Bradford: The end is near

By Paul Holmes
July 22 2002

Bradford City must come up with a financial rescue package by 8 August or face expulsion from the Football League.

The West Yorkshire club must have an acceptance from creditors before the given deadline or they will be kicked out of Division One. The club have been in administration since May with the high Premiership wages of Benito Carbone and co to blame.

The Independent newspaper suggests that the worst-case scenario is a strong possiblilty.

The report from the administartors' states that unless sufficient funding can be found for the full season, the club will not be allowed to play in the Football League.

The administrators have proposed a package of 10p in the pound for for unsecured creditors, however it must be accepted by 75% of the creditors. In simple terms this means that Bradford have offered their creditors (people who they owe money) 10p of every pound owed, so if Bradford owe a company £10,000, the new proposal offers £1,000. Whilst this is a low amount the companies must realise that if Bradford go bankrupt then all debts are written off.

It is thought that if Bradford's proposal was not accepted they would be forced to liquidate and try to pay of as much of the £35million final debt.

It is amazing to think that just 2 years ago Bradford were riding the crest of the wave having survived relegation from the Premier League thanks to a final day of the season win against Liverpool.