Dejphon Chansiri’s Hillsborough charge explained as Sheffield Wednesday chairman borrows £6.4m
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It was confirmed via Companies House today that the Sheffield Wednesday chairman has borrowed £6.4m from a lender called New Avenue Projects Limited, with Hillsborough being used as the ‘charged property’ in the agreement.
What the charge registration says:
“This Legal Charge is security against the non-payment of £6,438,205 due to the Lender on 30th September 2021 from Dejphon Chansiri (being the ultimate beneficial owner of all the issued shares in the Borrower) pursuant to a Promissory Note dated 30th September 2020 and the power of sate by the Lender shall be exerciseable by the Lender against the charged Property within 7 business days of any such non-payment in full or in part on the due date for payment under such Promissory Note.”
What it means:
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Hide AdSimply put, this means that Sheffield 3 (Chansiri) now owe the lender (New Avenue Projects) £6.4m by 30th Sept 2021, as long as that amount is paid by that date then there is nothing to worry about, and there is no reason to suggest that that will be a problem for the Wednesday owner.
Speaking to The Star earlier this week, Dr Dan Plumley, a football finance expert at Sheffield Hallam University, explained, “Essentially what that means is that somebody has to make payments linked to that charge - very much like a traditional mortgage would work.
“It looks like there’s a third-party involved now. which means there is probably interest payments as well, and what that becomes further down the line is that somebody else owns the stadium and the chairman is repaying that debt.”
Meanwhile, the Price of Football’s Kieran Maguire said, “Nothing has happened to Sheffield Wednesday Football Club at all… That’s the first thing.
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Hide Ad“But Sheffield Wednesday don’t own Hillsborough Stadium, that’s owned by a company called Sheffield 3.
“Sheffield 3, from what we can make out, hadn’t paid the club for the stadium yet, so how they were going to pay for it has never really been quite explained.”