The crisis has been going on for a long time in Sheffield. The Wednesday part of the city has seen the proud club go from serious financial problems to bankruptcy. Financial experts have taken over the club’s finances in an attempt to save the club and pay off debts. They have chosen an American investment company, Arise Capital Partners, as the preferred buyer of the club, and the consortium is close to buying the club. Despite this, the rescue operation could have a particularly slow start to the coming season.
Because according to the BBC , Sheffield Wednesday will start with minus 15 points on the table if the investment company’s bid for the club does not improve. The reason is that it does not meet the requirements of the English Football League (EFL). When a club is sold after going bankrupt, those who owe the club money must receive at least 25 percent of what the club owes, and Arise Capital’s bid does not currently meet this requirement, it is reported.
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The biggest creditor is the club’s former owner, Dejphon Chansiri. This is about £60 million, which Chansiri has loaned to the club over the years, and which the club will have to pay back.
Arise Capital’s bid is the best that has been received, reports the BBC, which will secure the club’s future financially, but if the bid is not jacked up, the new owners will have to start next season with minus 15 points anyway.
At the bottom with -6 points on the Championship table, with nine games left in the season, there is no doubt where the proud, but shaky club will start in the division system.
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For now, Sheffield Wednesday’s business will continue as usual. Players and coaches will receive a salary at the same time as the season’s matches have been played. On Tuesday, the team pulled in at least one point in the 1-1 draw against Watford. No great consolation for the supporters, but still something not to cry about.
