Sheffield Wednesday - Into Administration (p44)
Comments
-
It existed it just didn’t own any taxis 😂😂MarcusH26 said:
The Taxi company that didn't exist was probably the most egreous attempt I've seen at getting around the rules.Stu_of_Kunming said:
those fans seemed pretty happy when Chansiri was fabricating companies to beat the rules, fuck em.cabbles said:
I’ve never really liked them as a club in recent years, but this is a real kick in the teeth for the fans. Depending on who buys them, this could mean successive relegations as I think they need a ton of rebuilding in the summer
Starting with a 15 point penalty and going into the season with all this uncertainty and lack of talent would make it very difficult to stay up0 -
Forgot about the wallpaper 😆FishCostaFortune said:ForeverAddickted said:Sounds like Sheff Wed's takeover is on the verge of completion, not exactly sure who is taking over
Christ, that was a wild time!3 -
*goes to lie down in a darkened room*4
-
I don't have the personal experience with Wednesday fans that others have, but every time I see a club go into Administration, the phrase "there but for the Grace of God go I" springs to mind.1
-
The EFL welcomes confirmation from the Administrators of Sheffield Wednesday Football Club, BTG, that they have formally concluded an agreement with Arise Capital Partners LLC, a consortium led by David Storch, alongside Michael Storch and Tom Costin, to the transfer of assets of the Club and place Sheffield Wednesday under new ownership.
Consequently, the EFL can now confirm that the Club, under its new ownership, has met the relevant League requirements and is therefore no longer regarded as in Administration.
This has been an incredibly challenging and complex situation for all parties, and as such the EFL Board has exercised its discretion, as provided by the Insolvency Policy, and concluded that it would not be appropriate to impose a 15-point deduction on the Club following its exit from Administration. This decision has been made by the Board after considering the proposals made to Mr Chansiri by the joint Administrators and new ownership.
While the Club remains under a budget restriction for the next two seasons as part of the conditions of continuing membership in the EFL and upon exiting Administration, the Club will be permitted to sign new players in accordance with the terms of a business plan.
The plan has been jointly agreed by the new ownership and the EFL and any application to register players must comply with the terms of those agreed plans.
EFL CEO Trevor Birch said: “The recent period leading up to and following Administration has been an extremely testing time for the Club, and all associated with Sheffield Wednesday, particularly the players, coaching staff, club employees and supporters.
“Over this period there has been much discussion in relation to the many and varied issues which have arisen, but throughout the process the League has remained focused on engaging with the relevant parties to try and find a solution to secure a stable and sustainable future for Sheffield Wednesday, whilst always acting in the best interests of the EFL and the game more generally.
“Together, we have managed to move this to a successful conclusion and I would like to wish everybody at the Club, in particular the new ownership and their associates, all the very best for a long and prosperous future that will benefit not only those at the Football Club, but also the supporters and the local community it represents.”
0 points deduction next year.
1 -
Does this set a precedent for teams that go into administration in the future to point to this as an example as to why they should not get any points deductions?4
-
On course to finish the season on zero points!0
-
Yes, it seems like one rule for one and another set for someone else.moutuakilla said:Does this set a precedent for teams that go into administration in the future to point to this as an example as to why they should not get any points deductions?
Not looking good imo.2 -
Won £142 on a four game bet as put SWFC in the bet1
-
It seems that the circumstances behind SW coming out of administration and being bought are interesting.moutuakilla said:Does this set a precedent for teams that go into administration in the future to point to this as an example as to why they should not get any points deductions?According to the BBC Sport website:
“Sources have told BBC Sport that former owner Chansiri rejected or simply did not respond to multiple offers for the club, which the EFL took into consideration when choosing to waive the 15-point deduction.”
Sounds like SW could have been out of Administration some time ago had it not been for a stubborn now-former owner.Yeah it’s a bit of a precedent being set, but a pretty horrific situation for the club and its fans, so doesn’t seem lien a run of the mill administration process. I thought we had been through a rough time, but this makes “bitches and Range Rovers” look tame. It would be interesting to know some of the inside stories.0 -
Sponsored links:
-
I'm happy for them to not have a points deduction next season if it's a valid reason. I just hope it's not yet another instance of the EFL sucking the dick of those clubs they deem to be worthy2
-
Seems like a reasonable reason not to give them a points deduction given the circumstances. Also makes them. Very easy top 6 pick for my pre season accy next year.0
-
It does make a mockery of the supposed rule that clubs emerging from administration have to pay a certain proportion of their debts. Really the FA should be honest and scrap that rule, instead just requiring clubs to make a deal with their creditors at whatever percentage is legally acceptable, plus of course paying all football creditors in full.
Personally I don't agree with having that rule. I get that it's to reduce the unfairness of paying 100% of what was owed to another club for a transfer but 5% to the local bakery that supplies the half time pies, but it's different to what company law says and if the FA are going to find exceptions to it then even more reason to scrap it.0 -
For me it's the fact that the promotional screen on the monitor is actually his desktop wallpaper. Absolute fucking chancer.EugenesAxe said:
The flag looks like its arrived in one of those amazon packages the size of a postcard, like you get a whole fancy dress outfit crammed into!FishCostaFortune said:
Literal took this picture in dubai’s version of a self storage office space.EugenesAxe said:
Clearly a well read chap judging by all those books...FishCostaFortune said:ForeverAddickted said:Sounds like Sheff Wed's takeover is on the verge of completion, not exactly sure who is taking over0
