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Sheff Wed - financial issues


Grumpy Old Man said:
The club and ground companies are both in administration - the closest US equivalent is Chapter 11 (though there are substantial differences). It's the same firm doing both. The aim of administration is to preserve the business as a going concern if at all possible. The administrators will undoubtedly try to sell the assets of both companies to the same buyer, as this gives the besr chance of the club surviving.
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Yes, chapter 11 here is like life support.
As a side question; Didn’t Villa's owner sell their ground to himself when they were last down in the Championship? I seem to remember that they had a lot riding on promotion.
 
Grumpy Old Man said:
The O&D test takes place when an owner arrives. The check is primarily on a limited range of financial offences and/or involvements in insolvencies. Chansiri passed that test when he bought Wednesday. To date, there's been little or nothing the PL or EFL can do if an owner "goes rogue" years down the line. We'll need to see exactly what powers the Football Regulator will have, but it's meant to impose penalties up to forced divestment at any time in an owner's tenure.
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Thanks for clearing that up. 👍

It's very wrong imho, that the fans of Sheffield Weds, have to further suffer, with the club being deducted points, because of the wrongdoing of a rogue owner.
 
12 point deduction for going into administration.

Puts them on -6 points, 12 points off 23rd and 15 points off safety.

You'd get good money betting on them staying up!
 
Horley Chorley said:
Isn't there supposed to be rigourous checks in place, to ensure anyone with ambitions of running a football club, can prove to be a fit & proper owner ?
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There are but when he bought us there was no reason at all to doubt his abilities to run the club, nor any dodgy history. It's hard to criticise the EFL on that.
Zweiguys said:
Seeing that the club and ground are two different things is it possible for a developer to buy the ground, raze Hillsboro, and build commercially?
Also is it possibly the could be the way of Bury FC?
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I believe there is a ruling that states Hillsborough can't be razed and developed on.
 
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Wonder if Barry Bannan still thinks Luke O'nien and Sunderland are finished.

In all seriousness it's not a good look for modern football when this happens. It could have easily been us.
 
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