PFA doubles loan to troubled Bradford
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Your support makes all the difference.The Professional Footballers' Association has doubled its loan to Bradford City to £2m to try to save the financially troubled club who have hit new snags in their attempt to come out of administration.
The Professional Footballers' Association has doubled its loan to Bradford City to £2m to try to save the financially troubled club who have hit new snags in their attempt to come out of administration.
A creditors' meeting on 1 August will decide their fate. There have been shortfalls in finding the money to offer creditors, who have discovered they can only expect a basic 9.4 pence in the pound in the administrators' proposal, the Company Voluntary Agreement.
The PFA's original pledge gave the sacked players around £5,000-a-man to keep them going without wages. The Bradford City chairman, Geoffrey Richmond, still has to come up with more than £1m, to make the CVA deadline.
However, the PFA and Richmond will only pay the money if the creditors accept the package, leaving many out of pocket – some by millions.
The leading creditors, a football financing company, are owed close to £9m but are being asked to accept as little as £850,000 and if the CVA is turned down Bradford will be in real trouble just days before the season starts.
If the players are not paid on 5 August as promised, they could start the season without their salaries, possibly refusing to appear, with the club stuck in administration.
Benito Carbone has been offered a pay-off to settle his £40,000-a-week deal and leave.
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