Sheffield Wednesday avoid administration after bank bailout
With 10 points from five games, Alan Irvine’s Sheffield Wednesday side are sitting pretty at the top of League One.
Yesterday the threat of administration could’ve seen Wednesday drop to the bottom of League one without playing a game, but the Co-operative Bank has given the Owls the facility to pay off a tax debt.
Wednesday were due before the high court this morning and the club have managed to secure the funds to pay a £1.1m debt owed to HM Revenue & Customs.
Two months ago, Wednesday were faced with a winding up order over an unpaid tax bill of £550,000 but on that occasion, an agreement was reached and the case was adjourned.
However there are real fears surrounding the club today that their bankers, the Co-op Bank, wouldn’t release the funds to pay off the debt and that entering administration was a real possibility.
Wednesday were relegated from the Championship last season and will be glad to avoid the automatic 10-point deduction for entering administration which would’ve seen them make the huge drop from top spot to bottom spot in the space of a day.
With the club estimating that relegation has already cost them more than 20% of last year’s income, Wednesday financial position is under real scrutiny.
Carlisle make the 300 mile round trip to Sheffield on Saturday in what’s currently a top of the table clash.
Gregg Abott’s side sit a point behind Wednesday as things currently stand and are 4/1 to take advantage of Wednesday’s plight and come away with all three points.
But Alan Irvine will be determined that whatever happens in the board room, won’t affect the players on the pitch and they Wednesday are 8/11 to win.
Wednesday are 3/1 to win League One this season but that will change if they enter administration. See the full League One football betting market here.