Vital Football

Latest Sheffield Wednesday News

Accounts reveal £41m debt removal

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.'

Win FREE pizza with Vital Football!
Select your team and get 50% off if they score twice.
www.papajohns.co.uk/football



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

Writer:Nick
Date:Tuesday December 20 2011
Time: 9:09AM

Best of Vital Network

Comments

0
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
20/12/2011 09:51:00
0
Agreed and at long last it seems as though we have someone at the helm who knows exactly what he's doing!
OurMaurice
20/12/2011 10:42:00
Page 1/1
  1. 1

Login to post a comment

Recent Sheffield Wednesday Articles

Wednesday Not Quite Back Yet!

Disappointing day out but Wednesday's fans prove that the club will be back

Stats: Hull City v Sheffield Wednesday

All the stats from Hull City (1) vs (0) Sheffield Wednesday, Wembley, 28/5/16 Att: 70,189

Teams - Sheffield Wednesday v Hull City

Today is the day! And maybe the day that Wednesday make their long awaited return to the Premier League! The Owls face The Tigers at Wembley in the Championship Playoff Final.

Wednesday at Wembley - It's the Final Countdown!

24hrs to go until Wednesday and their fans hit Wembley!

Archived Vital Wednesday Articles

Vital Wednesday articles from

Site Journalists

Ed Jepson
Editor email
Profile
Greg Pursehouse
no email
Profile

Current Poll (see more polls)

Did Hull City deserve to win?
Suggested By: Vital Wednesday
Yes100%
No, off day for the Owls0%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
C Burnley 46 26 15 5 93 37
P Middlesbrough 46 26 11 9 89 32
3 Brighton 46 24 17 5 89 30
4 Hull City 46 24 11 11 83 34
5 Derby County 46 21 15 10 78 23
6 Sheff Wed 46 19 17 10 74 21
7 Ipswich 46 18 15 13 69 2
8 Cardiff 46 17 17 12 68 5
9 Brentford 46 19 8 19 65 5
10 Birmingham 46 16 15 15 63 4
11 Preston 46 15 17 14 62 0
12 Q.P.R. 46 14 18 14 60 0
13 Leeds Utd 46 14 17 15 59 -8
14 Wolves 46 14 16 16 58 -5
15 Blackburn 46 13 16 17 55 0
16 Forest 46 13 16 17 55 -4
17 Reading 46 13 13 20 52 -7
18 Bristol City 46 13 13 20 52 -17
19 Huddersfield 46 13 12 21 51 -11
20 Fulham 46 12 15 19 51 -13
21 Rotherham 46 13 10 23 49 -18
R Charlton 46 9 13 24 40 -40
R MK Dons 46 9 12 25 39 -30
R Bolton 46 5 15 26 30 -40
Latest F1 News
Latest Vital Boxing News

Recent Sheffield Wednesday Results (view all)

Sheffield Wednesday Fixtures (view all)

Vital Members League Table

RankNamePoints
1.dooleys left leg5
2.swfcjambo4
3.richbird19711
4.OurMaurice1
5.brinsworthowl1
6.Snod77611
7.markjr24011
8.John Bingham1
9.CasOwl1