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Administration Staring Owls In The Face

Administration Staring Owls In The Face

The dark financial days at Hillsborough got that bit darker today with a fresh threat of administration - and it could happen in the next 24 hours.

Wednesday were due in the High Court today as they faced up to a winding-up petition over an unpaid tax bill to HMRC, which started at £550,000.

But the bill is reported to have risen to £1.1 million, meaning the Owls would have to borrow more money from their creditors, the Co-operative Bank, if they were to avoid administration.

BBC Radio Sheffield has today reported that talks between the club and the bank are on-going.

The relationship between the two has been a refreshingly good one in footballing terms, but this latest bill could test the Co-op Bank to the limit.

It means if the Owls don't caugh up the cash in the next 24 hours they could go into administration and be slapped with a ten point deduction.

More, no doubt, to follow throughout the day.



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

Writer:Nick
Date:Tuesday September 7 2010
Time: 11:42AM

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Comments

0
Part of me is so ****ing angry at the board, the other part is willing to take the hit just to get rid of them. This poor management of our club has gone on for far too long. despite doubts, we should have accepted those yanks offer, proper businessmen not a bunch of useless suits spending their day sat in the board room picking their noses.
DEZZYP
07/09/2010 11:54:00
0
Fantastic, I knew this was gonna happen, wot an absolute shambles the board should me effin hung from the crossbars! Aarghh, what's happened to the gGrant money! Should be a demo at the next game! Enough is enough!
OWL25
07/09/2010 11:57:00
0
we dont want a 10 point deduction in this league otherwise we could be in it for a long time. hopefully we can hold off, get promoted this year and then if we are still in trouble take the hit.
Wednesdayforlife
07/09/2010 11:59:00
0
so what happened to the grant money ? I know we didnt get much for him but this is a joke
JoeDH
07/09/2010 12:03:00
0
wednesayforlife, Take a ten point hit in the championship and will be back in this league straight away! We owed 500,000k 28 days ago, and now we owe 1.1 million, effin w@@@@@s bad buisness!
OWL25
07/09/2010 12:04:00
0
if we are going to take a 10 point deduction, do it now when we can still be competitive, if we leave it until next season in the championship (hopefully) it will almost certainly end up another relegation year. i dont normally agree with demo's but i think this is a special occasion, these people have hurt our club far too much and are making us a laughing stock.
DEZZYP
07/09/2010 12:19:00
0
I agree, I'm not into demos but like you said a special occasion, enough is enough a complete and utter laughing stock!
OWL25
07/09/2010 12:29:00
0
Maybe it's for the best. Wipe out the debt, start a fresh, get rid of all the idiots in charge and complications that go with it that has made this club so unattractive to potential investors. We have decent fanbase and income, there are clubs with much higher debt than us, where does all the money go!?!
MightyWednesday
07/09/2010 12:33:00
0
Bob Greirson is the financial director. I have said it many times before, but just for the record. The sooner he is replaced the better. The "suits" on the board are the loan note holders. Unfortunately, until they are paid off, they will sit it out. Its not only the Grant money by the way, what happened to the F****n season ticket sales money. Like Mr Strafford made public recently, there is a £1.1 million deficit between earnings and expenditure each year. With lower income in this division that aint going to go away any time soon.
fed_up_owl
07/09/2010 13:20:00
0
I would just like to congratulate our board as beem the most incompetent in the country, makes you wonder if they are all blunts secretly???? as much as it hurts me I do agree with DEZZYP just take the hit at least we will be able to compete in the league with the 10 point deduction it's only 3 wins and a draw!!!!!
Plymouthowl
07/09/2010 13:21:00
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