will not go away

[Norfolk N Chance]

Sheffield Wednesday have been served with a winding-up order by Her Majesty's Revenue & Customs over tax owed, BBC Radio Sheffield reports.

It is the third time in three months that the club has faced such an order, which will be heard on 17 November.

Earlier this month the club were saved from administration after reaching an agreement with the Co-operative bank over an unpaid tax bill.

HMRC is seeking £600,000 from the League One club.

Following a fans forum on Wednesday, Owls chief executive Nick Parker claimed that an overseas oilfield company have offered £600,000 to pay off some of the club's current debt.

But Parker refused to be drawn on whether or not the consortium was led by former goalkeeper and manager Chris Turner who recently resigned as Hartlepool boss.

However the Owls chief executive told the forum that the club's bank is confident of securing investment and that he and chairman Howard Wilkinson are pressurising them to do so.

Wednesday were relegated from the Championship last season, with the club estimating the drop into League One has already cost them 20% of last year's income.

Owls chairman Howard Wilkinson was not immediately available for comment.

[fudgepacker]

If this new mystery investor doesn't come up trumps I could see them going under. Would be a shame but a sign of things to come if clubs don't live within their means.

[BillyStubbsTears]

According to The Star, that 600k is 2 months worth of PAYE. Even if you assume that everyone is paying top rate tax, I reckon that makes their annual wage bill in excess of £10 million.

Madness.

Can't see them getting out of it without a fire sale of players.

[Dagenham Rover]

BillyStubbsTears wrote:

According to The Star, that 600k is 2 months worth of PAYE. Even if you assume that everyone is paying top rate tax, I reckon that makes their annual wage bill in excess of £10 million.

Madness.

Can't see them getting out of it without a fire sale of players.

Anybody worth a cheeky tenner bid?

[moses]

Get Heffernan back. He had a great scoring record...

[Filo]

Dagenham.Rover wrote:

BillyStubbsTears wrote:

According to The Star, that 600k is 2 months worth of PAYE. Even if you assume that everyone is paying top rate tax, I reckon that makes their annual wage bill in excess of £10 million.

Madness.

Can't see them getting out of it without a fire sale of players.

Anybody worth a cheeky tenner bid?

I bid £20 for Gary Teale`s 2 seater Bentley  

[Dagenham Rover]

   

[big fat yorkshire pudding]

BillyStubbsTears wrote:

According to The Star, that 600k is 2 months worth of PAYE. Even if you assume that everyone is paying top rate tax, I reckon that makes their annual wage bill in excess of £10 million.

Madness.

Can't see them getting out of it without a fire sale of players.

If they're at the top rate of 50 percent you're looking at 7.2M a year, quite astonishing for a debt ridden league one club really.

[BillyStubbsTears]

Aye, I wax thinking of 40% being the top rate. I forgot that Labour did manage to get one vaguely socialist policy through to get the best paid to dig in and pay a bit more.

As you say, even at that wage bill, it's just not sustainable for a club with 30 million debt and crowds well below 20k and falling.

I wonder how much of their business model was based on immediate promotion. Tudgay, Morrison and Mellor will all be on Billy Sharp level wages. And none of them are performing. Big, big trouble.

[The Red Baron]

Following a fans forum on Wednesday, Owls chief executive Nick Parker claimed that an overseas oilfield company have offered £600,000 to pay off some of the club's current debt.

But Parker refused to be drawn on whether or not the consortium was led by former goalkeeper and manager Chris Turner who recently resigned as Hartlepool boss.

I wonder if the company in question is the lot that owns/ owned Hartlepool- IOR I think they're called?

Could be a potential conflict of interest if they are still large-scale shareholders in a team in the same division.

[fudgepacker]

BillyStubbsTears wrote:

Aye, I wax thinking of 40% being the top rate. I forgot that Labour did manage to get one vaguely socialist policy through to get the best paid to dig in and pay a bit more.

As you say, even at that wage bill, it's just not sustainable for a club with 30 million debt and crowds well below 20k and falling.

I wonder how much of their business model was based on immediate promotion. Tudgay, Morrison and Mellor will all be on Billy Sharp level wages. And none of them are performing. Big, big trouble.

From experience of being a student in Sheffield the only way that they get high crowds is because they litterally give tickets away to students and schools to bump up the gates. I suspect that they only have 14-15000 full paying fans per home game.

[silent majority]

This is a pretty good website

http://www.timetogoprotest.co.uk/

and if you have the time read;

http://www.timetogoprotest.co.uk/the-rise-and-fall-of-swfc-1991-2010/

which explains it all, and also lets you know in detail how they got it wrong and how easy it is. JR take note! (not that you need telling!)