Adminstrator Kris Wigfield of Sheffield Wednesday has confirmed that the club will not face additional points deductions in the near future. The announcement follows criticisms of the lack of communication from the administrators, Begbies Traynor, and frustrations expressed by the club’s fans, including MP Clive Betts who called their behavior ‘unacceptable’.
James Bord’s consortium, recently named as the Owls’ preferred bidder, has been unveiled after weeks of speculation. In a statement released by Wigfield, the administrator aimed to provide more transparency on the current process, which had seemingly stagnated. Fans were reassured that the administrators are adhering to regulations to ensure Sheffield Wednesday secures stable ownership.
Notably, Sheffield Wednesday had previously been docked 18 points by the EFL due to financial misconduct under former owner Dejphon Chansiri. There were concerns that further points deductions could occur next season if a bid exceeding the club’s £30 million debt obligation was not submitted. Bord and his consortium have deposited funds to fund the club’s operations until their bid is fully evaluated, indicating their capability to acquire Sheffield Wednesday.
According to the club statement, no additional points deductions are expected, as the proposed transaction structure aligns with EFL requirements. Chansiri, who is a creditor of the club owed around £15 million, anticipates the completion of the takeover process to reclaim his outstanding sum under the insolvency policy. Wigfield emphasized that maximizing returns to creditors is a key aspect of the administration process.
As Sheffield Wednesday prepares to face Brentford in the FA Cup, the club is navigating the complex financial and ownership landscape, striving to secure a more stable future for the team.
