Sheffield Wednesday: Owls losing £6 million a year with worse to come, warns chairman Milan Mandaric

Milan Mandaric
Milan Mandaric
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Sheffield Wednesday are losing £6 million a year - and chairman Milan Mandaric fears that figure will continue to rise after Championship clubs agreed to a new set of Financial Fair Play (FFP) regulations.

Just before the international break, clubs voted through changes to the FFP rules, which will come into force at the start of the 2016/17 campaign, at an EGM in Derby.

The regulations will see clubs have their financial performance monitored over three seasons rather than one, the same timeframe as Premier League clubs.

At present, teams must operate with losses of under £5m a season, rising to £8m with an injection of equity. Clubs who breach existing FFP rules face a transfer embargo.

But under the new radical rules Championship sides will be permitted to lose an aggregate of £39m over three years, effectively raising the loss limit to £13m per season from 2016-17.

Mandaric, who took over at Hillsborough in December 2010, told The Star: “The gap is getting bigger and bigger financially between the Championship and Premier League.

“We need more money to be competitive. We are losing £6m a year. I think that number might increase in the future because of the new regulations.

“It is no picnic and maybe that’s one of the reasons why I’m looking to bring someone in.”

It is no secret Mandaric is willing to sell Wednesday but only if the price is right and the new owner is suitable for the club.

Since gaining promotion back to the second tier of English football, the Owls have finished 18th and 16th.

“One way or another, I have to organise myself going forwards,” he said. “I don’t want the club to suffer.

“I have to get on with things. I have made my commitments so we will try and improve everything we can at the club.

“I don’t have anyone yet who is seriously putting money on the table, but things can change overnight.”