The four-time English champion faces the threat of relegation, with the solution believed to lie in the sale of the club.
The English second division club Sheffield Wednesday has appointed an administrator due to its massive financial crisis. The Owls took this action in response to a petition for the compulsory dissolution of the club filed by the British tax authority HM Revenue & Customs.
The bottom team in the Championship must now expect a twelve-point deduction and almost certain relegation to the 3rd division.
Sheffield Wednesday files for bankruptcy
The bankruptcy is likely to mark the end of the ten-year tenure of club owner Dejphon Chansiri. According to a BBC report, negotiations are already underway for the sale of the four-time English champion.
Former team of Danny Röhl at rock bottom
The bankruptcy ensures the team’s operations for the time being, which had been coached by Danny Röhl until last summer. Röhl also left Sheffield due to the difficulties.
“Like many football clubs, the club has recorded significant losses for years, which were previously covered by the owner. Mr. Chansiri is no longer willing to provide this financial support,” said Kris Wigfield, one of the administrators.
Fan boycott exacerbates the crisis
The recent fan boycott has further increased the financial pressure. “Therefore, the owner has decided to place the club under administration.”
Wigfield’s colleague Paul Stanley emphasizes: “We are convinced that the club has a bright future with the right ownership structure” and will fulfill all regulatory obligations of the league. Currently, this is not the case. Among other issues, Sheffield has been unable to pay salaries on time in five of the past seven months.