Sheffield Wednesday Football Club has today made an announcement in relation to the prospect of a takeover/potential investment in the business.
At the club's AGM late last year it was announced that the target was to have new investment in place by March 31st 2009. This is not now expected to happen within this timescale.
The news will come as a blow to supporters who would have been hoping that a brighter financial future may have been on the horizon for the club and it opens everyone involved up to more ridicule in the wake of the farce that was the proposed Geoff Sheard consortium takeover process.
It seems that some creditors seem unwilling to agree to the same terms as the Co-Op bank in relation to relieving the club of some of its debt and that is proving to be a major stumbling block.
The bank had reportedly agreed in principle to write off up to around 50% of the £20M+ it is owed with the prospect of new investment but other creditors are unwilling to do the same and the bank will is not prepared to lose out if others are still wanting to claim all of their money back.
Despite this news Wednesday fans should take some solace in the fact that since that AGM the Owls have taken major steps in improving the whole set up at the club.
The appointments of Lee Strafford and Nick Parker and the new initiatives that they have introduced have breathed new life into the club and SWFC is developing a much better relationship with its supporters.
However, it has recently been revealed that the Owls operate on one of the lowest budgets in terms of wages in the Coca Cola Championship and so unless there is some solid investment made in the coming months it will be difficult for the club to make any significant improvements to the playing squad for next season and the Owls top players could be tempted by possible offers of better wages elsewhere.