More investment needed by Bulls

Bradford Bulls have revealed that another £1.25 million is still required to help the club stay out of administration.

The financial troubles at the club appear to be worse than first thought, despite fans responding to the call and raising £500,000 for the Bulls cause. Recently re-elected to the board of directors, Stephen Coulby has revealed that the club is closing in on a £500,000 investment but that around another £700,000 is still required to pay off current liabilities. Following an independent financial review, the Bulls are losing £100,000 per month while the previous chairman had budgeted to lose over £1m a year. "The independent financial review has taken place and a further injection of £1.25million is needed to pay off short-term debts and keep the club out of administration," Coulby told the Bradford Telegraph and Argus. "Nevertheless, we're in a position to carry on the talks with investors and progress is being made. "There is more than one party involved and they want to see business plans and budgets for next year, which is what we've been doing for the last three weeks. "There is progress being made but other things have come out of the woodwork, such as a six-figure loan which we didn't know about. "We're on with the business plan and budget for next year because we need to get away from losing £100,000 a month, which is what is happening at the moment."