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Co-op loan lifts Owls

Sheffield Wednesday Football Club’s finances have been lifted by a £22million loan from the Co-operative Bank.

The loan allows Sheffield Wednesday to deal with a winding-up order which was filed by the HMRC due to the club’s six figure debt. Wednesday now has 28 days to deal with the tax payment.  

Hugo Groves, who represented the League One club in court said: "There are also very serious and advanced negotiations for the sale of the club.”

A spokesperson for HMRC commented: "We can't discuss individual cases. HMRC doesn't initiate insolvency action against football clubs - or any other business - lightly but we will not hesitate to do so when that is the right way to protect the country's tax revenues and other creditors from those who trade whilst insolvent and run up debts that they simply cannot pay. Ensuring tax is paid on time should be at the centre of football's business strategy just as it should be for any other enterprise."

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