Sheffield Wednesday Charged By EFL For Breach Of Financial Rules
Sheffield Wednesday has been charged with Misconduct over issues relating to the sale of the club’s stadium, Hillsborough, to owner Dejphon Chansiri.
The Championship club sold its Hillsborough Stadium for £60m helping them achieve a pre-tax profit of £2.5m for 2017-18.
However, the EFL’s charges relate to “how and when” it was sold which saw its inclusion in the club’s 2018 accounts despite being sold a year later.
A statement by the EFL read: “Following a formal investigation into financial information provided by Sheffield Wednesday in relation to the club’s 2017/18 Profitability and Sustainability (P&S) submission, the EFL has today issued a number of charges relating to alleged breaches of EFL Rules.
Earlier this year the EFL launched an investigation into the Club’s financial submission for the period ending July 2018 under the relevant P&S Rules following the completion of the sale of Hillsborough Stadium.
The EFL has reviewed a large number of documents obtained from the Club as part of this process and concluded there is sufficient evidence to justify issuing charges of Misconduct. The charges are in respect of a number of allegations regarding the process of how and when the stadium was sold and the inclusion of the profits in the 2017/18 accounts.
All charges will be considered by an independent Disciplinary Commission and, if the charges are proven, the Commission can impose any of the sanctions set out in EFL Regulation 92.2.
The EFL Board has previously agreed and communicated with all Championship Clubs a set of sanctioning guidelines, but the Commission, under EFL Regulations, has the ability to invoke a full range of sanctions should the breach be confirmed.
The EFL continues to review the club’s 2018/19 P&S submissions.”
In their response to the charges, the club issued a statement which read: “Sheffield Wednesday note the statement issued today by the EFL and the charges contained within.
“These charges will be vigorously defended and the club will be making no further comment at this time.”
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