Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Sheffield Wednesday could be forced into administration in the next 24hrs

Tue 7th Sep 2010 | Football Club Administration

Sheffield Wednesday Football Club look likely to be forced into administration in the next 24 hours unless they can pay a tax bill of £1.1m.

Speaking to BBC Radio Sheffield sources close to the club confirmed that last-minute talks are continuing with their bank.

However there are real fears that fresh money will not be made available to pay off the debt.

The club faced a winding up order over an unpaid tax bill of £550,000 two months ago when an agreement was met and the case adjourned

Now Sheffield Wednesday are due before the High Court in London on Wednesday with the amount owing to HM Revenue & Customs having risen to £1.1m.

So far the club's bankers, the Co-op Bank, have refused to release any extra cash to meet the new debt.

The league leaders would be deducted 10 points if they do enter administration.

It might also have an impact on the club's ambitions to host World Cup matches in 2018 should England win their bid to stage the tournament.

Wednesday were relegated from the Championship last season and the club estimates this has already lost them more than 20% of last year's income.

 

 

 

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Notts County Ladies Folds Following Huge Debts

Fri 21st Apr 2017 | Football Club Administration

Notts County Ladies Football Club have folded after Alan Hardy admitted defeat in his bid to save the club which faced a near-£1million bill to stay afloat this season. The Notts County chairman...

Bolton Wanderers Sell Training Ground To Wigan

Fri 19th Feb 2016 | Football Club Administration

Bolton Wanderers have today confirmed the sale of its Euxton training ground to ‘another North West football club’. The Championship club have debts totalling £172.9m and are...

Northampton Town Application For Administration Withdrawn

Fri 11th Dec 2015 | Football Club Administration

Northampton Town Football Club has confirmed that the application for administration has been officially withdrawn. Legal agreements had been reached this week between the club and Northampton Borough...

HMRC Hands Bolton Wanderers Winding Up Petition

Thu 10th Dec 2015 | Football Club Administration

Bolton Wanderers have been handed a winding up petition by HMRC it’s been confirmed. The club, who are currently bottom of the SkyBet Championship, have debts of over £170m and have failed...