Owls allay administration fears

23 July 2010 09:57
Sheffield Wednesday have moved quickly to allay fears that they are about to plunge into administration even though they have been served with a winding-up order by Her Majesty's Revenue and Customs (HMRC). The Owls, who have still to pay a PAYE balance of £550,000, will appear at the High Court on 11 August. However, the League One club have played down the threat, issuing a statement that read: "Sheffield Wednesday would like to inform supporters that 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. "Furthermore, during a period of change this summer, the bank has been an integral partner for Sheffield Wednesday. "We will continue to work together to create the best environment possible for the club to move forward, including ongoing dialogue with potential investors that will seek to secure the long-term financial health of the club."

Source: ESA