Sheffield Wednesday - Bank Step In To Save Wednesday
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Bank Step In To Save Wednesday

Wednesday look to have survived the threat of administration today with their bank, the Co-operative Bank, understood to be stepping in to help them with their unpaid tax bill.

Earlier today the club were dealt with the news that they could be entered into administration within the next 24 hours if they failed to pay the bill, understood to be around 1.1 million.

It was depending on their creditors, the Co-op Bank, bailing them out yet again.

And following discussions today, it appears that the Co-op have agreed to help Wednesday avoid administration - and a ten point league penalty - and help pay their growing tax bill.

The club were at the High Court today to deal with their unpaid tax bill to the HMRC, which was delayed 28 days ago to allow the Owls further time to pay up.

And although the imminent administration threat seems to have gone for now, the club is still crying out for investment as the poor financial situation at Hillsborough appears to continue to grow.

The club, and the Co-op Bank, have yet to make a statement on today's news but one is expected within 24 hours.




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The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Tuesday September 7 2010

Time: 6:43PM

Your Comments (oldest first)

Change to most recent first
well at least a bit of positive news but it's just a short term solution if i won the lottery i'd pump money into the club because i love um so if there owl's out there with cash and your a passionate as me please help us
retfordowl1867
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07/09/2010 19:18:00

amazing, the complete disgrace that run our club have got away with it again if this is true. until the next time anyway. what a business plan they have, brown nose the bank until they get their own way. part of me wishes the bank would have told them to **** right off. the cancer of our club remains.....SACK THE BOARD!!!
DEZZYP
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07/09/2010 19:19:00

is it true that the bank has come to help us out again,if it`s true I bet part of the deal was that the board got on their bikes and not to show their faces at the weekend cause I dont think they would be made welcome
Owlet
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07/09/2010 19:27:00

whats the chances wednesday are one of the companies that haven't been paying enough PAYE and we get a letter tomorrow saying we owe HMRC more money and we have to do this all over again!!
Owls That!
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07/09/2010 20:18:00

fantastic work by the co-op. they've truly bent over backwards to save us lot. quality.
Carbone's Padawan
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07/09/2010 20:42:00

Still worried despite this news! What happens the next time we owe money and cannot pay? Investment seems to be the only way out of our dire mess. Also where has the lee grant money gone? Didn't we sell granty to help pay off the taxman???
S71owl
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07/09/2010 21:50:00

Maybe the bank have agreed to extend their help further knowing investment + takeover is imminent, I understand they are involved in the various discussions with interested parties, maybe I'm just being overly optimistic though!!!
sussexowl
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08/09/2010 08:52:00

from what i understand about it, the co-op had too help out, if we go into administration, they would lose out on everything we owe them. be nice to get some confirmation that this is true then focus goes back on football.
DEZZYP
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08/09/2010 09:14:00

10am wed morning and no mention on official site, about the goings on over the past 24 hours, think it says everything about the people who run our club.
tommy craig
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08/09/2010 10:09:00

Says on sky sports website that the money has been paid, they have arranged a 'short term' solution. no doubt more of the same the next time the tax man comes knocking. the board just need to pack up and **** off.
DEZZYP
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08/09/2010 10:27:00

Ya, its a bit ignorant, that they don't even mention this on the official site. Hate to say it, but I am disappointed, at least with administration there would be a line drawn and we can only go up from there. Now we will continue to sink. Interestingly, Sky Sports have gone from speaking of our debts being over 20million, to now saying 30million?
owl1
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08/09/2010 11:39:00

30 million is over 20 million.
nice1emile
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08/09/2010 19:19:00

Cheeky!
owl1
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09/09/2010 13:30:00

 

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