Source: PA
Cash boost for Owls
Sheffield Wednesday have revealed a third party investor has confirmed its intention to put money into the npower League One club.
Although known to the Owls and the Co-operative Bank, the investor has asked that its identity remain confidential while legal processes are being undertaken.
The investor has also confirmed that, as a sign of its commitment to the club, it will immediately advance approximately £2million of its proposed investment to provide working capital which is urgently required to assist the cash flow.
Chairman Howard Wilkinson said: "I am delighted a bona fide investor has confirmed their commitment to be long-term investors in Sheffield Wednesday. I am equally happy that as a sign of their commitment, the investor will inject some short-term working capital into the club. Such a step reassures us with regard to the intentions of the investor while we have also been impressed by the way they have steadfastly remained committed to the investment process.
"We still have a small way to go before we can provide full details as to the longer term future but I believe the news should act as a calming influence upon all of stakeholders, especially our supporters and playing staff."
A spokesman for the third party investor said: "We are committed to being long-term partners of the fans and other stakeholders of Sheffield Wednesday Football Club. It is quite clear the club has a short-term financial need while longer term investment is needed to assist in rejuvenating the Owls. The short term need is greatest and so our initial payment is being made to allow for the investment process to conclude without the distracting fear of administration. When appropriate we will share with fans our longer-term aspirations for the club but for now I ask everybody associated with Sheffield Wednesday to continue getting behind the team and focus on what happens on the pitch."
