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Sheffield Wednesday bailed out by the bank
Published : 08 Sep 2010 16:54:04
Owls avoid administration threat Sheffield Wednesday’s main creditors have proved to be very cooperative in helping the club out when they needed it the most. The Owls appeared in court today faced with a winding up order in respect of unpaid taxes, thought to be to the tune of around £1.1M Rumours were rife yesterday that the club was not in a position to meet the demand and therefore the threat if administration was a very real one. Vultures circulated on various forums with some small minded Blades fans goading Wednesdayites about a possible liquidation of the club. Much to their disappointed news came to light last night that the bank were set to come to the club’s rescue and news of the death of Sheffield Wednesday had been somewhat exaggerated. This was confirmed today as after a series of meetings the Co-Op Bank agreed to fund a £780,000 payment to HMRC, resulting in the petition being thrown out of court. While this secures the future in the short term only time will tell how long the Owls are able to keep the wolves from the door – the club are already believed to be behind on the next instalment of tax, a sum of around £300,000 and they continue to pursue long term investment. Sheffield Wednesday are currently top of the League One table and meet second placed Carlisle at Hillsborough on Saturday.