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Co-Op Extends Debt To Aid Owls

Co-Op Extends Debt To Aid Owls

Wednesday's major creditor, the Co-Operative Bank, have stepped in to help the Owls following relegation by extending the debt by £3 million to cover next season's losses.

It was thought that Wednesday's best players may have to be sold to cover the costs of relegation from the Championship last season.

But Alan Irvine will be able to keep the Owls' star players following a deal struck with teh Co-Op, as reported in today's Yorkshire Post.

It's understood that Wednesday already owe the Co-Op over £21m.

But a deal is thought to have been agreed to extend this by £3m to cover loss of revenue in npower League One next term.

It's good news for Wednesday in terms of keeping their best players - and keeping their chances of a swift return to the Championship firmly in tact.

But it means there will be that little bit of extra pressure to return at the first attempt in 2010-11, to try and make that money back through television revenue and other revenue which comes thanks to promotion.

And Wednesday could still sell players such as Lee Grant, Marcus Tudgay and Mark Beevers should 'good' offers come in for the trio, or any other players, such is the Owls' financial situation.



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

Writer:Nick
Date:Thursday July 8 2010
Time: 10:49AM

Comments

0
Hartlepool fan in peace- That is a lot of money for a league 1 club to owe.
KentBeerBoys
08/07/2010 13:29:00
0
lot of money for anyone to owe, we need to be back in the nig time ASAP
smiggyswfc
08/07/2010 14:57:00
0
They will do anything to make sure that we dont go into administration. Grierson has family at the bank who's head would be on the block.
fed_up_owl
08/07/2010 15:58:00
0
unbelievable this is!! don't know how you lot are allowed to do this!! if you don't go up which i don't think you will then you will be well and truely in the brown stuff more than you are now.
bladesforlife1889
08/07/2010 20:11:00
0
only brown stuff round here is whats smeared across your piggy little face after tossin your fathers salad!
ozzietheowl
08/07/2010 21:30:00
0
Who's really bothered what you think pig scum, get your own house in order before you comment on us, i believe it was £50m that your in debt, not going to get that back so quickly giving little piglets free season tickets.
ecco owl
08/07/2010 22:24:00
0
we are allowed to do this because we service the loan you dumpling. if we stopped servicing the loan then i guess they would pull the plug
Hirsty's Shinpads
08/07/2010 22:59:00
0
Exactly Hirsty's Shinpads, the size of the debt is largely irrevelant, if the club is run profitably (which it is) and can service the debt (which it can) it's not a problem. Let's list all 92 league clubs and the amount of debt they carry and Wednesday wouldn't be anywhere near the top. Stop exaggerating the issue BFL and worry about your own shower of a club and how that amazing squad KB has built will avoid relegation next season.
sussexowl
09/07/2010 08:39:00
0
im doing a sponsored bike ride to raise funds for mellons gastric by-pass operation before the start of the season if anyone is interested in donating than please make payment to the following link...........im..a_fatty_belly_porkerleague1pig.co.uk!!
bladesforlife1889
09/07/2010 20:48:00
0
if he sticks the ball in the back of the net i couldn't care a toss what he weighs
Hirsty's Shinpads
09/07/2010 23:01:00
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