Khan gives Bulls cash injection
Bradford owner Omar Khan has released “a substantial amount of money” from his property portfolio to fund the Bulls, the club have announced.
Khan this week denied the Bulls were close to entering administration for the second time in a year after it was revealed the players' July wages had not been paid on time.
He admitted the club had a “temporary funding issue” but his latest move has alleviated the problem.
A statement on the club website, www.bradfordbulls.co.uk, read: “Bradford Bulls owner Omar Khan has released a substantial amount of money from his property portfolio to enable it (the club) to move forward over the next 18 months.”
Staff are expected to be paid on August 8.
Bradford, four-time Super League winners, spent two months in administration last year before their takeover by Khan and local MP Gerry Sutcliffe.
After that they agreed to take only half their allocation of central funding from the Rugby Football League for the two remaining years of their Super League licence.
Khan said: “I'm releasing equity in my properties and putting the money into the club. I am doing this for the club and the city of Bradford.
“It is a place I love. It is my heritage. It is the city I've been brought up in. This is our city and our club.”
Bulls general manager Ryan Whitcut said: “The funding issue is to cover us for the rest of this year and next, so there will be no more issues.”
The RFL - who last year bought Bradford's Odsal ground - is confident Bradford are not heading for another financial crisis.
Blake Solly, the governing body's director of licensing and standards, said: “This financial injection will give the Bulls funding that is much needed and will provide them with reserves of cash that gives a platform to build on.
“We are comfortable with their position and that this money will drop into place to ensure players and staff are paid on or before August 8.”
The Bulls have already started planning for next season and already announced four new signings in Luke George, Dale Ferguson, Garreth Carvell and Matty Blythe.