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Where Should The Shares Go?

Where Should The Shares Go?

The latest poll on Vital Sheffield Wednesday looks off the field, as Owls chairman Dave Allen offers to buy back the shares he gifted fans trust 'Wednesdayite' - we want YOUR opinions!...

We simply want to know whether you, the fan, think the 'Wednesdayite' trust should hand back the near 10 per cent share holding in the club, in exchange for club Chairman Dave Allen writing off his £400,000 loan to the club - which was used to fund players in the summer of 2004.

Mr Allen made a plea to 'Wednesdayite' on the official SWFC website last week, saying: 'I would wipe off that loan if we could get the shares back. If they were real Wednesdayites, they would hand those shares back over.'

He continued: 'The recovery of the shares isn't just an issue for myself and the other directors - it's for the long-term benefit of Sheffield Wednesday Football Club. The only way a big investor would be interested in getting involved would be if 51 per cent of the shares were available, and without the aggravation caused by Wednesdayite.'

The loan, which was used to buy a number of players including Steve Maclean, David Lucas, Lee Bullen, Chris Brunt, Glenn Whelen and Jon-Paul McGovern during Chris Turners stint as boss, was due to be paid back after the Owls had achieved promotion to the Championship.

That, of course, was achieved last summer under Paul Sturrock's guidance and Mr Allen is now offering the supporters trust the chance to wipe out his current loan by handing over the near-10 per cent shareholding in the club that was offered to 'Wednesdayite' as a gift by the Owls Chairman and his fellow directors.

Wednesdayite Chairman Darryl Keys responded last week by saying the group had not received any formal offer for their shares, despite articles that appeared in the media.

Mr Allen has already made an offer for the 9.46% share in the club late last year, and the offer of £330,000 was then rejected by the Wednesdayite board.

Mr Keys continued to say that the objections are still likely to remain today should the group receive another offer from the Owls Chairman.

So the story continues, but we want to know what YOU think. Should Wednesdayite return their shares to Dave Allen in exchange for the Owls Chairman writing off his £400,000 loan to the club? Or Should the supporters group keep hold of their 9.46% shareholding and continue to have fan representation in the club?

To VOTE, scroll down to the site poll on the main page. HAVE YOUR SAY on the Vital Sheffield Wednesday Fans Forum

For more information on the supporters group, Wednesdayite, go to our Wednesdayite section HERE or visit the official Wednesdayite website by clicking HERE

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

Date:Tuesday May 23 2006
Time: 6:24PM


Why not hold him to ransom and see who he helps buy during the summer? :)
23/05/2006 18:30:00
If the shares are in posession of the fans in order to provide an independent voice then that voice should not be traded for short term comfort, the chairman has done a difficult job well but he is wrong in trying to part the trust from their (our) shares, yes they have criticised him but anyone in such a position better have wide shoulders. It would be a shame if the fans lost their shares, indeed most clubs should aim to follow the spanish model where the fans own and are the club.
23/05/2006 18:40:00
What does Robc want, success or ownership of a tin pot lower division club ? How many clubs owned by the fans in the UK are there in the Premiership & the championship ? The fans cannot generate the money required to gain success, we are now in the 21st century, money is the king, so as much as it pains the thousands Sheffield Socialists, we MUST allow the chairman as much slack as possible, and every penny he is able to pump back into the squad is another stap back to where a big club like ours belongs.
23/05/2006 19:11:00
SELL SELL SELL , we will not get any where either wise, no big buyers come to mind.
24/05/2006 12:59:00
The 10% would be useful for any potential buyers. We all know Allen isn't a John Madjeski type chairman who will do all he can to see his beloved club do well, and I think Wednesdayite will hold on to their shares incase any future Ken bates come along!
24/05/2006 15:37:00
Wednesdayite should keep hold of the shares for the fan. When a person gets hold of a majority of shares a club they can do what they will with the club and are not answerable to the fans! Not all major shareholders have the best interests of the clubs at hart, and not all will put large sum of money into the clubs, some have been known to sell off grounds and the best players for there own profits!
25/05/2006 10:22:00
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