Sheffield Wednesday - HMRC Winding Up Order

[drew]

It'd mean we're unbeaten this season...

Plus Carlisle, Southampton and Plymouth would lose 3 pts!

Let them go under and serve as a warning to others. The club would survive as someone would buy them and start them up in non-league like Aldershot. So what if they have history, they deserve what they get if they refuse to manage their accounts.

 

[BensGrandad]

I firmly believe that HMRC will flex their muscles at some point so a club WILL be wound up, as to what standard is open to conjecture.

 

[Worthai Seagull]

I firmly believe that HMRC will flex their muscles at some point so a club WILL be wound up, as to what standard is open to conjecture.

It is sooner or later going to happen.....and this may be the first of a few .
We just have to realise how lucky we are ..if it wasnt for Tony Bloom, we could well have been in deep doodoo by now ...

 

[blackprince]

I don't get this: the story said Wednesday had reached an agreement with the HMRC to pay its tax bill with Co-op Bank money. What's happened to that? Or is this an additional bill from HMRC? It's a very sloppily written story.

Posted on one of the owls sites was this explanation of the situation:

Owls set for new court date with the taxman

Sheffield Wednesday Football club have been served with another winding up order by HMRC today.

Having been dogged by the taxman for payment of PAYE in August the Owls have once again fallen behind with payments and have been set a provisional court date for November 17th.
The club have a monthly PAYE bill of around £300,000 and are behind on one month’s fees, equating to just over £600,000. The news was revealed by Chief Executive Nick Parker at a fans forum this evening. He expressed that the decision to withhold payments from HMRC has been made by the clubs major creditors, the Co-op bank and whilst the club have made clear their reservations about this, the bank currently hold the cards on such matters.


I don't understand the maths of how a tax bill of £300k per month equates to over £600k if the club are just one month behind in their payments. Notwithstanding that, it is the bank that have forced this situation.

 

[Gwylan]

Sure this all very interesting about Brian Tawse and Wilkinson playing for us , but what the hell has it got to do with the winding up order against Sheffield Wednesday ...

Surely the thread is about the possibilty, and maybe probabilty of a major football league club being wound up.

Because we all know that the club's not going to be wound up we've heard this so many times before. Discussions about former players are much more interesting than yet another "HMRC seeks winding-up order story"

And I was wrong, Wilko did play mainly on the right - although he wore 11 for his last seasons with us in 70/71 and 71/72

 

[bhaexpress]

I'm sure Brian Tawse was at the club before 1969.
Didn't he have a late goal disallowed against Chelsea in the cup game in early '67 ?

Wilkinson was after Tawse and lasted longer than Armstrong who had speed but not much skill.

 

[Gwylan]

Wilkinson was after Tawse and lasted longer than Armstrong who had speed but not much skill.

NO, Wilkinson and Tawse definitely played together - but Wilko stayed longer at the club. Wikipedia has him playing at the Albion from 1971 to 77 but he left in 72.

Armstrong was the fastest bloke I've ever seen at the club but couldn't cross a ball to save his life.(this is definitely more interesting than discussing a non-existent financial crisis at Wednesday)

 

[nwgull]

I can't believe that there are people here who appear to want them to go under. We need to remember the support we've had from fans of rival clubs over the past 13-14 years.

 

[Acker79]

I don't understand the maths of how a tax bill of £300k per month equates to over £600k if the club are just one month behind in their payments. Notwithstanding that, it is the bank that have forced this situation.

This month due 300k + last month's overdue 300k =600K

Being one month behind doesn't mean you won't have to pay this month.

 

[Scampi]

I don't understand the maths of how a tax bill of £300k per month equates to over £600k if the club are just one month behind in their payments. Notwithstanding that, it is the bank that have forced this situation.

They're a month behind. Therefore they are due to pay this months bill and last months bill, hence 2 lots of £300k

 

[Carrot Cruncher]

Being one month behind doesn't mean you won't have to pay this month.

Unless you're Portsmouth...

 

[CHAPPERS]

Are they able to send anyone out on loan? Like their expensive strikeforce that they obtained whilst owing the taxman a load of money, for example.

 

[severnside gull]

The key seems to be that the Co-op Bank are making the decisions. They witheld one payment from HMRC (presumably because they either believed they would be cut some slack or they wanted to test the ground) but will undoubtedly pay up before November 17th.

Sheffield Wednesday are asset-rich so are very unlikely indeed to collapse as their bankers will ultimately support them = not a crisis, just ongoing financial mismanagement.

Of course if the Football League had any claim to the moral high ground they would act to, at very least, limit transfers and loans until matters are resolved, but realistically there is neither the will nor the basic understanding that, for many people, the financial irresponsibility of member clubs is as morally reprehensible as that of the corporate bankers who repeatedly bring the wider economy to its knees.

 

[glasfryn]

Sure this all very interesting about Brian Tawse and Wilkinson playing for us , but what the hell has it got to do with the winding up order against Sheffield Wednesday ...
And yes, i did see both of them at the Goldstone...
Surely the thread is about the possibilty, and maybe probabilty of a major football league club being wound up.
Why do we always go off at a tangent from the original thread ??
Unless £700,000 is found in the next few days , the Sheff W maybe history......domino effect then ?
Its serious

probably because the Albion history is more interesting(or important) than a club that spends like there no tomorrow .
where does all the money go?

 

[seagullsovergrimsby]

Wednesday are in the same position as Liverpool , the bank is controlling what happens. The annoying thing is that both clubs could go into administration and only Wednesday would face a points deduction (if the Yanks default on the loan and it is called in the holding company will go into administration , so on a technicality the Premier League wont deduct 9 points from Liverpool)

 

[Gwylan]

The annoying thing is that both clubs could go into administration and only Wednesday would face a points deduction (if the Yanks default on the loan and it is called in the holding company will go into administration , so on a technicality the Premier League wont deduct 9 points from Liverpool)

Didn't a club try this tactic? Southampton I think. They were told to piss off - and rightly so.

But, it's irrelevant as neither Liverpool or Wednesday are heading for administration

 

[Dave the OAP]

I wonder if teh Co-Op were trying it on with the revenue, especially as I see that Portsmouth are suing the HMRC, ie you and me, for their costs defending the action they won at the high court.

I wouldn't have thought this was the time to poke a stick into the hornets nest that is the revenue

 

[Mackenzie]

I'm sure Wednesday will find a way out of this. Its only the little clubs like Chester City that are wound up. Wednesday will be alright, the same way as Palace, Leicester, Southampton, Leeds and all the rest were alright.

 

[seagullsovergrimsby]

I wonder if teh Co-Op were trying it on with the revenue, especially as I see that Portsmouth are suing the HMRC, ie you and me, for their costs defending the action they won at the high court.

I wouldn't have thought this was the time to poke a stick into the hornets nest that is the revenue

By the time the winding up order is due in November another £300k payment to HMRC is due , so are the Coop using it as a ploy to save money by not paying it out on time ?

 

[Lady Whistledown]

From what I've been reading this week there are strong rumours that Plymouth may also be looking at the prospect of administration this in the near future.

Lots of concerned voices about it on their messageboard.