Source: Team_Talk
Owls banking on a brighter future
A statement on the Owls' website announced that the Championship side have agreed a deal with the Co-operative Bank over how much money the club owe the bank.[LNB]The Owls, who are around £25million in debt, have been in negotiations with the bank that could see the money Wednesday owe the company reduced by a significant portion.[LNB]Should the bank, loan-holders, new investors and the club's shareholders agree to the outline agreement, a part of Wednesday's debt could be written off, paving the way for a takeover of the club.[LNB]A statement on the Wednesday website read: "An outline agreement has been reached with the company's bankers, the Co-Operative Bank, concerning the overall indebtedness of the business.[LNB]"This agreement is subject to contract and formal sign off by all parties and to new investment. Delivering this agreement will result in the club being in a sound financial position.[LNB]"In addition, positive discussions with the other major creditors and certain key shareholders are at an advanced stage and are progressing well."[LNB]The club have been on the look-out for a buyer for over a year.[LNB]After the collapse of a bid headed by Lancashire businessman Geoff Sheard last year, hopes of a takeover were boosted last month by the appointment of Lee Strafford and Nick Parker to the posts of chairman and chief executive.[LNB]The businessmen set a deadline of March 31 for potential investors in the club to declare their interest and have been in talks with a four-party syndicate thought to be keen on taking over the club.[LNB]Chief executive Nick Parker believes the deal could increase the chance of potential new investment in the club.[LNB]"Long-term financial stability is obviously a pre-requisite before any professional investor will put money into a business and these positive discussions pave the way forward for the club," he said.[LNB]"We thank all the major creditors and parties involved for their support during this complex and protracted process and look forward to delivering a successful and financially secure future for Sheffield Wednesday."[LNB]Brian Laws' side, who currently sit 12th in the table, beat Sheffield United in the Steel City derby last weekend to pick up their first double win over the Blades for 95 years.[LNB][LNB]
