Owls avoid winding-up order

Cash-strapped club still battling to avoid administration

Last updated: 8th September 2010   Subscribe to RSS Feed

Owls avoid winding-up order
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Sheffield Wednesday have agreed a short-term deal with its bank to see off the threat of a winding-up order.

It was feared the cash-strapped Owls could be forced into administration over an unpaid tax bill of £1.1million.

The club were locked in talks with the Co-operative Bank on Tuesday to try and find a solution to pay off their debts.

The League One club were in the High Court on Wednesday over the unpaid tax bill and the winding-up petition has been struck out after the club reached an agreement with the Co-operative Bank to fund a payment of £780,000 to HM Revenue and Customs (HMRC).

Wednesday are thought to have debts of £30million and although the latest deal avoids the threat of imminent administration the club still face an uncertain future.