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Owls' Investment Blow

Owls' Investment Blow

Wednesday's bid to secure new investment in the club by the end of the month has taken a set-back after the club revealed that 'not all parties' have agreed to the debt restructure.

Chairman Lee Strafford and chief executive Nick Parker were aiming to secure fresh investment at Hillsborough, with a deadline of March 31 named.

But the club have today released a a statement confirming initial fears that not all parties involved in the investment process have come to an agreement with regards to the debt structure.

The club were looking at a number of compromises from creditors and shareholders in order to speed up, and complete, the process of investment.

But an agreement has not yet been reached, putting back the process of a takeover and leaving it extremely unlikely that the March 31 deadline will be met.

In the statement, the club revealed that they've held positive talks with the majority of parties involved in the process.

Former chairman Dave Allen revealed to BBC Radio Sheffield yesterday that he has yet to agree a deal to sell his stake in the Owls, only wanting to do such a deal if he is repaid what he's owed in full.

And in his interview, Allen revealed that he has only been offered two-third's of what he's owed.

It seems the problems have stopped at a familiar crossroads once again for the Owls, and Wednesday fans will be keen for the current problems to be sorted out as quickly as possible.



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Click here to join in the debate on the club forum.

Writer:Nick
Date:Tuesday March 10 2009
Time: 1:01PM

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Comments

0
Anybody who now thinks Wednesdayite were EVER a 'stumbling block' for potential investment needs to get a brain transplant.
NicNac
10/03/2009 13:36:00
0
Anybody who now thinks Wednesdayite were EVER a 'stumbling block' for potential investment needs to get a brain transplant.
NicNac
10/03/2009 13:36:00
0
Well said, Nic...
nickswfc
10/03/2009 14:04:00
0
Well said, Nic...
nickswfc
10/03/2009 14:04:00
0
Dave Allen has been revealed as the major stumbling block, unless he agrees to take a % cut in the amount he is owed , then we will not be able to negotiate with other creditors on an equal footing. If he forces the club into administration then he will receive a lot less than he is curently being offered. Wednesday fan I think not. If all wednesday fans in sheffield boycott his businesses , he will lose another £2mm pretty quickly
Aston Owl
10/03/2009 14:20:00
0
Dave Allen has been revealed as the major stumbling block, unless he agrees to take a % cut in the amount he is owed , then we will not be able to negotiate with other creditors on an equal footing. If he forces the club into administration then he will receive a lot less than he is curently being offered. Wednesday fan I think not. If all wednesday fans in sheffield boycott his businesses , he will lose another £2mm pretty quickly
Aston Owl
10/03/2009 14:20:00
0
Tbh Aston, I don't think we'd be FORCED into Administration on the back of a £2million debt. However, we may choose to go there...
NicNac
10/03/2009 15:12:00
0
Tbh Aston, I don't think we'd be FORCED into Administration on the back of a £2million debt. However, we may choose to go there...
NicNac
10/03/2009 15:12:00
0
NicNac, read back and I wasn't that clear. Meant the fact that if we cant sort the whole debt, approx £30m then we may be left with no other choice but to go into administration ( as they have intimated no investor will come in with a debt that large to service ). Essentially Allen is the major factor in that debt not being able being factored down, if you believe the reports. Therefore putting us between a rock and hard place in terms of going fwd, unless he softens his stance
Aston Owl
10/03/2009 16:21:00
0
NicNac, read back and I wasn't that clear. Meant the fact that if we cant sort the whole debt, approx £30m then we may be left with no other choice but to go into administration ( as they have intimated no investor will come in with a debt that large to service ). Essentially Allen is the major factor in that debt not being able being factored down, if you believe the reports. Therefore putting us between a rock and hard place in terms of going fwd, unless he softens his stance
Aston Owl
10/03/2009 16:21:00
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