Sheffield Wednesday - Into Administration (p44)

msomerton

altrinchamaddick said:

So, going into administration means that lots of creditors will not be paid, including HMRC? Workforce will be cut to the bone, so people will lose their jobs. There is a massive fallout when a club goes into administration, people with children and mortgates to pay, taxes that would have gone into the public purse to support the NHS, police, whatever. 
 A 12 point deduction seems leniant to me. I'm old enough to remember Luton Town getting a 30 point deduction for something less.
Reading comments from the EFL and the Government advisory board, they appear to be fawning over the vision of saving an historic club, but there is no mention of the hardship that this will cause local creditors.
The SW fans seem really happy with this outcome, tearing up the Chansiri seats, I guess they are hoping for some rich Americans coming over the hill.
To me, it just sucks, too many people, and taxpayers have been shafted by administration, and I have no doubt that someone will bail them out.
I still go back to so many people supporting this historic club must survive, but to me, there should be stricter rules re administration, it is too easy for struggling teams.
My solution is an immediate 2 league relegation. The only problem with this solution is that I'm not sure it would put dodgy owners off, but it might make clubs do more research and due diligence on prospective owners.

HMRC are the first preferential creditor, they will get paid before any one else.

Arthur_Trudgill

swordfish said:

EugenesAxe said:

swordfish said:

EugenesAxe said:

FremlinsFellow said:

No Sheffield Wednesday fans should be celebrating going into administration - as previous posters have stated it will be honest local suppliers and organisations like St John’s Ambulance who will lose out. 

Again says a lot about their all about them attitude 

Celebrating that Chansiri is out. Same as any other clubs fans would celebrate being rid of a bad owner. 

No going into administration, I understand celebrating because he’s gone.

"So happy, despite the minus 12 and the uncertainty"

That was the reaction from a Wednesday supporting friend of mine on hearing the news. Make of it what you will.

It's too subtle to celebrate getting rid of Chansiri but not celebrate going into administration, considering that the fastest way to achieve the former is via the latter.

For the SW fans I know, it is the lesser of two evils, and it is a relatively clean, although brutal, way of starting again.

I'm sure they would have preferred that he sold, but he didn't unfortunately.

SomervilleAddick

Much like Roland and his belief he can £50m for the Valley, I’m struggling to understand what Chansiri is doing. If the rumour was true, he could have trousered £40m in the summer. I can’t see him recovering anything like that through administration, even if he is the largest creditor. At the same time, I’m not sure why he put the company holding the ground into administration rather that hold it as a bargaining chip against any new owners, while getting $2.5m a year for doing nothing.