Wednesday in trouble again!

[Herbie 53]

Sheffield Wednesday are facing a second winding-up order from HM Revenue and Customs over an unpaid tax bill.

On November 17 the cash-strapped npower League One outfit are due to face a winding-up order over an unpaid PAYE tax bill of approaching £600,000.

Now it has emerged the Owls must deal with a similar order over an unpaid VAT bill of £300,000, due to be heard on 1 December.

If talks with potential new investors do not result in a takeover, the club may be forced to enter administration, although talks are believed to be ongoing with three separate parties.

Chairman Howard Wilkinson told the club's official website earlier this week: "As we speak there are a number of potential investors who are in advanced negotiations with the bank and the club. We are all very mindful of the upcoming HMRC case, and in many ways this acts as a line in the sand for all parties.

"What will ultimately happen I do not want to speculate, apart from to reaffirm there are now serious options open to us and the bank."

 

[seagullsovergrimsby]

My guess is the Co-op Bank will cough up the £600k the day before to avoid administration.

 

[Mackenzie]

Pah.

Nothing will happen.

Same old, same old.

 

[kevo]

If they get ejected from the league do we become unbeaten?

Theoretically, yes. When clubs have been wound-up mid-season in the past, the results involving them are wiped from the records.

 

[severnside gull]

I wonder - if the Co-op Bank stump up the 600K they are effectively committing to the other 300K as well with no promise that a rescue is on the horizon

 

[Barrel of Fun]

There will be a rescue. They will be waiting in the wings to get a good price.

 

[S'hampton Seagull]

My guess is the Co-op Bank will cough up the £600k the day before to avoid administration.

Does it matter as long as the tax is paid?

 

[philsussex]

Just out of interest, this is what the table would look like (roughly) if points gained from Wednesday were removed. (Goal difference not adjusted)


1 Brighton 15 19 34
2 Colchester 15 4 25
3 Peterborough 15 4 25
4 Huddersfield 15 8 23
5 MK Dons 15 -1 23
6 Bournemouth 15 11 22
7 Charlton 15 2 22
8 Southampton 15 8 21
9 Carlisle 15 8 20
10 Oldham 14 4 20
11 Bristol R 15 -4 20
12 Rochdale 14 4 19
13 Exeter 15 -7 19
14 Swindon 15 -4 17
15 Hartlepool 14 -6 17
16 Brentford 15 -1 16
17 Plymouth 15 -5 16
18 Leyton Orient 15 -3 16
19 Notts County 14 -5 16
20 Tranmere 15 -8 16
21 Yeovil 15 -11 15
22 Dag & Red 15 -13 12
23 Walsall 15 -10 11

 

[seagullsovergrimsby]

Does it matter as long as the tax is paid?

Not really , the Co-op Bank has a vested interest because if Wednesday go into administration their investment will only be worth 10% of what it was.

 

[philsussex]

Can't help thinking that one of these days a club really will be wound up. Won't be Wednesday though surely.

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[seagullsovergrimsby]

Can't help thinking that one of these days a club really will be wound up. Won't be Wednesday though surely.

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Palace , next season ?

 

[philsussex]

Palace , next season ?

Don't they usually manage a few seasons of overspending in their administration / rescue cycle?

 

[Lady Whistledown]

Can't help thinking that one of these days a club really will be wound up. Won't be Wednesday though surely.

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I doubt it. Wednesday will be exactly the same as all the others. Plead to the world that they're at death's door, then write all the debts off and carry on regardless.

It's fairly well documented that Plymouth are on the verge of deep financial shit. They are losing money left, right and centre, and will almost certainly flog Shaun Wright-Phillips and any other saleable players in January. They've gone out of two cup competitions within the space of a week, thus ruining any chance of either a Wembley pay day (JPT) or a decent third round FA Cup draw.

I was chatting to one of their fans this week and it seems their entire future is hedged on the World Cup 2018 bid, as Plymouth was to be one of the host cities. He reckoned their stadium redevelopment plans and loads of other potential avenues for investment depend completely on this. If, as seems increasingly likely, Russia wins the bid, the redevelopment will be scrapped, other parties with a stake in the World Cup will pull out, and they will almost certainly be forced into administration.

Plenty of rumours to that effect on PASOTI (their NSC) too. I hope it's not them who are the first to go to the wall, they might be miles out in the sticks but they're a decent club and it would be a shame for the South West region if they went belly up.

Edit: alright, clearly I meant Bradley W-P

 

[philsussex]

I doubt it. Wednesday will be exactly the same as all the others. Plead to the world that they're at death's door, then write all the debts off and carry on regardless.

It's fairly well documented that Plymouth are on the verge of deep financial shit. They are losing money left, right and centre, and will almost certainly flog Shaun Wright-Phillips and any other saleable players in January. They've gone out of two cup competitions within the space of a week, thus ruining any chance of either a Wembley pay day (JPT) or a decent third round FA Cup draw.

I was chatting to one of their fans this week and it seems their entire future is hedged on the World Cup 2018 bid, as Plymouth was to be one of the host cities. He reckoned their stadium redevelopment plans and loads of other potential avenues for investment depend completely on this. If, as seems increasingly likely, Russia wins the bid, the redevelopment will be scrapped, other parties with a stake in the World Cup will pull out, and they will almost certainly be forced into administration.

Plenty of rumours to that effect on PASOTI (their NSC) too. I hope it's not them who are the first to go to the wall, they might be miles out in the sticks but they're a decent club and it would be a shame for the South West region if they went belly up.

Blimey! He should be worth a few quid!

Seriously though, do you reckon Gus might be considering BWP? How much is he likely to cost? Think he is out of contract at the end of this season.

 

[Lady Whistledown]

Blimey! He should be worth a few quid!

Seriously though, do you reckon Gus might be considering BWP? How much is he likely to cost? Think he is out of contract at the end of this season.

It's been rumoured for a few weeks now that Millwall and (what? You mean they've miraculously found some money??) Palace have shown interest. BWP is a London boy I'd guess, so either would probably suit him. The latter particularly, given his old man's connections

I'm not sure about him to be honest, he's in decent form lately, but I don't know if he's really all that. The price will depend on how he does between now and Christmas I guess.

 

[Gordon the Gopher]

It's been rumoured for a few weeks now that Millwall and (what? You mean they've miraculously found some money??) Palace have shown interest. BWP is a London boy I'd guess, so either would probably suit him. The latter particularly, given his old man's connections

I'm not sure about him to be honest, he's in decent form lately, but I don't know if he's really all that. The price will depend on how he does between now and Christmas I guess.

A Palace supporting mate (Yes some of us do know such people) was telling me recently the new owners are quite minted and will be splashing some cash including possibly paying off Burley!

 

[philsussex]

A Palace supporting mate (Yes some of us do know such people) was telling me recently the new owners are quite minted and will be splashing some cash including possibly paying off Burley!

Soooo.... the next spending cycle commences....

 

[Wozza]

Mandarich has bought them for £8m.