Owls' AGM Outcome
Wednesday held their much-anticipated Annual General Meeting (AGM) at Cutler's Hall in Sheffield this morning, with plenty of interest following last week's resignation of Dave Allen.
Doubts were thrown over the club last Friday when former chairman and director Allen revealed his resignation of both his roles at S6, so there was plenty to talk about at the AGM.
Three directors - Geoff Hulley, Keith Addy and Bob Grierson - were all up for re-election, and David Coupe, chairman of the Shareholders Association (SA), recommended that his members vote to re-elect both Hulley and Addy, despite a press release from the SA stating they wouldn't vote for them unless the club withdrew the current legal action against fans.
All three were all re-elected by shareholders.
The change of heart could well have followed the apology by both Hulley and Addy to Wednesdayite member Irma Kennedy, subject of being called a 'venemous bitch' by Allen at a press conference earlier this season.
Hulley said: 'I apologise; the words that were used, I would never use.'
His colleague Keith Addy said: 'There is an apology from me.'
Ken Cooke charied the meeting, but insisted that he was not acting as chairman, and the board revealed that they had yet to decide on who would deputise as chairman, and gave no indication as to the long term future of the club with regards to a takeover.
The meeting also revealed that the financial future of the club was not in danger, putting aside fears that administration could well be an option following the resignation of Allen last week, with a net profit of £1.5 million announced for the last financial year.
And finance director Bob Grierson helped explain the current financial situation at S6 following Allen's departure.
'I feel I must comment on the current financial position of the club following the resignation of our former chairman, Mr David Allen,' he said.
'As usual, the media have had a field day, making wild and inaccurate statements regarding the indebtedness of the club and the general financial state despite the correct information being readily available in the accounts.
'As you can see from the accounts, Dave Allen had not personally guaranteed the bank facilities of £26m; they are secured on the assets of the club. Dave Allen is not owed £3.5m in loans for which he can demand immediate repayment. All of the bank's and directors' loans are secured on structured terms. The resignation of Dave Allen in no way affects the terms of these loans.
'The club's financial position is unchanged and the threat of administration is no greater than when Mr Allen was chairman.'
And Cooke was also keen to end the current conflict which has gone on between the club, supporters, and supporters' groups in recent times, with the aim of taking the club forward together.
'We have got to stop this conflict and start thinking positively, we need to kick the politics out of this club and set a positive agenda to move forward. We have a tremendous fan base, better ground facilities than most and passionate fans.
'Wherever you go in the world and you talk Sheffield and you talk football, Sheffield Wednesday is always recognised. We are respected and a valuable asset to the city.
'We want to kick the politics out of this club, concentrate on football and set a positive agenda to see a way forward. I believe we are the biggest club in the area, let's start behaving like it.
'Let's be proud of all we are, support the club, get behind the manager and players, and move onwards and upwards.'
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