Sheff Weds possible 15 point deduction next season

[donnyguy]

https://www.bbc.co.uk/sport/football/articles/cz0eekymmkko#:~:text=The%20EFL%20has%20informed%20the,administration%2Dhit%20club%20fell%20through.

[BobG]

Bien

[les@donr]

That’s them en route to L2!

[colincramb]

Hmm, sounds like the yanks are trying to blackmail the EFL. “Give me my points back otherwise we are off and club dies”. Also, what has the infrastructure got to do with anything? It’s their asset now if they buy it. Not sure what the surprise is either, everyone knows Hillsborough has been a decrepit rusting dump for decades.

[IDM]

Leeds started 2007/8 on minus 15 points..

[MachoMadness]

Hmm, sounds like the yanks are trying to blackmail the EFL. “Give me my points back otherwise we are off and club dies”. Also, what has the infrastructure got to do with anything? It’s their asset now if they buy it. Not sure what the surprise is either, everyone knows Hillsborough has been a decrepit rusting dump for decades.

I think they were also doing up their training ground but ran out of money halfway through. Not sure what state it's in now but can't be pretty!

[Smyth]

Leeds started 2007/8 on minus 15 points..

That was when Bates put the club into administration and then exited admin on the same day, buying the club through a company ran by him.

On Sheff Wednesday there was no mention from their prospective owner, yesterday of the EFL sticking to an imposed transfer fee limit or a limit on wages maximum of £7,000 a week so maybe they've already been able to remove that restriction?
Leaves them free  to offer Molyneux and Bailey a huge increase in wages whilst they recruit ready made league 1 players.

Unless the owners of clubs insist on full implementation of restrictions and rules.

[Sprotyrover]

I believe they can’t buy any players and have a wage cap, they may attract some out of contract players but their agents will have a say I’m sure.

[Barmby Rover]

They want to pay creditors 6p for every £ they owe them, that is why they are getting the deduction, the rules state to avoid it they have to pay at least 25p. If their "backers" have the money to buy the club then they have the money to pay the debts off. They have also realised they have to put at least £30 million into fixing the stadium, watch how quickly this lot pull out too.

[Rupee92ONLY]

They really should’ve been all out for Mike Ashley. At least he’s got a background in this country for turning around failing businesses plus a profile and reputation to keep that means he won’t just bury them into the ground and walk away without a care like many (and Chansiri) do.

Would buzz with Mike Ashley as owner here.

[Smyth]

I believe they can’t buy any players and have a wage cap, they may attract some out of contract players but their agents will have a say I’m sure.

Right now no, but  exiting administration could see the EFL remove the embargo they currently have and if no restrictions are kept in place they're free to recruit whoever they can, offering more money to players from clubs that try to keep spending down.
The statement issued yesterday made no mention of continued limitation on fees and wages, almost as if their new owners were  confident the embargo wouldn't continue after exiting admin,  it only referred to a disagreement on -15 points.

[Jimmydee]

When I listen to radio Dee-dah, the Wendy fans sound confident that they will easily climb the league and get promoted straight back into the championship.

[les@donr]

….wishful thinking.

[Avsuptem]

They want to pay creditors 6p for every £ they owe them, that is why they are getting the deduction, the rules state to avoid it they have to pay at least 25p. If their "backers" have the money to buy the club then they have the money to pay the debts off. They have also realised they have to put at least £30 million into fixing the stadium, watch how quickly this lot pull out too.

This is a curious situation, if this is the case it means that the football league is overiding normal commercial conduct whereby a company in receivership sells its remaining assets to the highest bidder. Seems kind of unfair to impose addiional  encumbrances or maybe I am missing something.

On your 2nd point about the stadium itself I can't help thinking how Hillsborough was once one of the best and a venue for the 1966 fifa world cup. It is all yet another sorry tale of mismanagement of a great amenity and asset to the town.

[Barmby Rover]

They want to pay creditors 6p for every £ they owe them, that is why they are getting the deduction, the rules state to avoid it they have to pay at least 25p. If their "backers" have the money to buy the club then they have the money to pay the debts off. They have also realised they have to put at least £30 million into fixing the stadium, watch how quickly this lot pull out too.

This is a curious situation, if this is the case it means that the football league is overiding normal commercial conduct whereby a company in receivership sells its remaining assets to the highest bidder. Seems kind of unfair to impose addiional  encumbrances or maybe I am missing something.

On your 2nd point about the stadium itself I can't help thinking how Hillsborough was once one of the best and a venue for the 1966 fifa world cup. It is all yet another sorry tale of mismanagement of a great amenity and asset to the town.

The date says it all, no great update in 60 years and very little maintenance in the last 10 years, it is a wreck of a stadium, another 30 million or so for owners to find without getting anything for their money, great investment!

[les@donr]

Should be condemned and torn down, and start again. In the meantime ground share with United.

[selby]

  They will like Leicester, Leeds, Southampton, etc rise from the ashes the only unknown is how long it takes.
  Bolton set a president in not being in a place to confirm they had the finances to prove they could fulfil their fixtures for the upcoming season by a certain date I think June 1st but were allowed to break that rule.
  They were too big to let go by the EFL. The Wednesday fall into that bracket.

[roversdude]

  They will like Leicester, Leeds, Southampton, etc rise from the ashes the only unknown is how long it takes.
  Bolton set a president in not being in a place to confirm they had the finances to prove they could fulfil their fixtures for the upcoming season by a certain date I think June 1st but were allowed to break that rule.
  They were too big to let go by the EFL. The Wednesday fall into that bracket.

Exactly at the same time shafting Bury - personally I couldn’t give a sh1te about Wednesday horrible club with far too many deluded fans

[Glyn_Wigley]

They want to pay creditors 6p for every £ they owe them, that is why they are getting the deduction, the rules state to avoid it they have to pay at least 25p. If their "backers" have the money to buy the club then they have the money to pay the debts off. They have also realised they have to put at least £30 million into fixing the stadium, watch how quickly this lot pull out too.

This is a curious situation, if this is the case it means that the football league is overiding normal commercial conduct whereby a company in receivership sells its remaining assets to the highest bidder. Seems kind of unfair to impose addiional  encumbrances or maybe I am missing something.

On your 2nd point about the stadium itself I can't help thinking how Hillsborough was once one of the best and a venue for the 1966 fifa world cup. It is all yet another sorry tale of mismanagement of a great amenity and asset to the town.

They're in administration, not receivership.

[Barmby Rover]

If they can't do their fixtures, they close down an instantly can reform and start in Eastern Counties league in the same way as Bury, there should be no exceptions.

[BillyStubbsTears]

They want to pay creditors 6p for every £ they owe them, that is why they are getting the deduction, the rules state to avoid it they have to pay at least 25p. If their "backers" have the money to buy the club then they have the money to pay the debts off. They have also realised they have to put at least £30 million into fixing the stadium, watch how quickly this lot pull out too.

This is a curious situation, if this is the case it means that the football league is overiding normal commercial conduct whereby a company in receivership sells its remaining assets to the highest bidder. Seems kind of unfair to impose addiional  encumbrances or maybe I am missing something.

On your 2nd point about the stadium itself I can't help thinking how Hillsborough was once one of the best and a venue for the 1966 fifa world cup. It is all yet another sorry tale of mismanagement of a great amenity and asset to the town.

The date says it all, no great update in 60 years and very little maintenance in the last 10 years, it is a wreck of a stadium, another 30 million or so for owners to find without getting anything for their money, great investment!

Point of fact.

They did a huge redevelopment of the South Stand in 1991. I was part of the design team.

One of the many strategic failings of both Sheffield Weds AND Utd was that they did cheap roofing and seating of their massive Kops before it became clear that the PL gravy train was going to transform the potential for top clubs.

Both conversions were done by simply casting new concrete on the old terraces and adding a bit of steel framing and precast concrete steps at the back to square off the old bank. Critical thing was,  neither cleared away the old embankment to make space that could be rented oufor bars, restaurants, gyms, offices etc

So they both saddled themselves with debt for hulking great monstrosities of stands that have no income source for 340 days a year.

And once they both slipped out of the PL regulars, they've got rusting hulks that demand maintenance.

[Colemans Left Hook]

Talking about all our yesterdays nowt wrong wi that

Pre 2010 I wrote an article about Sheffield Wednesday. A "con man" from Eastern Europe (some country with the cyrillic language anyway) persuaded Wednesday he had the L-S-D (£) to take over the club - I remember they played in yellow  shirts  with cyrillic words on the shirts. The funny thing is I can find no trace of the yellow shirts on the internet . I found out he had no money and was borrowing money at 14.5%   end of takeover

to refresh my memory i asked copilot the following question

"how much money over the years owed by sheffield wednesday has been written off by various coop's    as in cooperative banks"

Short answer:
The clearest documented Co‑operative Bank involvement was in 2010: the bank was reported as being owed about £23m by Sheffield Wednesday but accepted a settlement of £7m (implying roughly £16m was not recovered); the bank also paid £703,000 to HMRC to avert winding‑up action that year. Other “co‑op” write‑offs across different years are not clearly documented in public records I could find.

http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9226161.stm?utm_source=copilot.com

I kind of feel sorry for their X-owner the amount of people who "scammed him" at the club

again to refresh my memory i asked copilot

how much profit did milan mandaric make on the sale of sheffield wednesday when he sold out ?

Short answer: Milan Mandarić sold Sheffield Wednesday to Dejphon Chansiri for about £30 million, and press reports treat that as roughly a £30m gain versus the nominal £1 purchase price — though the true profit depends on how you count Mandarić’s subsequent investments and debt settlements.