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SBD Global/August 5, 2013/Finance

Bradford Bulls Owner Omar Khan Injects $1.4M Into Club To Pay Wage Bills

English Super League rugby club Bradford Bulls Owner Omar Khan has released £900,000 ($1.4M) from his property portfolio "to bankroll the cash-strapped club and enable it to pay players’ and staff’s delayed wages," according to Hannah Postles of the TELEGRAPH & ARGUS. Khan, who was this week forced to insist that the club was not on the brink of a second financial meltdown in 12 months, confirmed that "he will plough funds secured by releasing equity in his assets to meet the overdue wage bill, which had been due to be paid 'on or around the 28th.'" A "temporary funding issue" meant the team could not pay players and staff until Thursday. Khan said that an issue with his bank had caused the delay and insisted releasing equity in his properties was "not an issue" (TELEGRAPH & ARGUS, 8/2). The PA's Andy Hampson reported the Rugby Football League -- which last year bought Bradford's Odsal ground -- "is confident Bradford are not heading for another financial crisis." RFL Licensing & Standards Dir Blake Solly 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" (PA, 8/2).
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