UK time is: 23:04:49
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

Accounts reveal 41m debt removal

Wednesday yesterday revealed their first set of club accounts since Milan Mandaric took over the club as chairman last year.

The accounts confirmed the removal of over 41 million in debt and shows the club in a much healthier position off the pitch than they were just over a year ago.

Mandaric, the former owner of Leicester City and Portsmouth, saved the club from administration in 2010.

A club statement, issued yesterday, read: 'This year's accounts reflect the change of ownership following the acquisition of the club by UK Football Investments LLC in December 2010.

'The main highlight that we are pleased to report is the removal of over 41m of debt from the club. Last season, as part of the takeover strategy, our operating losses were offset by the waiver of the intercompany debt (of 21.4m) and although no money changed hands, the accounting treatment saw the eventual profit reach 15.8m.

'As well as a major overhaul of the business both on and off the field, we are also able to report the net assets of the business at the end of May 2011 were a healthy 11m compared to the net liabilities of 31m reported at the end of May 2010.'

It continued: 'The trading figures are generally disappointing, a mixture of relegation, supporter dissatisfaction and the general economic downturn saw falls in revenue across all areas of the business.

'Looking forward, the business is now in a robust financial position and whilst we still have some way to go to achieve our plans, the financial strength of the new parent company, together with the enthusiasm, commitment and changes made by our chairman, is driving the club in the right direction.'




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



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

The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Tuesday December 20 2011

Time: 9:09AM

Your Comments

Formidable contrast in comparisson to recent years of neglect and mis ~management. Next years figures which are being generated as we speak, will next season show exactly how we are developing and striding forward. All is looking rosey in the garden. Thanks to M M and his financial enterage. Thank you.
Kettering OWL 1963
Agreed and at long last it seems as though we have someone at the helm who knows exactly what he's doing!
OurMaurice
 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Articles

Tigers to offer Owls target new deal (Wednesday April 23 2014)

Preview: Owls v Charlton (Sunday April 20 2014)

Pompey keen on McCabe loan extension (Wednesday April 16 2014)

Ex-Owl Jones sacked by Port Vale (Wednesday April 16 2014)

Stats: Forest v Wednesday (Wednesday April 9 2014)

Forest 3-3 Wednesday (Wednesday April 9 2014)

Preview: Forest v Owls (Tuesday April 8 2014)

Madine makes Carlisle return on loan (Thursday March 27 2014)

Palmer pleased to pen new Owls deal (Wednesday March 26 2014)

Archived Articles

List All Vital Wednesday Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

League Results (view all)

League Table (view table)

Team P W D L GD Pts
12. Watford 43 15 15 13 17 60
13. Middlesbrough 44 14 16 14 7 58
14. Bolton 44 13 16 15 -3 55
15. Sheff Wed 44 13 14 17 1 53
16. Leeds Utd 44 15 8 21 -10 53
17. Huddersfield 44 13 11 20 -8 50
18. Charlton 43 11 12 20 -23 45

Breaking League News

DRFC Defender in Football League Team of the Week
Doncaster : 23/04/2014 22:44:00
Forest : 23/04/2014 22:44:00
LUFC Youngster in England squad for Euro finals
Leeds Utd : 23/04/2014 20:13:00
LUFC Butland - Leeds spell will help me
Leeds Utd : 23/04/2014 20:04:00
Upson - Positive Focus Required
Brighton : 23/04/2014 20:04:00
Final 2 games for Seasiders
Blackpool : 23/04/2014 20:01:00
DRFC Neill extends stay with Rovers
Doncaster : 23/04/2014 18:54:00

Current Site Poll (view all polls)

Should the Owls give Gary Madine another chance?
Suggested By:  
Yes 85%
No 15%