Help Sitemap Home Skip Navigation Contact Us Disability Statement

The Car People

Sheffield Wednesday investment deal latest

Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image

Published Date: 26 February 2010
By Paul Thompson
Sheffield Wednesday
UNCERTAINTY over Wednesday's Championship status is putting a brake on the final stages of an investment deal, chairman Lee Strafford has revealed.
Potential backers Club 9 Sports are now in talks with the club's bank and major creditor, the Co-op, he told an open meeting of fans at Hillsborough last night.

The club have no control over those talks and must wait for the outcome.

Both the Chicago company and the bank want to be sure of which division the club will be in next season before they agree on the valuation of a takeover, said Strafford at a get-together organised by fan group Wednesdayite.

The bank are key players because they are the major creditors, owed around £22 million of the club's overall £25m debt.

READ OUR ALAN IRVINE EXCLUSIVE INTERVIEW: Keeping Sheffield Wednesday in this division is absolutely vital; Sheffield Wednesday can be as big as Everton; My view on Sheffield derbies

"It difficult at the moment; we think we have a good group there (Club 9), and we know that the Co-op are a very good and honourable bank," said Strafford. "The two good parties still have to agree a valuation. That's very difficult to do when you have two sets of numbers: 1. This is a Championship club. 2. This is a League One club.

"That means the piece has run slowly, and probably will continue to run slowly.

"I take comfort from the fact that we have done all we can. We have smartened the club up and put a professional plan in place."

He said he was proud of the changes made by the Owls over the last year and is heartened by the fact that Club 9 did not walk away after their name was leaked to the media.

The Owls chief said: "There have been lots of reasons for it not to get this far. But there are no guarantees. Getting resolution on what divisions we are in will be a big catalyst."

It is understood that Club 9 remain interested whatever the Owls' fate though the financial details would be affected if they go down because revenues would be lower in League One.

Stafford also ruled out any possibility of the club being forced into administration.

Loan signing Eddie Nolan is in contention for a debut at Reading tomorrow - a game that will have a bearing on the relegation fight.

What do you think? Add your comment below.

JOIN THE STAR READER PANEL: The Star is YOUR newspaper, so tell us what you think about it and what you want to see - CLICK HERE.

Don't miss our daily pull-outs - only in the The Star: Monday Star Sport, Tuesday Class Act; Wednesday Business; Thursday Grassroots; Friday Time Out; Saturday Retro. Subscribe to The Star - CLICK HERE

READ MORE
Subscribe to The Star or Green 'Un
Visit our Matchday Centre for free live coverage of every match
Football headlines. Football gossip. Blades news Owls news Reds news. Millers news. More rugby. More boxing. Sports columnists.
All sport categories
Free E-Mag: Premier League 2009-10 Preview
Watch Premiership highlights, international football, golf, tennis, darts and much more - click here

Page 1 of 1

  • Last Updated: 26 February 2010 10:11 AM
  • Source: Sheffield Star
  • Location: Sheffield
 
Prev
1
2 3 4 5
Next
Last
1

Harvey21,

Sheffield 26/02/2010 10:16:29
I'll have a guess - over 50 comments with at least 25% of them deleted! Come one, fire away . . . . . . . .
2

parker21owl,

26/02/2010 10:30:43
Sounds like no investment when we go down then.

Alan Irvine I feel sorry for you mate, What a squad you have inherited. please start Nolan tomorrow.
3

bladesboywoodhouse,

26/02/2010 10:49:31
OH DEAR !!!!
4

AlienBlade,

Chesterfield 26/02/2010 11:02:43
I'm not being funny, but surely if they are interesting in buying the club and the only stumbling point is how much depending on which division they are in, surely a contract could be worded in such a way that they pay a price based on the valuation of League One, and then if the club remains in the championship they "top up" the investment,

if players can have clauses written into contracts dependent on the divsion the club is in, I cant see why these cant, (unless of course Strafford is not being entirely honest with the Wednesday fans and something else is slowing it down too)

feel free to report the comment as unsuitable, but its a fair point and will merely show the idiots reporting the posts to be exactly that
5

S6J,

26/02/2010 11:16:38
There's a first time for everything, but I actually agree with Alienblade.

However, it sounds to me more like it's a case of if we go down then they're not interested.
6

Steggers,

26/02/2010 11:34:08
Alien, what would be the point in spending thousands drawings up a complicated contract when you could just wait a couple of months and do a straight forward transaction?

theyre obviously in no rush.
7

Handsworth,

26/02/2010 11:48:30
Do not know whether it would make any difference to the way the team play but if someone said to me that if the team stayed in the Championship my position would be safe then I would play 90 minuites every game and do my darnedest to keep us up. There could also be a message saying that if we do go down the possibility is that many will get reduced wages and some may have to be shown the door. I think it is what is known as the carrot and stick syndrome
8

Honalulu Wednesday,

in paradise 26/02/2010 12:23:44
See blunt are on here again,sticking there snouts in. WHY don't you keep to your own page,better still why don't ya ask your own Chairman how your own clubs debts are,whos been fiddling in China,and hows F@t Kennys cough.LOL
9

AlienBlade,

Chesterfield 26/02/2010 12:30:37
steggers, you will have to draw up a contract regardless, adding a single clause that states in the event that the club remains in the championship a further payment of x pence per share shall be made to the previous share holders,

how complicated is that?

and lots of things change in a couple of months, they might find themselves something else they want to invest in that has a bigger potential for return, surely as a Wednesday fan you would sooner have this guarenteed? (especially if its something that simple)
10

MorleyStOwl,

26/02/2010 12:34:49
Tomorrow, tomorrow, I love you tomorrow your always a day away!

I wonder what the stumbling block will be in the summer? Leaves on the track, the wrong kind of snow?

Steggers it would hardly cost thousands, all it needs is a couple of conditional clauses writing into the contract. I write them every day.
Prev
1
2 3 4 5
Next
Last

 

Comment on this Story

 

In order to post comments you must Register or Sign In

 
 
RSS Feed of this article's comments
Delivery formats: RSS, Atom, Javascript & Email
 
 


Sister Newspapers:
Press Complaints Commission

This website and its associated newspaper adheres to the Press Complaints Commission’s Code of Practice. If you have a complaint about editorial content which relates to inaccuracy or intrusion, then contact the Editor by clicking here.

If you remain dissatisfied with the response provided then you can contact the PCC by clicking here.