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Sheffield Wed given Winding Up Order
Topic Started: Jul 23 2010, 11:02 AM (289 Views)
IRL
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BANNED
Sheffield Wednesday say they are "disappointed" after being given a winding up order over an unpaid tax bill.

The action by HM Revenue and Customs relates to an outstanding debt of £550,000.

The football club have been struggling to pay the tax demand after being relegated to League One last season, and will appear at the High Court on August 11.

However, the Owls tried to reassure fans that they are "not about to be wound up, nor enter into administration".

The statement added: "We have been involved in dialogue with HMRC for a number of weeks.

"As such we have been somewhat surprised and disappointed by their decision to seek a winding up order at this time."

It went on: "We understand that HMRC is taking a tougher line in general with football clubs, but feel their actions are disproportionate and will raise unnecessary speculation as to the financial position of the club."

Wednesday have had to call on help from the club's bank, the Co-operative, which also said it was "disappointed" by the winding up order.

David Blunkett MP, who represents the Brightside and Hillsborough constituency, called HMRC's action "deeply unhelpful".

He added: "I share the club's concern about pre-emptive moves particularly where, with the Co-operative Bank, constructive discussions were in progress.

"Action of this kind can only cause both deep distress to the fans and the club's management, and undermine the club's efforts to obtain substantial funding for future development."

The club's chief executive Nick Parker told the Yorkshire Evening Post he was confident the money would be found before August 11.

He said the club decided not to pay the tax bill on time, in agreement with the bank.

"As part of our ongoing pressure on cash flow, we have decided to adopt the same approach as other clubs to HMRC. A consequence of this has been this court order which is similar to those received by Preston, Cardiff and many other clubs."

The winding up petition means Wednesday will be hit by a transfer embargo, but this will have little effect as they have already signed eight new players during the summer.

In January, Wednesday were involved in takeover talks with Chicago-based investment firm Club 9 Sports.

No agreement was reached between the two parties.

Another one bites the dust
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norwichnutta
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nutta knows !
shouldn't be a problem worse case scenario sell a couple of players before the window shuts
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digger
Unopened Scar Tissue
How many players would you want from them though?

To be honest if they get through this getting relegated is a blessing in disguise - Gutted when Leicester went down but was actually a chance to clear out all the dead wood and crap players that had been taking obscene wages (For Us) and doing sod all apart from getting the club relegated.
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karl
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Tadpole's Excrement
sell Lee Grant for 600k. sorted.
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digger
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Love the comment about Lily!
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norwichnutta
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nutta knows !
grant went for 1.5 mil
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Ricky
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Ambition
They gave Clinton £7k a week allegedly
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