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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.




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The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Tuesday September 7 2010

Time: 11:42AM

Your Comments

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
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
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
so what happened to the grant money ? I know we didnt get much for him but this is a joke
JoeDH
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
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
I agree, I'm not into demos but like you said a special occasion, enough is enough a complete and utter laughing stock!
OWL25
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
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
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
great team,great manager,fantastic supporters,crap board...................can anyone spot the problem????
topcat4
im just worried about unpaid wages, players leaving for next to nothing, it could be a very slippery slope we are heading down. you never know, it may not even happen, but if it doesnt , do we really want to carry on like this for the forseable future? i for one, am sick of it now.
DEZZYP
What a bit of news to wake up to!!! I agree, as painful of a hit as this may be, it just might be for the best. And I hate idle takeover talk as much as the next, but getting rid of the board, wiping out the debt, and giving us a fresh start just might make much needed investment in the club all the more easier. Whether we go into admin or not, something needs to change (to state the obvious!).
Colorado Owl
good morning colorado owl. it really does say a lot about the club and our board inparticular that it seems quite a few people are happy to accept administration. new board, wipe out the debt and a fresh start, administration sounds like the best thing ever now.
DEZZYP
Yeah, DEZZYP, I wonder just how many club sites have this sort of reaction to a looming administration?! And if it does happen, we couldn't ask for a better manager than we've got to be at the helm.
Colorado Owl
what a disgrace this is a business not a playground all i can say is cheers board for ruining the club well done
retfordowl1867
i love the fact that they have let the transfer window pass without acting, worst case scenario would be to sell a player or two. they basically have left it hoping the co-op will bail us out again. what type of company leaves something to chance like that? only the fools running us. suppose having a proper sponser on our shirt for the last 18 months would have helped a little finacially. For me, having father ted at the club is the only one real positive at the moment, was delighted when we got him and nothing has changed in my eyes.
DEZZYP
DIZZYP. Not one to kick a man when he's down,and as you seem to have taken most of the things ive said so far the wrong way maybe im wasting my breath again.So ill extend this to all you OWLS out there.HOPE THINGS GO WELL FOR YOU AND YOUR CLUB IN THE FORSEEABLE FUTURE.!
80s terrier
is it that bad we should have been 4 points clear already this weekend, take the hit bury the debt get rid of the board and at least go up through the playoffs we got jj to come back and i think we could dominate this league
alcock dived
80s terrier, peace offer accepted, you are indeed a charmer. alcock dived- i cant wait for jj's return, his pace is such a bonus, really could do with him in the team. without being arrogant, player for player, our squad is so much better than anybody else's in this league, its just a case of players applying themselves. i actually thought at the beginning of the season we could win this league by 15 points or more so even with a points deduction we could still get automatic promotion. again, not being arrogant, but tudgay, morrison, mellor and heffernan are good options for a championship club, nevermind league 1.
DEZZYP
I have to wonder whether we are all over reacting. I know I do from time to time. Maybe its because I have an inbuilt distrust and absolutely no respect for this board. Can we really believe that our financial director, and upstanding member of our community would be so incompetant that he forgot that the VAT & PAYE need paying every quarter, as they have done since time began. And would he really sanction selling our star player when the last story about winding up orders came out, and didnt actually use the money to pay off the debt. If the above is the case will Noddy and Big ears be on the board next week and will prince charming bale us out the week after?
fed_up_owl
Or, as I hope, the alarm clocks going to go off any time soon, and this has just been a bad dream.
fed_up_owl
What i can't understand is, if we don't find the 300,000 and go into administration, the co-op bank and shareholders and anybody else that we owe money too are not going to get what we owe them, and the shares will be worthless, so you'd think some of these people would find the money or risk losing everything. Please can anybody explain to me cos i'm not sure how it works.
ecco owl
Good question ecco. Does this mean Dave Allen would lose his bit if it came to administration??? He's gotta be sweating bullets... Who knows though, the Co-op has been pretty patient. Had we been with some other lenders, admin would have come a while ago.
Colorado Owl
Yeah your probable right Colorado the co-op have been good to us we'll just have to wait and see.
ecco owl
Wouldn't he bank lose out as well if we go into admin??
sussexowl
I think so sussex, anybody else know how admin works ?
ecco owl
yes i did lads, i worked for a company that went bust! they will call in the administrators who will look to offload our assetts to pay our debts then they will look to sell the club cheap then we will come out of it with -10 points which is not too bad if we do it now and not wait the yanks could come in buy us for cheap and spend the money on the club instead od diviying it up to the fat suits at our club. my old firm had a management buy out got rid of the MD and are now back as strong as ever, just one man can ***** it up but we have a few who need to go. LS was trying to tell us this last year b ut had his hands slaped
HorburyOwl
K on owlstalk theyre on about a co op bail out being announced on radio sheffield, any truth to this ?
JoeDH
Our board are a total disgrace! They are draggin our club further and further towards administration. Most of my excitment for this season seems to be lost. For the time being anyway!
S71owl
Demo demo demo, big turn out hopefully fir Saturday and really let this shower of sxxt know how we feel, they're robbing the club, the fans and everything else tied to this club..... Demo demo demo!
OWL25
 

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