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Sheff Wednesday been given a winding up order

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Another team which seems to be heading down financially http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/8847626.stm

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And like Cardiff and all the others they will dodge the bullet and keep trading.

I seriously think that unless a biggish club is allowed to go under nothing will change in the way clubs operate beyond their means.

Shocking for the fans.

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I think things may be about to change in the football world. HMRC will no longer accept excuses for non-payment and want their cash when it''s due.

I don''t think it will be long before a club disappears for good whether that be Portsmouth, Cardiff or Sheff Wednesday.

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Didn''t that idiot who came on the boards last year get involved with them?  The Yank who boasted about sitting in the owner''s box and all the investment he was bringing to them and that he could do the same to us? I forget his name on the boards but I remember it being an epic thread. 

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[quote user="rjwc22"]And like Cardiff and all the others they will dodge the bullet and keep trading.

I seriously think that unless a biggish club is allowed to go under nothing will change in the way clubs operate beyond their means.

Shocking for the fans.[/quote]I agree with this entirely.It is interesting that over the past year to eighteen months a lot more clubs have been given winding up orders however.  Whereas before it didn''t really tend to happen very much.  Maybe just the very fact they have been threatened in such a way will force them to clean up their act (some hope, I know).

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I think they''re just playing the system. Summer = no cash flow so you don''t pay your tax bill and it''s obvious (from precedent) nothing will come of it and it can be sorted out in the new season. They won''t go under, sure of that.

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[quote user="newyorkcanary"]Didn''t that idiot who came on the boards last year get involved with them?  The Yank who boasted about sitting in the owner''s box and all the investment he was bringing to them and that he could do the same to us? I forget his name on the boards but I remember it being an epic thread. 
[/quote]

 

Anglophile I think.

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From a distance Sheffield Wednesday have given the appearance for some time of being a badly-run club, but this latest development doesn''t look terminal. Closer to home, I rather fear for Southend United, in a footballing and financial sense, but they don''t qualify as the big club that might whose demise might provide a shock to the system.

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[quote user="PurpleCanary"]From a distance Sheffield Wednesday have given the appearance for some time of being a badly-run club, but this latest development doesn''t look terminal. Closer to home, I rather fear for Southend United, in a footballing and financial sense, but they don''t qualify as the big club that might whose demise might provide a shock to the system.[/quote]UGH...[:$]...but they don''t qualify as the big club whose demise...

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An owls fan I know who knows a "fat bloke in Hillsborough" tells me that the club thought they could play brinksmanship with the HMRC.  Silly buggers.

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[quote user="jas the barclay king"]salary caping will save football accross the globe.. pity it wont ever be bought in.[/quote]

agreed

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It''s a terrible situation and as always it''s the fans who suffer most. Even RCD Majorca have been placed in admin and so as said previously, an agreed salary cap (at least around Europe) is the only thing capable of saving the game!

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[quote user="newyorkcanary"]Didn''t that idiot who came on the boards last year get involved with them?  The Yank who boasted about sitting in the owner''s box and all the investment he was bringing to them and that he could do the same to us? I forget his name on the boards but I remember it being an epic thread.  Joe Kosich.[/quote]

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[quote user="Graham Humphrey"][quote user="rjwc22"]And like Cardiff and all the others they will dodge the bullet and keep trading. I seriously think that unless a biggish club is allowed to go under nothing will change in the way clubs operate beyond their means. Shocking for the fans.[/quote]
I agree with this entirely.

It is interesting that over the past year to eighteen months a lot more clubs have been given winding up orders however.  Whereas before it didn''t really tend to happen very much.  Maybe just the very fact they have been threatened in such a way will force them to clean up their act (some hope, I know).
[/quote]

It''s because HMRC used to be a preferred creditor on a winding up, but that has now changed. This has made HMRC considerably more twitchy as they are now afforded the same privilege as every other Tom, Dick or Harry that is owed money by the clubs.

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[quote user="Canary Wharf Canary"]

[quote user="Graham Humphrey"][quote user="rjwc22"]And like Cardiff and all the others they will dodge the bullet and keep trading. I seriously think that unless a biggish club is allowed to go under nothing will change in the way clubs operate beyond their means. Shocking for the fans.[/quote]
I agree with this entirely.

It is interesting that over the past year to eighteen months a lot more clubs have been given winding up orders however.  Whereas before it didn''t really tend to happen very much.  Maybe just the very fact they have been threatened in such a way will force them to clean up their act (some hope, I know).
[/quote]

It''s because HMRC used to be a preferred creditor on a winding up, but that has now changed. This has made HMRC considerably more twitchy as they are now afforded the same privilege as every other Tom, Dick or Harry that is owed money by the clubs.

[/quote]

 

This is the case and by issuing a winding up order they are forcing clubs to sell saleable assets (players in this case) whilst the transfer window is open or face the prospect of being wound up.

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