Source: PA
Wednesday reject administration fears
Sheffield Wednesday have denied they are going to go into administration after being issued with a winding-up order by Her Majesty's Revenue and Customs.
The action by HMRC relates to an outstanding PAYE balance of £550,000 and the club have been informed the petition will be heard in the High Court on August 11.
However, a statement from the Owls read: "Sheffield Wednesday would like to inform supporters their club is not about to be wound up, nor is it about to enter into administration. We have been involved in dialogue with HMRC for a number of weeks. As such we have been somewhat surprised and disappointed by their decision to seek a winding up order at this time.
"We understand that HMRC is taking a tougher line in general with football clubs but feel their actions are disproportionate and will raise unnecessary speculation as to the financial position of the club. We can inform supporters that the club, working in partnership with the Co-operative Bank and their advisors, will seek to settle this matter as soon as is practical."
A statement from the Co-operative Bank added: "It is disappointing to note HMRC have presented a winding up order in respect of Sheffield Wednesday Football Club. The Co-operative Bank has been working extremely hard for some time with representatives of the football club and investors to explore ways to ensure its future stability.
"At present we are continuing to enter into dialogue with our advisers, Sheffield Wednesday Football Club and potential investors to explore solutions which will allow the club to operate on a sound and secure financial footing for the future."
