16 Sep 2010Sheffield Wednesday 'still owe £350k'

Football Clubs News | Football Finance News

Troubled League One football club Sheffield Wednesday are reportedly still burdened by arrears of £350,000, despite the recent dismissal of a winding-up petition sought by HM Revenue and Customs (HMRC).

According to the Sheffield Telegraph, PAYE and VAT payments resulted in the doubling of the South Yorkshire side's debt to HMRC from £550,000 to £1.1 million before the issue went to the High Court last week.

However, the newspaper claims Sheffield Wednesday still owes hundreds of thousands of pounds to the taxman despite securing an 11th-hour emergency loan from the Co-operative Bank prior to the hearing.

In an open letter to fans, chairman Howard Wilkinson acknowledged that HMRC - which is seeking to reform the treatment of football creditors - has been "right" to focus its attentions on indebted clubs.

The former Leeds United manager also admitted that the scrapping of the winding-up order has not brought an end to the Hillsborough outfit's problems, but revealed that potential investors have been in contact with the Co-op.

Written by Mark Thompson

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