Thetownend.com

http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9172914.stm

They can't go on like this for much longer though, shirley?

Um, they can and dont call me Shirley?

Beautifully replied.

Im quite looking forward to the away game in april

Same old routine that a number of clubs are going through at the moment. Winding up order issued for unpaid taxes with the amount on the order being paid shortly before the court hearing. In the meantime, they haven't paid any other tax bills as they become due which at the same time are going through the system resulting in another winding up order being issued not long after.

Clubs are using HMRC as an overdraft facility, one of the many things the football authorities need to clamp down on. 

Can I have a pointed easy version of Wednesday's troubles? My brother in law is a fan, but he's been really good about my nephew being a swindon fan, to the point that he came along to the playoff final supporting swindon himself. He says that Charlie (my nephew) should support where he grows up. Which I agree with because it's swindon.

On the reverse I'ld like to know how fucked they are so I can wind him up/

They keep not paying their tax/VAT. So HMRC issue a winding-up order. So they scrabble around and beg/borrow money to pay the winding-up order on the tax that's overdue from 6 months ago and pay it off at the last minute. Unfortunately one of the ways they do that is to not pay the tax that's currently due. So HMRC issue another winding up order. And so on.

They're basically betting everything on "investors" who'll come forward and put millions in as the current board manifestly can't sustain the club and have no plan other than "Someone else should give us a pot of money to piss up the wall like we've been doing for the last 10 years". So they keep going out to find investors who variously turn out to largely be a figment of the board's imagination, not actually have the money needed or not be to the current board's liking (because they want to have control of the club once they've put their money in, rather than just handing it over like good chaps).

So it's now got to the stage where they have to cut a deal with someone while simultaneously fighting off the HMRC vicious circle. The question is can they keep all the balls in the air long enough to find someone to do a deal with, or does it all come crashing down and they have to go into admin.

Hmm, sounds a bit like the Diamandis school of how to run a business

They should try wonga.com

That 10 point (potential) deduction could be very helpful to us

Howard Wilkinson's been going to the Baghdad Bob school on how to sell a business :

"How close are we to investment? We're that close. But it's like those miners in Chile. They're told they're going to get out in November, but they won't believe that until they climb out and see the sun in the sky.

http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9037232.stm

Not sure if this makes it better or worse

http://news.bbc.co.uk/sport1/hi/football/teams/l/leicester_city/9183098.stm

What they really need is a Mandaric-Ridsdale-Gaydamak dream team

Administration a "distinct possibility"

http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9187930.stm

And from that article:
Hope they're not relying on any of his promises, their board's "reassurances" are probably worth more.

Maybe thats what the increase in tuition fees are for

http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9192555.stm

Mandaric pulls out as well, not looking good for Wednesday.

10 point deduction would be handy for us.

The Wendies debt is historical from the time Dave Richards was in charge, now Sir Dave, and chairman of the Premier League, and who Danny Wilson said was the worst chairman he ever worked with.

And they say useless people never prosper.

Apparently they are going to go to court today and ask for an extension as they have parties interested in buying the club - to me that is a risky option as surely if HMRC push hard enough they could win as SWFC have been in the same position before and claimerd plenty of interest

There has been takeover talk from them for a number of years...and nothing has happened. Maybe it's like buying a house....

They normally pretty much know, or can guess, what the judge will say. Looks like they're likely to get an extension and told they won't be getting another one. The stupid thing though is once this bill is paid, HMRC will no doubt shortly issue another winding up order and the whole thing gets reset. It's a pity they can't continue the action.

Worth pointing out that none of this is cheap for the clubs involved. They'll be paying all the costs and there are some hefty fines and penalties that are payable to HMRC when you make late payments, especially if you keep doing it.

Got 28 day stay of execution

But have another winding up hearing on Dec 1 so they have to get a deal done within the next 2 weeks or really their only option is Administration I expect that Mandaric will 'save' them at the last minute

Manderic pulled out at the start of the week so doubt it.

BBC are now reporting that Mandaric is still interested in a deal.

Probably now wait for them to go into admin and pick them up for £1

Good article on how the Wendies got into this situation :

http://www.guardian.co.uk/sport/david-conn-inside-sport-blog/2010/nov/24/sheffield-wednesday-sir-dave-richards

Mandaric on the verge of a Wendies takeover :

http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9226161.stm

Mandaric has resigned as Leichester Chairman effective after tonight's game to take charge at Sheff Weds