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Short term fix for Sheff Wed avoids administration

Submitted by Anonymous on Wed, 09/08/2010 - 14:40

Sheffield Wednesday have avoided going into administration after reaching a 'short-term' agreement with the Co-Operative Bank.

The Owls were due in court on Wednesday over a winding-up petition issued by HM Revenue & Customs.

The Owls obtained an adjournment at an initial hearing last month over unpaid taxes, of which £300,000 has been repaid by the club following the sale of goalkeeper Lee Grant to Burnley.

But Wednesday, who have debts in excess of £20 million, are currently unable to meet their outgoings and have since accrued further debts of £300,000 in unpaid PAYE.

The Football League imposed two transfer embargoes on Wednesday since the end of last season due to the club's failure to meet its tax bills.

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