Owls continue bank talks

Published Add your comment

Football News

Sheffield Wednesday remain in talks with the Co-Operative Bank ahead of a High Court hearing on Wednesday over a winding-up petition issued by HM Revenue & Customs.

The Owls obtained an adjournment at an initial hearing last month over unpaid taxes, of which £300,000 has been repaid by the club following the sale of goalkeeper Lee Grant to Burnley.

But Wednesday, who have debts in excess of £20million, are currently unable to meet their outgoings and have since accrued further debts of £300,000 in unpaid PAYE.

Without another loan from the bank to keep the taxman at bay the club could find it increasingly difficult to avoid entering administration.

The Owls have been actively seeking major new investment since the appointment of former chairman Lee Strafford in December 2008, but turned down an offer from American investors Club 9 Sports in May, which amounted to £2million for a 40% stake in the club.

The Football League has imposed two transfer embargoes on Wednesday since the end of last season due to the club's failure to meet its tax bills.

Copyright (c) PA Sport 2009, All Rights Reserved.

Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE:

Sheffield Wednesday
League One

Article Comments

Read more

Report author of article

Please let us know if you believe this article is in violation of our editorial policy, please only report articles for one of the following reasons.

Report author


This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. and SportsNewMedia do not take any responsibility for the content of its contributors.

Want more content like this?

Like our GiveMeSport Facebook Page and you will get this directly to you.

Already Subscribed to Facebook, don't ask me again

Follow GiveMeSport on Twitter and you will get this directly to you.

Already Following, don't ask me again

Like our GiveMeSport Page and you will get this directly to you.

Already Subscribed to G+, don't ask me again