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Owls in court over unpaid taxes
Published : 11 Aug 2010 08:30:44
Sheffield Wednesday becomes the latest football club to land in the High Court over its finances.A hearing will take place in London following the issuing of a winding-up petition by Her Majesty's Revenue and Customs (HMRC).The move, which related to an outstanding PAYE balance of £550,000, has been described by former home secretary David Blunkett, MP for Sheffield Brightside and Hillsborough, as "deeply unhelpful".Wednesday have sought to reassure their fans the club is "not about to be wound up, nor is it about to enter into administration".The club has been dogged by financial problems since being relegated from the top flight in May 2000 with the Owls' current debts reported to be around £26 million.An HMRC spokesman said: "We can't discuss individual cases. HMRC doesn't initiate insolvency action against football clubs - or any other business - lightly but we will not hesitate to do so when that is the right way to protect the country's tax revenues and other creditors from those who trade whilst insolvent and run up debts that they simply cannot pay."