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Owls Reject Club 9 Approach

Sheffield Wednesday have today rejected an approach from Club 9 Sports LCC with regards to investment into the club.

The Owls have confirmed that they've received communication from American-based Club 9 this week with regards to an initial £2 million investment into the club.

But the club have today responded by rejecting the offer due to it being 'significantly lower level than had previously been agreed by all parties' back in March of this year.

A statement on the official SWFC website read: 'Dependent on which division Sheffield Wednesday would start the 2010-2011 season, there was agreement on the initial level of investment by Club 9.'

It continued: 'The communication this week made it clear that Club 9 wanted to change the terms already agreed and wished to make a lower investment into Sheffield Wednesday.'

The offer made by club 9 indicated that they wanted circa 40% of the club's total share capital for the £2m investment, which would work out at just £1.6m after expenses.

It could spell the end of Wednesday's links with Club 9, but the club have revealed that they'll continue to look for potential investment.

The statement read: 'The board continues to engage with other serious potential investors and while there can be no certainty that any deal will be completed this summer, the interest of these parties continues to highlight the potential of Sheffield Wednesday moving forward.'




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The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Friday May 14 2010

Time: 12:14PM

Your Comments

Cheeky gets. Tell em to shuv it up their ar*e and dont come back. We can see what their all about now cant we.
MightyWednesday
moving forward we avnt moved forward in years.
ollyowl70
you could get a better deal on dragons den wheres duncan ballentine when you need him .
beverley owl
It would be interesting to know what it would have been had we not got relegated. By the sounds of it it wouldn't have made much difference. That kind of investment we can do without. I bet us lot on this site could raise nearly that between us with credit cards and equity. What a joke.
Radon Barrier
the problem i see is that we have been linked with club 9 for so long and this is the end result so we could be looking at years before we get a serious offer
bradford_owl
Yep agree bradford_owl,so once agen our hopes n dreams shattered and will now av to listen to LS saying ow much the club is relying on supporters to buy season tickets etc etc showing our support,wot does he think we've been doin week in week out for the last how ever many seasons we've been supporters.Why doesnt he splash sum cash like Dave Allen did in times of trouble.To be honest i think this whole club 9 thing was all a hoax just to keep us all on our toes and give us summat to hang onto,makes me sick to the bone to say but maybe goin into admin wudnt be such a bad thing and starting agen.
ollyowl70
letís just go into bankruptcy take the ten point we owe nothing to anyone and then we will be a more attractive offer to investors as they can get the club for cheap pay nothing to no one and invest on the team where it's needed ps Irvine will go to Cov now any bets?
HorburyOwl
We are a complete joke Lee Strafford is a complete joke. I liken him to the New Labour of 1997 and Tony Blair with all his spin. What a total and utter disgrace and you're right whoever said it, it will be upto the fans agin to be blammed if funny enough we don't want to or can afford to buy season tickets and everything else LS says. To hell with them
jamesc1905
Can't agree with Horbury Owl - going into administration wouldn't bring any good, just a lack of confidence in the club and lowering of morale of staff and supporters. We need investment, yes, but not at any price.
owling wolf
Radon it was supposed to be £20 million if we were still in the championship. Like I said the other day Stafford talks out of his backside. You wouldn't hear Dave Allen gobbing off about investment until the deal was done. Come back uncle Dave all is forgiven.
duds
come back dave allen??? you havin a ****in laugh? i wish people could get into their thick heads that lee straford doesnt have the personal wealth to invest in the team. the only reason he is chairman at the moment is because WE DIDNT HAVE A CHAIRMAN AND NOBODY PUT THEIR NAME FORWARD. lee is just trying to deliver investment, granted that hasnt materialised, is that his fault?? maybe, maybe not, if he doesnt receive and conceivable offers what should he do?? we are not exactly investable at the moment. and as for the whole "why doesnt he keep his mouth shut" *****e people would only moan if their was a blanket of secrecy. wednesday fans want it on a bloody plate and have to realise it just isnt that easy. thats life.
ozzietheowl
ozzie do tesco's or asda tell there customers whats going on at board level i don't think so. As the saying goes " it's better for people to think your an idiot than to open your mouth and confirm it". Say what you like about Dave Allen he put his hand in his pocket when it was needed that's what chairmen should do, it goes with the job. Stafford said he was going to stabilize the club, we've just been relegated doesn't seem very stable to me.
duds
Yes i think LS is a conman and season after season we will get the same old thing `we need at least 25 thou gates to buy players ` and yes lets see how much he thinks of the club buy putting his hand in his pocket
Owlet
LS has got £3 mil ish in the bank and is under orders from the mrs not to put any of it into the club wich is fair enough. But there is enough wealthy Wednesday fans out there the Hobsons for one or two even, have these guys been approached ?
duds
I wish people would give LS a break. He is trying to do his best to make Sheffield Wednesday a club that is an attractive investment. He has never promised that it would be easy but he is committed to securing a deal that is best for the club. Investors don't put money into a club for the love of football; Ambramovich excluded, they do it to make money. LS is quite right to walk away from this particular deal and the search for investment continues. LS isn't a rich man but he is a staunch Sheffield Wednesday supporter trying to do his bit. He doesn't deserve the vitriol aimed at him by some. Those that advocate going into administration don't know anything about business - it dosen't wipe debts clean and we would be in a much worse position than we are now. Give him a chance to get it right.
CLIFFANDJ
well said CLIFFANDJ agree 100%, fans have the right to feel peeved &frustrated but that just seems to be the norm for us owls .One day well be back to a strong side that we can be proud of. Lets back LS and AI get down to S6 saturday afternoons & make div 1 rock. roll on august
vic mobley
Can you see AI staying now after what he may have been promised to get him here, and what players are going to come now on hearing this news. for the last 3 or 4 years we have been told about investers and nothing as happened that is why fans will stay away and Hobson wanted to put money into the club but i think it was wednesdayite who voted against it
Owlet
Well said Vic. I don't get the chance to get to many home games because of my job, when i do it costs in the region of £250, fuel tickets and grub etc for thr family. I believe in LS and AI and what they are trying to do. When we get back to the big time (and we will) however long it takes. I will be able to hold my head up high and say i stuck with them when the chips were down. If i land the "euro jackpot" tonight i swear i will invest. I'll keep the blue flag flying high, we all will. Give them a chance.
PenrithOwl
P.S. At least an away game next year will only cost around £25. Carlisle is only 20 miles up the road.
PenrithOwl
I can't believe what I have been reading. LS "conman" yes I'am sure an avid Wednesday fan is trying to con his club when he gets no benefit other than watching the team for free and sitting in a box. However this is no less than he deserves. The chairman is a volunteer how many other clubs can say that? Administration shouldn't be an option our assets easily out-weigh the debts, we only need investment to progress to the premiership but we aren't ready for that as a club or an entity. Would you rather have Cardiff's or Portsmouth's predicament? I think not!
10goalpayne
Reality is that the Yanks saw the relegation to div 3 and cut back on their investment, no point throwing good money after bad!
gloucblade
Well duds, if that figure is right then they were obviously full of BS cos they wouldn't have dropped investment by 90% for one division. We need Nick Clegg to negotiate this as he can get the good deals for lost causes.
Radon Barrier
Looks like L.S has'nt only been robbing us he's been robbing all other away supporters aswell, all away teams since Newcastle game on Boxing day have been done by up to £6 per person, just where is it all going to end, I bet D.A is laughing is socks off right now, just wish we could turn back the clock, cos in the last 18 months we've steadily gone down hill and will continue to do so under this buffoon.
ecco owl
ecco Nail Head
duds
well people say what you will but the club going under is the best thing for us no debts the players will go anyway so no loss and we will stil get 22-25,000 every week so why wont people invest so owling wolf your off your head i swould take investment at that time where the overheads would almost nothing in time of financial difficulty is when the greatest transfer of wealth takes place fact! We would come out of it very strong obviously some people donít understand business and how markets work!
HorburyOwl
F@^k off! everything thats being said about Strafford is the same as was said about Allen. wake up and grow up, nobody owes Wednesday anything , Wednesday owe £25M. WE ARE WEDNESDAY ! ***** THE YANKS ***** THE BLADES GET YOUR ARSES TO HILLSBOROUGH NEXT SEASON AND BACK THE WEDNESDAY!!!!!
greeny9
There is a a telephone call with John Pritchett from Club 9 on BBC page and he gives a very good account and seems totally puzzled why their offer has been rejected. Its aninitial 2 mil though 5 mil this season 5 next year. So can someone tell me what on earth is going on.?
jamesc1905
HorburyOwl it is you that knows nothing about business. If we went into administration alll the clubs assets would be sold to pay off our existing debt, including the stadium and people would lose jobs. This would make us less likely to attract investment. Think of it this way, suppose the mortgage on your house is £500 per month and you run up a debt and the bank are threatening to repossess, you are in a very tight spot but I come along and clear your debt by buying your house but charge you £1000 a month rent. You struggle to find the extra money, end up in more debt and no-one will invest in you because you aren't making any money. That is the reality of administration, people seem to think its some easy scheme to clear ourselves of debt - it isn't.
CLIFFANDJ
Dont get me wrong the I have been a wednesdayite for over 50yrs and will stay whatever happens ,I only hope that LS gives the money he is now saving on the players going straight to AI now to get the players in otherwise we will start next season with academy players in the 1st team ` TRUE BLUE THROUGH AND THROUGH `
Owlet
Good explanation Cliff. We are in a tight spot and there are many reasons why we are going to struggle to get out of it, but there are clubs in worse poisitions and we will get out of it. Its been over ten years since the premiership, 20 since the league cup and 1935 since the FA Cup. We are all biased but,lets face it we aren't such a great propositition. I feel our best chance would be a group of rich Wednesday fans, but that would have happened by now. All investment runs the risk of asset stripping and short term gains outstripping long term strategy. I think that LS is looking to the long term and there just aren't any suitable investors out there. There is so much uncertainty in the global financial markets, what kind of businessman, unless he supported the club would be willing to invest. Anyway i'm goin to check my Euro numbers now, so if we are taken over on Monday by a really good looking bloke from Grenoside, you know my numbers have come up.
Radon Barrier
Well I think we'll be fine. How about that for a comment.
Carbone's Padawan
IVE WON!!!! £8.90. Shall I buy Varney or not?
Radon Barrier
I hope the lucky sod who did win the Euromillions last night is a Wednesday fan lol.
CLIFFANDJ
Ive got a £5 Argos voucher, 2000 Nectar points and a screwed up fiver! Shall we get Tom Soares back aswell?
greeny9
Has anyone seen the full proposal from Club 9 Sports? And if so, what's your thoughts? One of their lead geezers has said the plan was £2 million now and then further injections of upto £10 million in total. That doesn't actually sound too bad in my eyes - was it the phenomenal 'management fees' of £400k that ruined the deal or??? Answers.... I need anwers please.
Carbone's Padawan
search club9 sports in google. Their web site has a FAQ statement showing everything they propose to do, basically £2M to close the deal and own 38%, £3M over 2010/11 season as they see fit, and another £5M at a later date
greeny9
cheers greeny - what do you make of it? I dont think that sounds as bad as people have made out personally, given our circumstances anyway.
Carbone's Padawan
£2 mil now, actually £1.6 mil after deductions. Then £400k ish management fee, so £2 mil really £1.2 mil for controling interest in club. We could get that buy selling Grant or Tudgay.
duds
If it was £5M to close the deal with a guarantee of a further £5M as had been agreed , then it would be difficult not to accept, but they would still be buying in on the cheap. I think they are taking the**** because they think we are in no position to argue. But if they think 1.6M will make any difference to a promotion challenge they don't have a clue what they are trying to invest in
greeny9
As I said earlier they waited till we went down then tried to get us on the cheap typical yanks
Owlet
If you look at the offer in detail cash investment is only a small part of it. Sometimes you need to look at the big picture
Handsworth Owl
If the investment is 2 million or 10 million pounds how long do you think that would last in todays football market.We need changes that last long term.
Handsworth Owl
In the star newspaoer today it said they are in talks wuith some more investers from last month lets hope this is not another red herring as anyone else heard anything
Owlet
CLIFFANDJ thanks for that well I have two degrees one in Business and one in Marketing as you think you understand the bankruptcy laws you clearly donít sir. I have worked in the business to business (construction M & E contracting) world for 20yrs now which has seen its fair share of large companies going under. I can confirm that your right the assets will go we will lose are better players but we will be put up for sale yes on the cheap but that makes an attractive offer for a potential investor (i.e. ken bates at Leeds) ho how we ****ed up there!
HorburyOwl
Ive got a £5 Argos voucher, 2000 Nectar points and a screwed up fiver! Shall we get Tom Soares back aswell? greeny9 if thats what he costs your getting the shi**y end of the stick greeny!!!!
wedtillidie
well i can put up my kids dinner money sell the dish washer on ebay come on we can do it boys lol
HorburyOwl
Horbury Owl. So you think a business stripped of all its assets is a more attractive investement opportunity than one that has some assets, is making some money but is looking for investment to refinance its debt? The reason Leeds were able to go into administration so easily is because they didn't have any assests - they had sold the ground etc, I think you sir need to go back to university for a refresher.
CLIFFANDJ
Do we own Hillsborough. I know we own Middlewood. We need to keep hold of these asets in the long term.
Radon Barrier
Strafford has resigned!!!
Bognor_Owl
Cliffandj yes sir you right to most people it looks shocking but to people looking to invest in a business they look at the business potential take la senza for instance when Theo phephitis bought the business it was on the cheap with no assets at all to speak of but the brand name which if you read any marketing book buy Philip kottler (Sheffield lad) or depellsmacker will tell you the brand is the most important part of any business and where the future revenue comes from sound crazy but true so I suggest you go do the studying Iím *****ed off with it (6yrs) lol cliff no offence mate we are all Wednesday here (apart from pfl)
HorburyOwl
Woolworths was a great brand name Horbury but where are they now? I think we will just have to accept that we are on different sides of the argument lol. Lets you and I form a coalition for the good of the club lol. I appreciate where your coming from and I too have done enough studying to last a lifetime.
CLIFFANDJ
lol which one of us is clegg lol woolworths lost site of their core customers try to sell ***** you can buy in asda twice as cheap but i see where you coming from cliff up the owls m8 c u next season m8 when we will be the kings of lge 1
HorburyOwl
 

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