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Owls Deny Administration Fears

Owls Deny Administration Fears

Wednesday, and the Co-operative Bank, have issued a statement in response to last night's news that the club had been served with a winding-up petition by HMRC.

BBC Radio Sheffield and Look North both reported last night that the Owls owed an unpaid bill of around £500k to the taxman and had been issued with the winding-up petition.

But the club and the Co-operative Bank have acted quickly to ensure Wednesdayites that there's nothing to worry about, denying claims of administration.

The Owls statement, on the official club site, reads: 'Sheffield Wednesday would like to inform supporters that their Club is not about to be wound up, nor is it about to enter into administration.

'We have been involved in dialogue with HMRC for a number of weeks. As such we have been somewhat surprised and disappointed by their decision to seek a winding up order at this time.

'We understand that HMRC is taking a tougher line in general with football clubs, but feel their actions are disproportionate and will raise unnecessary speculation as to the financial position of the club.

'We can inform supporters that the Club, working in partnership with the Co-operative Bank and their advisors, will seek to settle this matter as soon as is practical.

'Furthermore, during a period of change this summer the bank has been an integral partner for Sheffield Wednesday. We will continue to work together to create the best environment possible for the club to move forward, including on-going dialogue with potential investors that will seek to secure the long term financial health of the club'.

A statement issued by the Co-operative Bank reads: 'It is disappointing to note that HMRC have presented a winding up order in respect of Sheffield Wednesday Football Club.

'The Co-operative Bank has been working extremely hard for some time with representatives of the football club and investors to explore ways to ensure its future stability.

'At present we are continuing to enter into dialogue with our advisers, Sheffield Wednesday Football Club and potential investors to explore solutions which will allow the club to operate on a sound and secure financial footing for the future.'

'The action by HMRC relates to an outstanding PAYE balance of £550,000.

'The Club has been informed that the petition will be heard in the High Court on August 11.'



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

Writer:Nick
Date:Friday July 23 2010
Time: 9:00AM

Comments

0
Does "as soon as is practical" mean "as soon as Grant is sold". I've got a feeling it might do.
Radon Barrier
23/07/2010 09:57:00
0
What happended to the £3m overdraft extension. This is just a storm in a tea cup pretty much a non story. Usual story of hmc being arses. Sounds like they didn't even inform weds they were going to do this
Aston_Owl
23/07/2010 10:31:00
0
its only 550,000 pounds..it isnt as much as been made out really is it..if we can get rid of the useless T**t upfront ,marcus tudgay, then we can pay the outstanding money
SWFC_LUKE
23/07/2010 13:28:00
0
I hope you don't have to go through what the Millers have been through - but, as the saying goes, there's no smoke without fire.
herringthorpe
23/07/2010 15:33:00
0
how were wendy allowed to spend the money they have this season when they owed big sums of money out? to bring players in on massive league 1 wages then complaining when you can't afford to pay the tax bills...what do you idiots expect? your club has ducked and dived this for many years you deserve everything that's coming to you....bunch of wanabees
bladesforlife1889
23/07/2010 16:32:00
0
Oh pfl, go and grow some pubes
johnnywalker69
23/07/2010 16:58:00
0
like i said on a previous aticle bfl. nobody likes you, even your own fans hate you. why? because you think you know things, you form your own opinions on things that you dont really understand and then you rant and rave about it. the truth is you have a pretty big void in your life. everyone may hate you, but not me, i pity you.I bet all you want is a friend , just one, someone to go to the pictures with.
ozzietheowl
23/07/2010 17:24:00
0
We just need to wait and see what happens. There's no point speculating until something actually occurs. At the end of the day we all know that whatever does happen, we will support our team through thick and thin. UTO....WTID.....
Owlsmad
23/07/2010 19:21:00
0
bfl, you really are a disgrace to sheffield united and an embarrassment to the many descent supporters united have, rivalry will always exist and so it should, it is what makes football great and grips us all, but to hope a club suffers and potentially struggles to exist says it all about you. I am one of those fans who would love both sheffield teams to be in the top flight, yes with wednesday just above, it would be good for the city, the economy, and for a feelgood factor around the place, but you are too simple to grasp or appreciate that, I do have many friends who are united fans who are descent lads and all banter is fun and not personal or abusive, you really need to consider getting help, especially when looking at your site not even your own can stand you, are we all wrong....no I think not, have a think before your next post.
Donny Owl
23/07/2010 20:03:00
0
a donny owl?? says it all really. and yes nothing would please me more to see wendy go under, bankrupt and shut up shop!! a nice b&q warehouse could takes it place and it would be much more profitable and attract more people!! ha ha UTB!!
bladesforlife1889
23/07/2010 20:36:00
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