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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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The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Tuesday March 10 2009

Time: 1:01PM

Your Comments

Anybody who now thinks Wednesdayite were EVER a 'stumbling block' for potential investment needs to get a brain transplant.
NicNac
Anybody who now thinks Wednesdayite were EVER a 'stumbling block' for potential investment needs to get a brain transplant.
NicNac
Well said, Nic...
nickswfc
Well said, Nic...
nickswfc
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
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
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
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
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
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
Agreed. Whichever way you look at it, DA doesn't exactly come up smelling of roses...
NicNac
Agreed. Whichever way you look at it, DA doesn't exactly come up smelling of roses...
NicNac
Its easy to have ago at Dave Allen. Would you give up a million quid (if thats how much it is) without a fight. His time at the club wasn't without value. He stabalised the club and fought off the dreaded Ken Bates. When it turned out he wasn't the right man for the job he quit. He was a millionaire chairman when we needed a billionaire chairman. Any money deal is gonna take ages. March 31 doesn't matter, but it would be great if we had something sorted for the summer. Its gonna be tough though. Still it always is being a wednesday fan. Nic nac - why mention wednesdayite - who cares about them??
Radon Barrier
Its easy to have ago at Dave Allen. Would you give up a million quid (if thats how much it is) without a fight. His time at the club wasn't without value. He stabalised the club and fought off the dreaded Ken Bates. When it turned out he wasn't the right man for the job he quit. He was a millionaire chairman when we needed a billionaire chairman. Any money deal is gonna take ages. March 31 doesn't matter, but it would be great if we had something sorted for the summer. Its gonna be tough though. Still it always is being a wednesday fan. Nic nac - why mention wednesdayite - who cares about them??
Radon Barrier
It's not a million, no. As far as I can work out it's a cut of a third in what he is 'owed'. He is 'owed' around 2million, so would lose about 600k? How much interest has he earned from this loan while it has been at the club. HINT: It's bigger than 600k. Why mention Wednesdayite indeed. Why mention them when the Gregg deal collapsed. It was nothing to do with them then, and this apparent stumbling block is nothing to do with them either. Catch my drift? ;)
NicNac
It's not a million, no. As far as I can work out it's a cut of a third in what he is 'owed'. He is 'owed' around 2million, so would lose about 600k? How much interest has he earned from this loan while it has been at the club. HINT: It's bigger than 600k. Why mention Wednesdayite indeed. Why mention them when the Gregg deal collapsed. It was nothing to do with them then, and this apparent stumbling block is nothing to do with them either. Catch my drift? ;)
NicNac
sod DA dont pay him make him wait if hes the stumbling block
mick66owl
sod DA dont pay him make him wait if hes the stumbling block
mick66owl
its a shame someone cant come in and get the giant awake.
bluemooner_mcfc
its a shame someone cant come in and get the giant awake.
bluemooner_mcfc
If we go in to Administration, surely DA will lose a lot more then.
doitforlove
If we go in to Administration, surely DA will lose a lot more then.
doitforlove
lets just face it-the only way we'll get rid of our debt is through going into administration and that wont happen
supersibon
lets just face it-the only way we'll get rid of our debt is through going into administration and that wont happen
supersibon
Allen must be the most despised man in Sheffield right now....and beyond!
US Owl
Allen must be the most despised man in Sheffield right now....and beyond!
US Owl
how much money is he worth
BIG TONY
how much money is he worth
BIG TONY
I don't know now, with the credit crunch etc, but when he was in charge his estimated personal estate was worth ~ 60 million IIRC. But that's not cold hard cash, that's properties, businesses etc...
NicNac
I don't know now, with the credit crunch etc, but when he was in charge his estimated personal estate was worth ~ 60 million IIRC. But that's not cold hard cash, that's properties, businesses etc...
NicNac
he needs the cash then?!?
BIG TONY
he needs the cash then?!?
BIG TONY
DAVE ALLEN IS A KING!! HE SHOULD BE KNIGHTED!! ha ha keep it coming
bladesforlife1889
DAVE ALLEN IS A KING!! HE SHOULD BE KNIGHTED!! ha ha keep it coming
bladesforlife1889
if the club have any brains they will file for admin now and take the 10 - 15 points hit as by your standards have had an excellent season. if it all goes wrong financially and you go into admin at the start of next season, you will deffinately be relegated!! no way will you have as successfull season next year to what you have had this time around!! before you all get heated - i'm just stating a fact!!
bladesforlife1889
if the club have any brains they will file for admin now and take the 10 - 15 points hit as by your standards have had an excellent season. if it all goes wrong financially and you go into admin at the start of next season, you will deffinately be relegated!! no way will you have as successfull season next year to what you have had this time around!! before you all get heated - i'm just stating a fact!!
bladesforlife1889
Not really Big Tony, but if rumours are to be believed about forthcoming investment at Chesterfield, then he may NEED to get out of SWFC ASAP...
NicNac
Not really Big Tony, but if rumours are to be believed about forthcoming investment at Chesterfield, then he may NEED to get out of SWFC ASAP...
NicNac
What the hell is wrong with me I think I may agree with pigsforlife !!!!!!!!
Handsworth Owl
What the hell is wrong with me I think I may agree with pigsforlife !!!!!!!!
Handsworth Owl
does anybody know if sheff wed went into administration, would the bank lose all money owed, and shares be worthless.
ecco owl
does anybody know if sheff wed went into administration, would the bank lose all money owed, and shares be worthless.
ecco owl
 

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