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.