Sheffield Wednesday on the brink

[Gilly]

It's annoying Coca Cola got the 'old' Division 1 renamed to the Championship. I still when hearing 'League 2' have to "translate" it to 'Division 3'.

The old division 1 is the Premiership :/

More rubbish from HMRC. The club's ability to pay the £1.1m will not improve when it goes into administration, and as a non-football creditor, they don't rank anywhere for payment in any event.

That's why clubs keep having to go through this, the tax man has a chip on his shoulder due to the fact that he's not a primary debtor.

That's why they took Leeds to the deadline of the appeal date and then withdrew their petition, it wouldn't have been upheld and they knew it, they just wanted to cause the club as much trouble as possible.

 

[Greenlizard0]

I'm not 'that' old.

 

[Uriel]

http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9046173.stm

It is the third time in three months that the club has faced such an order, which will be heard on 17 November.

I fear this will not end well.

 

[Adrianr]

It's annoying Coca Cola got the 'old' Division 1 renamed to the Championship. I still when hearing 'League 2' have to "translate" it to 'Division 3'.

+1!

 

[mmj_uk]

Things just keep going from bad to worse for Wednesday, lets hope they weren't gambling on bouncing straight back to the Championship given their poor form so far this season.

 

[jakeke]

It's bad

 

[Ol!ver]

No update to this thread since the announcement last week? Looks like Turner's crowd might be doing the deal after all.

 

[Uriel]

Milan Mandarin has just had takeover accepted. Just needs approval at an EGM and he's good to go.

 

[Tummy]

Sold for 7M ? Bargin.

 

[Ol!ver]

Sold for 7M ? Bargin.

I'm assuming that's £7m plus the repayment of all the debt.

 

[Immsy]

I'm assuming that's £7m plus the repayment of all the debt.

Nope, the bank agreed to wipe out the debt in return for the 7 mill

 

[Ol!ver]

Nope, the bank agreed to wipe out the debt in return for the 7 mill

So how much have we paid the other creditors? I know they Co-Op took the 7 mill - wondering what Allen accepted in the end.

 

[Uriel]

Indeed. The actual deal is around 7m to the bank. Not bad business, considering the Owls owe the bank around 24m.

Payment to other creditors takes the deal to between 8 and 10m.

Staggering piece of business really. Manderic is essentially just paying off a fraction of the debt and getting full control of Sheffield Wednesday for nothing, virtually debt free.

 

[Uriel]

Double post.

 

[Tummy]

Yup he's paying off Dave Allen something like 3/4 of a million now and the same when we get in to the premier league

 

[Sanchez]

I'm very pleased about this news. The debt around Wedneday's neck has been crippling us for far too long (along with the board). Hopefully we can start to move back up the leagues as last.

 

[Immsy]

Indeed. The actual deal is around 7m to the bank. Not bad business, considering the Owls owe the bank around 24m.

Payment to other creditors takes the deal to between 8 and 10m.

Staggering piece of business really. Manderic is essentially just paying off a fraction of the debt and getting full control of Sheffield Wednesday for nothing, virtually debt free.

Indeed the co-op were that desparate to get out of football he seems to have negociated a cracking deal. UP THE OWLS!

 

[jakeke]

My dad is utterly despondent about going to the games atm, hopefully things will improve now

 

[Tummy]

I honestly used to get so depressed going to the games while all this was going on, it used to be my escape but it turned in to a nightmare.

Really hope things get better.

 

[Uriel]

Well we knew it was next to nothing aside from the debt. Sheffield Wednesday actually cost Manderic £1.

http://www.thestar.co.uk/sportheadlines/Breaking-Mandaric-gets-control-of.6643536.jp