[Football] Sheff Wednesday on the brink

RM-Taylor · Mar 11, 2021

https://theathletic.co.uk/2439562/2...-a-month-the-clubs-latest-accounts-explained/

Sheffield Wednesday will require “additional funding” if it is “to continue in operational existence”. Those are the words that cause the most concern from the latest set of the club’s accounts.

The accounts, which were filed over seven months late of the original July 31 deadline, are for the 2018-19 season and showed that in line with previous seasons, further significant investment will be required from owner Dejphon Chansiri if the club is to continue operating. For a team that is staring relegation to the third tier in the face, these are worrying times.

It also revealed that the much-discussed sale of Hillsborough to Chansiri-owned company Sheffield 3 Ltd has been moved to the most recent accounts from the 2017-18 set, as expected following the club’s battle with the EFL, which led to a six-point deduction.

Read full article on The Athletic

Appears they may not be around for too much longer.

Guinness Boy · Mar 11, 2021

I appreciate that The Athletic is behind a subscription but that's its business model. It's not an excuse to post whole articles here in contravention of copyright. It's also only a matter of days since [MENTION=6886]Bozza[/MENTION] reinforced this on another thread.

If people want to see the whole thing they can subscribe or, perhaps, just maybe, a DULLARD will be along shortly to put meat on the bones that is our own NSC spin on things.

I'm tempted to say "how sad" and suggest they need a MASSIVE payoff, seeing as their fans have been such bellends over the last few years (possibly longer) but, in reality, we've been there and we know what it means to be close to extinction. While a spell in League One won't do their egos any harm I'd certainly chuck into a virtual collecting bucket if it meant they continued to exist for us to laugh at. Long may they continue to be a professional football club without being particularly massive.

One Teddy Maybank · Mar 11, 2021

Whether we like it or not they are a big team (some would say MASSIVE), but for me it is a shame as they have a passionate fan base and always filled out the away end at The Amex.

I hope they keep going down and end up in L2, but continue playing for their fans as much as anything.

Who would have thought Rotherham would be a bigger team.....

mikeyjh · Mar 11, 2021

It's really sad and you can bet they won't be the only ones. Did it not say in the Telegraph the other day that half of championship clubs are on the brink? Like I said, sad times....

Seasider78 · Mar 11, 2021

Wonder what Darren Moore makes of it all, did he know the situation before he moved from Doncaster

Uh_huh_him · Mar 11, 2021

For a while it looked like they might stay up. 7 points from safety (with a game in hand) and 12 more games to play is going to be tough.

I will enjoy them being relegated as I think all cheats should be punished.
But it is always terrible news when a club is genuinely at risk of going out of business.

Is that really the case here?
Or is it likely to be a Palace type of situation?

jakarta · Mar 11, 2021

Shirley this can't happen to such a MASSIVE Club, it would be like Barcelona going out of business?

El Presidente · Mar 11, 2021

I think there is some sensationalism here from the OP. A going concern comment from the auditors is a bit like clamydia, not pleasant, given a choice between having it and not having it I'd rather not, there's too much of it about at present, but unlikely to be life threatening. There are many other clubs in the Championship who had similar warnings in 2018/19 too.

If anyone wants to read a non paywall article on the accounts, a DULLARD spoke to the local paper on Tuesday night when they were published.

https://www.thestar.co.uk/sport/football/sheffield-wednesday/why-the-going-concern-is-no-real-cause-for-concern-for-sheffield-wednesday-3160178

beorhthelm · Mar 11, 2021

well past the brink if thats the situation two/three years ago. i imagine next year or year after that half the leagues will be bankrupt, FL and FA will have to change the rules or have so many on -12 it makes not difference.

Tokyohands · Mar 11, 2021

I hope they sort it out. I'm not very keen on them but I certainly wouldn't want to see them go out of business.

dazzer6666 · Mar 11, 2021

100% want them to stay in business - who else are we going to laugh at ?

blue-shifted · Mar 11, 2021

El Presidente said:
I think there is some sensationalism here from the OP. A going concern comment from the auditors is a bit like clamydia, not pleasant, given a choice between having it and not having it I'd rather not, there's too much of it about at present, but unlikely to be life threatening. There are many other clubs in the Championship who had similar warnings in 2018/19 too.

View attachment 134723

If anyone wants to read a non paywall article on the accounts, a DULLARD spoke to the local paper on Tuesday night when they were published.

https://www.thestar.co.uk/sport/football/sheffield-wednesday/why-the-going-concern-is-no-real-cause-for-concern-for-sheffield-wednesday-3160178

But things have fundamentally changed since then haven't they.

Most Championship clubs were living unsustainably before the pandemic.

Now there are three (that I can think of) extra factors to consider going forward

Future interest on the debts incurred whilst they haven't had matchday income
Projected earnings for all clubs must have taken a serious hit. Even if the vaccination program allows full stadia, many will be wary or will have lost their jobs. Many local businesses who used to pay for corporate boxes will have gone.
The business interests of the owners will have been hit. This won't happen equally, some owners may have done well. But many who were subsidising their club will now be unable to do so.

Farehamseagull · Mar 11, 2021

Seasider78 said:
Wonder what Darren Moore makes of it all, did he know the situation before he moved from Doncaster

It's his own fault. I think most people in football thought he was mad leaving Donny to go there in the first place.

Braggfan · Mar 11, 2021

I hope they don't go out of business, I wouldn't wish that on any club or fans. Football needs the solidarity of all fans in times like these, lets hope they can sort something out.

Blue Valkyrie · Mar 11, 2021

I don't think they are any more "on the brink" than they have been in recent years ?

The accounts say the owner needs to continue putting in money. As they have said before ?

We need Tony to continue putting in money unless we start selling stars every so often.

blue-shifted · Mar 11, 2021

Blue Valkyrie said:
I don't think they are any more "on the brink" than they have been in recent years ?

The accounts say the owner needs to continue putting in money. As they have said before ?

We need Tony to continue putting in money unless we start selling stars every so often.

But it's more money than it was before

I don't know much about Chansiri or any of the other Championships owners business, but i'm guessing their resources are finite. There's only so long you can keep putting millions in.

Beanstalk · Mar 11, 2021

Guinness Boy said:
I appreciate that The Athletic is behind a subscription but that's its business model. It's not an excuse to post whole articles here in contravention of copyright. It's also only a matter of days since [MENTION=6886]Bozza[/MENTION] reinforced this on another thread.

If people want to see the whole thing they can subscribe or, perhaps, just maybe, a DULLARD will be along shortly to put meat on the bones that is our own NSC spin on things.

Agreed and if anyone wants a months pass I've got 5 going spare so feel free to drop me a DM and I'll happily pass one along. If you like it, subscribe long term - I'm currently paying £12 a year for it and it is absolutely worth it.

BBassic · Mar 11, 2021

One Teddy Maybank said:
Whether we like it or not they are a big team (some would say MASSIVE), but for me it is a shame as they have a passionate fan base and always filled out the away end at The Amex.

I hope they keep going down and end up in L2, but continue playing for their fans as much as anything.

Who would have thought Rotherham would be a bigger team.....

Are they still 'big' though?

Out of the top flight for 20 years. Haven't won anything since the league cup in 90/91. Haven't won a league trophy since 58/59.

They've spent a large portion of their history in the top division, sure, but the last time they won that was about 90 years ago.

I don't normally get into 'big club / small club' discussions but some teams, like MASSIVE, get lumped in because they were good. Once. A long time ago.

Giraffe · Mar 11, 2021

A cracking example of mis management by a series of owners. The list is long though of clubs that should be run better. How many years were Leeds underperforming due to mis management. Wednesday are similar in my book.

keaton · Mar 11, 2021

El Presidente said:
I think there is some sensationalism here from the OP. A going concern comment from the auditors is a bit like clamydia, not pleasant, given a choice between having it and not having it I'd rather not, there's too much of it about at present, but unlikely to be life threatening. There are many other clubs in the Championship who had similar warnings in 2018/19 too.

View attachment 134723

If anyone wants to read a non paywall article on the accounts, a DULLARD spoke to the local paper on Tuesday night when they were published.

https://www.thestar.co.uk/sport/football/sheffield-wednesday/why-the-going-concern-is-no-real-cause-for-concern-for-sheffield-wednesday-3160178

A cynic might suggest you only posted that link as it contained the phrase

"renowned football finance expert, Kieran Maguire"

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[Football] Sheff Wednesday on the brink

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