Wed, 08 Sep 2010 | ADMINISTRATION
Sheffield Wednesday has narrowly escaped either administration or a winding-up order, having reached an agreement with its lender over an unpaid tax bill.
The South Yorkshire club had a fast approaching date at the High Court over its £1.1 million tax bill from HM Revenues & Customs, but a deal with the Co-operative bank has guaranteed its safety in the short term.
In July, the club survived an initial winding-up petition over an original debt amount of £550,000 to HMRC. The tax office decided to take the matter to the next stage when the debt increased two-fold.
A move into administration would have meant the deduction of ten points by the Football League and would also have spoilt its plans to host World Cup matches in 2018, should England's bid be successful.
The Owls have been seeking out new investment opportunities since former chairman Lee Strafford came on board in December 2008. It rejected an offer from America’s Club 9 Sports in May, which would have secured £2 million in return for a 40 per cent holding in the club.
The club believes the predicament has already caused the loss of over 20 per cent of 2009’s revenues.
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