Sheffield Wednesday’s “Imminent” Investment

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25 Responses

  1. Nicola says:

    Errrm you might want to check your facts ‘Mark’. Due to the deed of priorities over our debts, while Mr. Allen’s loan may need to be re-negotiated in May, it is in no way repayable until such times as our debt with the Co-op is under the £14m mark.

    And Lee Strafford was hardly ranting and raving about us not going into administration. He was answering fans’ concerns over the issue, nothing more. He would sooner come out and rubbish such claims than letting unwarranted speculation fester, something he should be praised for.

  2. Daniel says:

    Almost brilliant post, but as nicola says the co-op need paying first before any directors loans

  3. Mark Murphy says:

    ‘Nicola’,

    Yes, I may have misunderstood. I assumed that the Co-op’s proposed write-off of part of the money owed to them would trigger re-payment of Allen’s loans, at least if he demanded it, which he seems/seemed determined to do. Sorry if that IS a misunderstanding on my part.

    Re: Strafford’s adminstration denials. I was emphasising that he’s been saying it a LOT, it hasn’t been one interview/set of quotes syndicated across the whole media network. It’s his doomsday scenario, not mine. No criticism intended.

    Thanks, though. If I get stuff wrong, it’s important that I’m told.

  4. Ken says:

    The vultures must be circling if we appear on 200percent. The big concern is that for all Strafford’s evangelical zeal, it’s very difficult to envisage anyone with any sense investing in a club with Wednesday’s level of debt in the teeth of a recession. Assuming that’s the case then the club is barely a going concern – even if we avoid relegation will we improve significantly on the field next year? How patient will the Co-Op be in the face of further financial losses? Season tickets were placed on sale in January which raises cash flow concerns. It’s fair to say that sales have been slow and the club has been forced into embarrassing deadline extensions.

    Keep up the good work Mark.

  5. Nicola says:

    Fair enough Mark.

    Bear in mind the Co-op hasn’t written anything off yet, and so the supposed repayment to MR. Allen is inconsequential.

    IF (big one) of course something were to happen re: investment before May and the co-op debt was reduced under £14m (another if) then your article may be right.

    Lots of water to go under the bridge before then. Just that your article came across as a bit doomsday-esque.

  6. Nicola says:

    Just to add.

    Of course, that’s not to say Mr. Allen may be paid off as part of said investment and so come May his repayment may not need to be made at all.

  7. Shane says:

    Personally i would be very suprised of any imminent investement, i think we will be struggling for a long time unless a manager hopefully A.I can pull off a miracle and get us out of this league and into the premiership. However league one is looking more of a real prospect then that.

  8. Martin says:

    “Discussions”, apparently, “have been with a view to find an appropriate structure that will allow us to become part of the Wednesday family.”

    Sometimes I’m glad that a supermarket property deal enabled us to escape all this patent b******t.

  9. Robert says:

    Lee Strafford did recieve death threats and much abuse on his facebook wall, I read some of it myself, and given the way the Star presented that interview and their usual top notch journalism Iwouldn’t be suprised if it was a passing comment from LS which the Star turned into the focal point

    Whether he should have it opened his facebook account up to the public or not is a different matter

  10. James says:

    While much of what is written is factual,there are, for whatever reason, some fairly pointless digs at the chairman in there, and at the same time the article appears to at best cheapen, and at worst totally ignore the value of the ‘cosmetic’ work that has been achieved in what is relativley speaking a short tenure so far by LS & NP.

    Go fill up your cup ‘Mark’ and cut the formentioned, unpaid (you ignored that fact too) chairman a bit of slack.

  11. I have heard that Strafford has been quite active at various times on Owls message boards which seems extraordinarily foolhardy, albeit also quite admirable. The problem with this “glasnost” approach is that it can come back and bite you quite badly when difficult decisions need to be made. Wednesday’s size as a club leads one to forget how cash strapped they are – they may be in the relegation shake up but defeats like the one to Doncaster in February still seem humiliating even though the smaller club are a tighter ship at the moment. As for the litany of suitors, I wonder if P Diddy has been linked as he has been with the Palace?

  12. Richard says:

    Excellent article.

    It’s worth also noting that Strafford has said that Wednesday don’t necessarily need investment, and that there is a business plan in place if no takeover / extra cash happens. Unfortunately this plan appears to be based around fabulously over-optimistic attendance projections (28000 in 2011-12) and selling season tickets in October with ever-extending deadlines for said sales.

  13. Billsaja says:

    Not sure why people have this myth that the Loan Notes cannot be called until the debt is under 14mm – that only applies to early repayment, when they’re due, they’re due, as long as 75% of the loan note holders vote to ask for repayment. Same is true of the A notes, but there is an agreement in place they (the note holders) won’t ask for repayment before 12 months after the ratification of the last accounts (so presumably May 2010 is accurate).

    Also the old chestnut about Allen’s notes being at some mythically high level again I see – they are loans at 2.25% above Bank Base Rate – the exact same rate we pay on our overdraft facility. All of the above is in the accounts.

    Still not sure if Rob Waugh is going to try and go one better this year, but still wondering what could have been – would Owlsonline have a Paul Foot award if we’d submitted the exact same story as Waugh did – all of which was on here weeks before he wrote it in the press…….

    Hate that two of Dave Allen’s quotes are so good, but “Why are (these investors) always a mystery.” and is it “all spin, hype and talk.”

  14. The REAL billsaja says:

    Whoa there, don’t go cutting and pasting my comments from one website on to another.

    http://www.swfc.co.uk/staticFiles/67/40/0,,10304~147559,00.pdf

    Just as a frame of reference, Note 12 to the accounts.

    But the above poster is NOT me

    Simon

  15. Lee says:

    Billsaja/Simon

    Person of many,many faces..

    Wanting some attention, dude?

  16. Ben says:

    Somebody has to chair the club and i am thankful for someone like Lee Strafford a successful business man with an entrepreneurial spirit. This man is not being paid for the role and has Wednesday in his heart. I see the idea to sell tickets in an advance capacity is a strategically positive move which if goes to plan can help us be prepared to move in the transfer market when opportunities arise that co-inside with our goals and squad ambitions.
    Some people will never be happy and maybe some people from the past failed regimes do not want to to see others succeed where they have not due to their bitterness.

  17. David Wood says:

    “This man is not being paid for the role and has Wednesday in his heart.”

    How do you know he isn’t being paid, because he says so? I wouldn’t believe a word he says. As for having Wednesday in his heart….absolute rubbish. We were a mid table team until he came along and made his “improvements”. Now look at us.

  18. Daniel says:

    1. The deadline wast set for, and not by, Lee Strafford.

    2. Plenty of ways to get investment without anyone actually buying shares. Although thats not the main point from that particular part- how much detail do you want?

    More to the point, how much detail do you expect from potential investors?

    Are any of them really going to be stupid enough to spell out exactly what they are planning to do for the whole world to see, when they apparently see it as a way of making money? Wouldn’t that then open the door to anyone, using their plans, and defeat the object?

    Ken- putting season ticket sales on in January makes sense. It’s far from raising cash-flow concerns, in fact it’s a move to avoid cash flow concerns come june, when, under the more traditional method, we are strengthening the squad with absolutely no idea of finance levels.

    David Wood- ignoring the pointlessness of an argument that dictates a chairmans thoughts can be decided on mangerial performance over 1 half of a season, rather than his own actions, how exactly were we midtable before he arrived?

    The season before he arrived we required a last day victory to survive- not really mid-table is it?

    Still, to acknowledge fact would be to ruin your obvious hatred of a man who, in reality, has done little wrong

  19. Rich says:

    David – don’t be silly. If you we actually a Wednesday fan and had been to the games you would see how much better we are under Lee than our former regime.

    In terms of the wider article I agree that the slant about Lee’s comments on admin mis-represents how it actually came out. Lee did not just suddenly announce we are not going into admin (everynight on Radio Sheff someone suggests admin, and the quote is a direct response to a question from a fan on a phone in).

    But the whole saga is dragging on, I will give you that!!

  20. Andy H says:

    Great article Mark (or is it “Mark”?). I’ve reached the point (well I’ve actually repeatedly reached the point over the last couple of years) whereby I’m no longer traumatised by the thought of us folding entirely and a new FC Wednesday (or whatever) starting afresh. It’d be nice to support a club which I believed in for a change, as it’s getting a bit tiresome to define my football fandom by who I despise rather than who I love.

  21. Andy H says:

    But having said that, I want to believe in Stafford. Compared to the ridiculous buffoons and corrupt cretins who’ve run this club going back to (and very much including) Dodgy Dave Richards, he at least comes across as a man with some form of plan. However, I realise that not being as bad as others does not make someone a saviour.

  22. Ben Allen says:

    Why has not one single shareholder seen legally verified proof of funding?

    B

  23. David Wood says:

    Daniel – We finished 12th last season. If you were a fan you’d have known that. We are now the second worst side in South Yorkshire. Well done Lee, what a fantastic job you are doing. May you be our chairman for many years to come and when we arrive in the Conference these sycophantic fools might admit they were wrong about you.

    Investment is weeks away!!

  24. Ben Allen says:

    Did Lee invite you to his house so that you could sniff the money David?

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