UK time is: 04:20:35
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 (oldest first)

Change to most recent first
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
Report Abuse
20/12/2011 09:51:00

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

 

Have Your Say

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

Recent Sheffield Wednesday Articles

Mattock Seeks First-Team Return (Sunday January 25 2015)

McCabe Interesting Birmingham (Sunday January 25 2015)

Madine Expected Back (Sunday January 25 2015)

Wednesday MotM Against Bolton (Friday January 23 2015)

Owls sign Manchester United man Keane (Thursday January 22 2015)

Wednesday Keane On Will? (Thursday January 22 2015)

Palmer Welcomes Returning Buxton (Wednesday January 21 2015)

Hutchinson Suspended For Birmingham (Monday January 19 2015)

Gray: Offside call cost us a point (Saturday January 17 2015)

Archived Sheffield Wednesday 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)

Latest Results
Sheff Wed 1 - 2 Bolton
Forest 0 - 2 Sheff Wed
Wigan 0 - 1 Sheff Wed
Sheff Wed 1 - 0 Blackpool
Fulham 4 - 0 Sheff Wed
Sheff Wed 0 - 1 Wolves

League Table (view table)

Team P W D L GD Pts
6. Middlesbrough 26 13 8 5 23 47
7. Wolves 27 12 8 7 -2 44
8. Norwich 27 12 7 8 16 43
9. Sheff Wed 26 9 10 7 -2 37
10. Blackburn 26 9 9 8 1 36
11. Birmingham 26 9 8 9 -8 35
12. Forest 27 8 10 9 -2 34

Breaking League News

Huff And Puff - Latics 0 Huddersfield 1
Wigan : 25/01/2015 22:21:00
Gil top of the Bill for the Vill
Bournemouth : 25/01/2015 21:33:00
Bournemouth : 25/01/2015 21:27:00
Hooiveld On Verge Of Millwall Move
Norwich : 25/01/2015 21:25:00
Brentford : 25/01/2015 20:12:00

Current Site Poll (view all polls)

Wednesday v Birmingham
Suggested By:  
Wednesday win 25%
Birmingham win 25%
Draw 50%