SA Press Release - The Continuing Peril Facing SWFC

Sheffield Wednesday Shareholders Association Press Release

4^th November 2010

Re: The Continuing Peril Facing Our Club

It is a matter of public record that our famous club stands at the edge of a financial abyss like none it has ever faced before.  In 13 days time we face our second Winding Up petition at the High Court, and only a payment of £600,000 to HMRC will save our club from administration.

48 hours ago we requested that the 4 major shareholders in our club pool their shareholdings to allow a potential saviour to pay that £600,000 in return for a 40% shareholding, effectively a controlling interest. This would ensure that the club lives to fight another day.

In the 48 hours since that call the club has moved even closer to the edge of the abyss, with the news that the major financier involved in the consortium has withdrawn from the investment process. 

Also during that 48 hours both Wednesdayite and Dave Allen have responded publicly to our call by announcing they would make their shares available at no cost. Mr Allen even suggested he would write off the interest on his loan notes – an unprecedented but clearly welcome move.

Unfortunately – that leaves 2 shareholders still to announce whether they would support this incentive.

Dave Coupe, SA Chairman states “We are running out of time. We are halfway to delivering this solution, and currently are only being delayed by Geoff Hulley and Keith Addy, and their lack of commitment to this. We would urge them to announce today what their intentions are”

Nigel Short, SA Secretary states “As its clear now that this is the only tangible plan we know of to keep the club alive beyond November 17^th, we are amazed that there has been no commitment yet from 2 of the clubs longest serving directors. As each day passes the future of our club looks more and more precarious. Let’s not find ourselves sleepwalking over the edge”