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Sheffield Wednesday - Into Administration (p44)
Comments
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Probably but far from certain.Chris_from_Sidcup said:
Yes from what i've read they were calling in the loan........which he obviously couldn't repay. So a combination of that and the HMRC bill has forced Chansiri to put both the club and the stadium company into administration. Which is effectively great news for Wednesday as now a buyer will be getting both.TelMc32 said:
There’s still a £7.4m charge, secured over the stadium, in favour of New Avenue Projects Limited, unless Chansiri managed to pay it (or roll it forward) when it was due on September 30th. I suspect that he’s been forced to include the Stadium Company in the Administration as the only way to raise enough to at least cover that, HMRC and any football debts. That in turn means that any other creditors will almost certainly be very limited in what they get. When I used to look after the Professionals sector in work, the average return on an administration was about 6p in the £.msomerton said:
it is up to the administrators to get the best value for the creditors, I believe that is a legal requirement.Diebythesword said:
If they aren’t I won’t be surprised if there will be government intervention on that.fenaddick said:Glad he’s also put the stadium company into admin, just hope the administrators are sensible and sell the assets and club together
So if they get more money for selling the ground separate from the football club then they must do so, or leave them selves open to being sued.0 -
How is his taxi company doing?Davey said:Find it strange that he put the stadium-owning company into admin too, must want a clean break, which is miles better for Wendies. They could've had their own little Thai Roland the Rat to deal with..............and don't think I'd even wish that on this Massive club
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Something I guess we already all know but found it sad to hear that the administrators have said
"Like many football clubs, it has been trading at a significant loss for many years, with those losses historically funded by the owner. Mr Chansiri is no longer willing to provide that financial support"
and this the football authorities, the TV companies, the richest clubs in the premier League and the government still do nothing about to relieve this pressure on so many historic clubs. Of course this is a global game and we need other leagues and countries involved but surely the richest football nation should be setting an example and being first to address these issues. How they do that I don't exactly but the way it's going it's not sustainable.
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Surely they can't be allowed to spend money on something so petty if they are in admin?fenaddick said:The Chansiri seats are being removed already. A cosmetic change but a good one
12 points is very lenient. In Scotland it's a 15 point deduction (with 10 less games in a league season) with a further 5 points deducted the following season.0 -
If they've taken them out without breaking them the could just jumble the blue and white seats up.addickson said:
Surely they can't be allowed to spend money on something so petty if they are in admin?fenaddick said:The Chansiri seats are being removed already. A cosmetic change but a good one
12 points is very lenient. In Scotland it's a 15 point deduction (with 10 less games in a league season) with a further 5 points deducted the following season.0 -
Then I'd expect any new owner will appeal the fee restriction & the EFL will agree to it.SomervilleAddick said:
They are currently under 5 embargoes and 1 fee restriction. The embargoes, that prevent them from adding to their player costs, get lifted once the breach has been rectified. The fee restriction doesn’t get removed - they can’t pay a fee for a player until the summer 2028 window, but they can pay free agents any salary they want, assuming the embargoes are lifted.golfaddick said:So what happens to the 6 transfer embargoes already in place ? Do they get wiped clean once a new owner takes over ? If so, what's stopping a new owner paying peanuts for the club then spending millions on new players in January ?
Isnt that what Southampton did about 10/12 years ago ?They can appeal the fee restriction.0 -
Or paint themmoutuakilla said:
If they've taken them out without breaking them the could just jumble the blue and white seats up.addickson said:
Surely they can't be allowed to spend money on something so petty if they are in admin?fenaddick said:The Chansiri seats are being removed already. A cosmetic change but a good one
12 points is very lenient. In Scotland it's a 15 point deduction (with 10 less games in a league season) with a further 5 points deducted the following season.0 -
Maybe they should be supported (financially) to be able to complete their fixtures for the season by the FL/PL. Then pull the plug. The car crash ha been coming for while now, there should be some plans in place in the EFL...... if not, why not?Karim_myBagheri said:Something I guess we already all know but found it sad to hear that the administrators have said
"Like many football clubs, it has been trading at a significant loss for many years, with those losses historically funded by the owner. Mr Chansiri is no longer willing to provide that financial support"
and this the football authorities, the TV companies, the richest clubs in the premier League and the government still do nothing about to relieve this pressure on so many historic clubs. Of course this is a global game and we need other leagues and countries involved but surely the richest football nation should be setting an example and being first to address these issues. How they do that I don't exactly but the way it's going it's not sustainable.1 -
I'd expect John Textors name to come up again. Maybe another American group that owns a few clubs too.2
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Someone with lots of money buys them. Tons of room under FFP and spends £20M in Jan. Not impossible
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Hopefully there will not be many people losing their jobs, this is normally a consequence in these cases, coupled with how hard creditors will be hit.
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There will be any number of Wednesday fans who would be happy to swap the seats around for free. Some of them might even offer to pay to be allowed to do it.addickson said:
Surely they can't be allowed to spend money on something so petty if they are in admin?fenaddick said:The Chansiri seats are being removed already. A cosmetic change but a good one
12 points is very lenient. In Scotland it's a 15 point deduction (with 10 less games in a league season) with a further 5 points deducted the following season.4 -
I presume the HMRC order will have forced this. What I don't understand is why Chansiri didn't sell the club for a nominal amount. The debts could be too high but any new owner is going to face a points deduction which may apply next season if they go down in their own right this season. It sounds like they are far from being out of the woods.0
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I think our owners should buy the club to run as feeder/reserve team and buy Hillsborough to swap with Roland for the Valley.
Do they have a scoreboard?14 -
The 12 point deduction is automatic as soon as the EFL are advised of the Administration. It’s already been done and they’re now on -6.MuttleyCAFC said:I presume the HMRC order will have forced this. What I don't understand is why Chansiri didn't sell the club for a nominal amount. The debts could be too high but any new owner is going to face a points deduction which may apply next season if they go down in their own right this season. It sounds like they are far from being out of the woods.1 -
Why do the seats spell out Chansiri?1
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Probably bad news for Oxford who visit on Saturday, as I imagine there will be a much bigger and more united crowd there nowclive said:0 -
This will turn out great for them, some rich blokes will come riding in and buy the lot on the cheap and invest on the pitch. I have no doubt about it.2
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Not even a nominal amount, wasn’t offered decent money even up to fairly recently?MuttleyCAFC said:I presume the HMRC order will have forced this. What I don't understand is why Chansiri didn't sell the club for a nominal amount. The debts could be too high but any new owner is going to face a points deduction which may apply next season if they go down in their own right this season. It sounds like they are far from being out of the woods.It’s a very weird situation.0 -
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Best thing that could have happened for Wednesday fans. Club will be bought and with new owners and I’d wager that next season they’ll be flying, albeit a division down. With Sheff Wed now on -6 points I suppose that we if being ultra cautious about our season hope Wednesday win this one. I think they will regardless.killerandflash said:
Probably bad news for Oxford who visit on Saturday, as I imagine there will be a much bigger and more united crowd there nowclive said:0 -
Welcome to Hillsborough, Mr Satt Mouthall.J BLOCK said:This will turn out great for them, some rich blokes will come riding in and buy the lot on the cheap and invest on the pitch. I have no doubt about it.5 -
The embargoes can be renegotiate by any new owner. Except for the fee restriction which will continue until summer 2027.golfaddick said:So what happens to the 6 transfer embargoes already in place ? Do they get wiped clean once a new owner takes over ? If so, what's stopping a new owner paying peanuts for the club then spending millions on new players in January ?
Isnt that what Southampton did about 10/12 years ago ?0 -
Doesn’t admin automatically mean a three window ban?Athletico Charlton said:Someone with lots of money buys them. Tons of room under FFP and spends £20M in Jan. Not impossible
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J BLOCK said:This will turn out great for them, some rich blokes will come riding in and buy the lot on the cheap and invest on the pitch. I have no doubt about it.
Perhaps but look at Bolton post-Admin or our succession of bad owners3 -
you want premier league clubs to relieve the pressure on badly run EFL clubs ?Karim_myBagheri said:Something I guess we already all know but found it sad to hear that the administrators have said
"Like many football clubs, it has been trading at a significant loss for many years, with those losses historically funded by the owner. Mr Chansiri is no longer willing to provide that financial support"
and this the football authorities, the TV companies, the richest clubs in the premier League and the government still do nothing about to relieve this pressure on so many historic clubs. Of course this is a global game and we need other leagues and countries involved but surely the richest football nation should be setting an example and being first to address these issues. How they do that I don't exactly but the way it's going it's not sustainable.
Do you want McDonalds to stump up and save the badly performing restaurant up the road?
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The BBC have got video of the seats spelling out Chansiri being removed. Looks like volunteers or staff members rather than external contractors.
https://www.bbc.co.uk/sport/football/articles/ckg427g2ey2o2 -
Actually, cancel that - I've seen a Wednesday fan saying the word locally is that it was the Administrator's idea, because of the priority of getting as many people as possible back at matches so they can cover costs while they look to sell the business.Swindon_Addick said:The BBC have got video of the seats spelling out Chansiri being removed. Looks like volunteers or staff members rather than external contractors.
https://www.bbc.co.uk/sport/football/articles/ckg427g2ey2o1 -
Administration is surely a good way to address some of these issues. It effectively lets a club (or any other business) wipe its most of its debt and become a "viable" business again.Karim_myBagheri said:Something I guess we already all know but found it sad to hear that the administrators have said
"Like many football clubs, it has been trading at a significant loss for many years, with those losses historically funded by the owner. Mr Chansiri is no longer willing to provide that financial support"
and this the football authorities, the TV companies, the richest clubs in the premier League and the government still do nothing about to relieve this pressure on so many historic clubs. Of course this is a global game and we need other leagues and countries involved but surely the richest football nation should be setting an example and being first to address these issues. How they do that I don't exactly but the way it's going it's not sustainable.
Shef Wed without debt are always going to be a viable business even if they are dumped into the 9th tier of the pyramid!
As we learnt from Southall, it is owners who simply take company money and spend it on themselves that need to be legally stopped. But this applies to all businesses (including schools) not just football!1 -
It's applied straight away, so a team that has enough points to stay up otherwise would be at risk of relegation. However, if the club does not have enough points from matches and is relegated, the deduction is carried over to the next season. See, from the EFL Handbook:TelMc32 said:
The 12 point deduction is automatic as soon as the EFL are advised of the Administration. It’s already been done and they’re now on -6.MuttleyCAFC said:I presume the HMRC order will have forced this. What I don't understand is why Chansiri didn't sell the club for a nominal amount. The debts could be too high but any new owner is going to face a points deduction which may apply next season if they go down in their own right this season. It sounds like they are far from being out of the woods.
12.4 Subject to the provisions of Regulation 12.5 below, where the Club becomes subject to or suffers an Event of Insolvency, or the Board impose a deduction in accordance with Regulation 12.3:
12.4.1 during the Normal Playing Season but prior to 5.00pm on the fourth Thursday in March, the points deduction shall apply immediately; SECTION SIX | EFL REGULATIONS 260 33
12.4.2 during the Normal Playing Season but after 5.00pm on the fourth Thursday in March, Regulation 12.5 shall apply; and 12.4.3 outside the Normal Playing Season, the points deduction shall apply in respect of the following Season such that the Club starts that Season on minus 12 points (including in the National League if appropriate).
12.5 Where the circumstances set out in Regulation 12.4.2 apply and at the end of that Season, having regard to the number of championship points awarded (ignoring any potential deduction):
12.5.1 the Club would be relegated in accordance with Regulation 10.1.2(b) or 7.7, the points deduction will apply in the next following Season (including in the National League if appropriate); or
12.5.2 the Club would not be relegated as aforesaid, the points deduction will apply in that Season and Regulation 10.1.2(b) or 7.7 will then apply (if appropriate) following imposition of the points deduction. 12.6 For the avoidance of doubt, where a Club and/or Group Undertaking is subject to more3
