Sheffield Wednesday - Into Administration (p44)

MarcusH26 said:

Stu_of_Kunming said:

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 up 

those fans seemed pretty happy when Chansiri was fabricating companies to beat the rules, fuck em.

The Taxi company that didn't exist was probably the most egreous attempt I've seen at getting around the rules. 

It existed it just didn’t own any taxis 😂😂

*goes to lie down in a darkened room*

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. 

On course to finish the season on zero points!

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 worthy

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.