Sheffield Wednesday Football Club has been placed into administration, with joint administrators from Begbies Traynor immediately assuming control. This action has been taken to protect the interests of creditors and ensure the club's continued operation while a new owner is sought as swiftly as possible. The club has reportedly been trading at a significant loss for many years, with these losses historically funded by the owner, Mr. Chansiri, who has now ceased providing financial support. While administrators clarified that a recent fan boycott did not directly cause the insolvency, it did increase financial pressure on the club, contributing to the owner's decision to initiate administration. Supporters are encouraged to continue attending matches at Hillsborough, as all fan expenditure will directly support the club's day-to-day running, aiding stabilization during the search for a suitable buyer. Creditors of the club are advised to contact the joint administrators to register their claims. Administrators express confidence in the club's future and its ability to meet all English Football League (EFL) regulatory obligations under the right ownership structure.
Source: https://www.bbc.com/sport/football/articles/c1lqmmml533o?at_medium=RSS&at_campaign=rss