Sheffield Wednesday FC saved from administration
Wed 8th Sep 2010 | Football Club Administration
It’s understood that Sheffield Wednesday Football Club have reached an agreement with their bank over unpaid tax saving from administration after,
The Owls were due at the High Court on Wednesday over a £1.1m unpaid bill to HM Revenue & Customs (HMRC).
But according to BBC Radio Sheffield the League One club have brokered a deal with the Co-operative Bank to secure their immediate future.
The South Yorkshire club also survived a winding-up order in July over a £550,000 amount owed to HMRC.
That debt had doubled to the current outstanding balance, and there were growing fears that the 143-year-old club might not be so fortunate on this occasion.
However, the agreement with the Co-operative Bank means the league leaders will avoid being deducted 10 points by the Football League for entering administration.
Administration might also have impacted the club's ambitions to host World Cup matches in 2018, should England win their bid to stage the tournament.
Wednesday, a top flight force for the majority of the 1980s and 90s, were relegated from the Championship last season.
The club estimates this has already lost them more than 20% of last year's income.
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