Sheffield Wednesday Football Club has been placed under administration, with joint administrators immediately assuming control to protect creditor interests and ensure the club's continued operation. The primary objective is to secure a new owner as swiftly as possible.
A managing partner at Begbies Traynor stated that the club has operated at a significant loss for many years, historically funded by the owner, Mr. Chansiri, who is no longer willing to provide financial support. While acknowledging that a recent fan boycott increased financial pressure, it was not identified as the direct cause of the insolvency.
Administrators encourage supporters to attend matches, assuring that all fan contributions will directly fund the club's day-to-day running, not former owners or professional fees. This support is crucial for stabilizing the club and facilitating a viable sale. Creditors are advised to contact the joint administrators to register claims, with confidence expressed that the club can achieve a "bright future" under the correct ownership structure and fulfill all EFL regulatory obligations.
Source: https://www.bbc.com/sport/football/articles/c1lqmmml533o?at_medium=RSS&at_campaign=rss