blessing to his son Julian, and Gibb. He said, 'Going forward, there will be two co-owners of the club. Gordon Gibb will be chairman and Julian will be chief executive
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Creditors have agreed to a Company Voluntary Arrangement (CVA) which will see them receive 10 pence in each pound they are owed. This decision should make the future of the club safe.
They are still suspended from the football league who want assurances by 8 August that the club will have funding in place to fulfil their fixtures for the new season.
Bradford chairman Geoffrey Richmond told BBC Radio Five Live that he was relieved with outcome of the CVA but stressed that the club were not yet in the clear.
He said: 'It's a considerable relief. It's a good day for Bradford City. Everything has fallen into place right at the end. But we still have an important hurdle to overcome with the date with the Football League in Preston on Tuesday.'
Richmond admitted that he had made mistakes in his role as chairman, but was adamant that all decisions were made in the best interests of the club.
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From the BBC:
Bradford City face expulsion from the Football League if they are unable to come up with a financial rescue package by 8 August.
The Valley Parade club, in administration since May, could be thrown out of Nationwide Division One before the new season begins if creditors do not accept the package. And, according to the Independent newspaper, there is a real possibility that this worst-case scenario could play out.
An administrators' report says that Bradford will not be allowed to play in the Football League unless there is a guarantee of sufficient funding for the whole season. And it warns that 'at present such funding is not available'.
The rescue proposal from the administrators is for unsecured creditors to recieve 10p in the pound, but it must be accepted by a 75% majority. If it is not and Bradford are forced to liquidate, the size of their final debt would exceed £35m.
The club owe vast sums of money to creditors like Registered European Football Finance and to players, including Benito Carbone, Ashley Ward and David Wetherall.
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Bradford City have gone into administration.
Bradford were granted a limited order by the High Court and will have the position reviewed in July.
At its AGM the club admitted it was over £12m in the red and the club admitted at the hearing that it owed the Inland revenue £400,000.
Meanwhile the administrators have confirmed that they will be seeking a speedy sale of the club.
Mr Justice Blackburn warned Bradford City that if the administration was not a success, it would be the end of the club.
More to follow
