Sheffield Wednesday have been given 28 days to settle their debts to Revenue and Customs after the High Court was told yesterday that the football club had already made a ‘substantial payment’. Money from the sale of players has been used to reduce the outstanding balance of £550,000. Counsel for the club said that there were very serious and advanced negotiations for the sale of the club. HMRC argued that more debts had accumulated since proceedings began.
Sheffield Wednesday have been given 28 days to settle their debts to Revenue and Customs after the High Court was told yesterday that the football club had already made a ‘substantial payment’. Money from the sale of players has been used to reduce the outstanding balance of £550,000. Counsel for the club said that there were very serious and advanced negotiations for the sale of the club. HMRC argued that more debts had accumulated since proceedings began.
Althouh the Owls’ current debts are said to be around £26m, the Co-operative Bank has agreed to extend further credit lines to the club. Revenue is also now coming in from games and the club attracts attendances well above the League 1 average, so their short-term future seems secure.