BBC Sport football

IN ASSOCIATION WITH

Related BBC sites

Page last updated at 17:57 GMT, Saturday, 9 October 2010 18:57 UK

Sheffield Wednesday reveal new cash investment

Football Focus online

Football Focus - Online edition

Sheffield Wednesday have revealed an unidentified investor is set to inject much-needed capital into the club.

The investor said it would forward £2m to solve immediate cash-flow problems ahead of longer-term financial help.

"For the first time since we've been seeking investment we've seen real cash on the table," chairman Howard Wilkinson told the BBC.

The Owls have debts of more than £20m and are due to face their latest winding-up order on 17 November.

The newest order is the third in recent months from Her Majesty's Revenue & Customs for an unpaid tax bill of £600,000.

In September, the club was saved from administration after reaching an agreement with the Co-operative bank.

A spokesman for the third-party investor said: "The short-term need is greatest and so our initial payment is being made to allow for the investment process to conclude without the distracting fear of administration.

"When appropriate we will share with fans our longer-term aspirations for the club but for now I ask everybody associated with Sheffield Wednesday to continue getting behind the team and focus on what happens on the pitch."

The investor is said to be known to the club and the Co-operative bank but has asked to remain anonymous during legal negotiations.

606: DEBATE

Former Wednesday manager Wilkinson seemed content with the investment, telling BBC Sport's Football Focus programme: "The commitment that has been made on Friday is a commitment based on trust but what is does show is that they mean business.

"So that's fantastic and I'm cautiously optimistic, and if my cautious optimism proves to be right it is a fantastic day for Sheffield Wednesday.

"Irrespective of what happens on the football pitch, the fans, who have been brilliant over the past few years, will start to see the club emerge from the shadows and hopefully gain its rightful place."

Wednesday's fortunes took a turn for the better on the pitch as well on Saturday as a 1-0 win over Leyton Orient lifted the club to fifth in the League One table.



Print Sponsor


see also
Sheff Wed 1-0 Leyton Orient
09 Oct 10 |  League One
Owls face HMRC winding-up order
30 Sep 10 |  Sheff Wed
Wednesday ward off administration
07 Sep 10 |  Sheff Wed
Wilkinson returns to Hillsborough
09 Jan 09 |  Sheff Wed


related bbc links:

related internet links:
The BBC is not responsible for the content of external internet sites

FROM OTHER SPORT SITES
Sky Sports Beevers blow for Wednesday - 1 hr ago
Insider Media Limited Wednesday reveal investment - 8 hrs ago
The Independent Wednesday look to brighter tomorrow after rescue package - 16 hrs ago
The Sun Howard Wilkinson relief at Sheffield Wednesday cash boost - 17 hrs ago
Guardian.co.uk Sheffield Wednesday are daring to dream after years of lean | Mark Tallentire - 19 hrs ago


BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.