Sheffield Wednesday - Takeover off (again) ?

http://www.swfc.co.uk/news/article/a-message-from-the-chairman-1897783.aspx#xDJy0YGOIPZrbU5O.99

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A message from the chairman

Further to my previous statements, I would like to update supporters on the current status in respect of the proposed takeover of the club by Mr Hafiz Mammadov.

As you are all aware, an agreement was reached between myself and Mr Mammadov at the end of May, this arrangement would see him both take over ownership of the club and with immediate effect become the principal club sponsor.

Mr Mammadov is a very successful businessman with a passion for football, he currently controls both RC Lens and Baku FC as well as sponsoring a number of European clubs, including the Spanish champions Atletico Madrid.

His vision for Sheffield Wednesday was very exciting and the main reason why I agreed a deal to hand over ownership of our club, the legacy I leave behind is vitally important to me and I believed Mr Mammadov offered a wonderful future for the supporters of Sheffield Wednesday Football Club.

Unfortunately despite working hard with both Mr Mammadov and his representatives since the agreement was signed he has not been able to meet the obligations set out in the contract for either the purchase of the shares or the sponsorship arrangements.

Our supporters were extremely excited when the takeover was announced, like me they believed that Mr Mammadov offered a great opportunity for the club, in hindsight my desire to please our supporters probably clouded my decision to grant further time for him to complete the process.

During this period I have continued to manage the business and to fund the ongoing financial requirements of the club as I have always done and will continue to do so.

As supporters will have seen, we have fully committed to the sponsorship agreement, we are proudly wearing our new shirts with the ‘Azerbaijan Land of Fire’ logo and this alongside the other advertising inventory will give worldwide coverage to the country.

Whilst I hope that Mr Mammadov will very quickly overcome his difficulties in Azerbaijan, I cannot allow this continued speculation to continue and have asked my legal advisors to take such legal action as they consider necessary.

The club as always will attract people who are interested in acquiring a top English football club. Accordingly, I will explore every serious possibility and if I believe that there is someone who can accelerate our plans to return this club to the Premier League then I will do all in my power to welcome them to Sheffield.

I believe the legacy I left behind at my previous clubs should give supporters every confidence, if any is needed.

The team has started the new season extremely well and I am determined not to allow any off the field issues to distract us from giving Stuart and the squad the best possible chance to continue the good form we have shown so far.

I would like to finish by thanking our supporters for their continued patience and the wonderful backing we have enjoyed so far this season both at Hillsborough and on the road.

 

Lol

 

Azerbyeck

 

Well he did say a top club and not a massive club , by the by

 

I fail to understand why a club which attracts four billion fans to every home game requires additional investment, anyway.

 

Has borat run into money trouble then

 

I wouldn't be surprised if that club owes more money that the fans think,they assume that mr fannyitch sorted everything out,i'm personally not so sure.They were hours from going tits up big time,about 25 million in debt,that amount just doesn't go away,for me somebody somewhere wants their money back and whoever takes over is going to have to find a big chunk of it and that itself is proving a big stumbling block.
With the right investment that club could see gates of 30 odd thousand every week,far more than the likes of QPR and Leicester etc,yet these clubs seem to have attracted buyers and Wednesday cant,summat a miss in my eyes.

 

Pity


Sent from my iPhone using Tapatalk

 

They only want to buy in to football to launder money into the Uk. They are not interested in the Wendys

 

Pompey?

 

Aren't the Co-op Bank due a big payout if the Owls get into the Premier League?
I'm sure I heard something on Football Heaven about it when wotisface took over; waiving interest payments, reducing the debt to be paid back, on a promise to pay some of it back when they reach the Premier.

 

I'm not sure to be honest,i've heard(from Wednesday fans) that the coop agreed an amount and that was paid back,plenty of their supporters are of the impression that the club had already paid enough interest on their loans therefore the coop was happy.I personally don't think this will be the case because banks always want their dues and Wednesday arnt an exception,no matter what some of their supporters think.
The premier league agreement will probably be more near the mark,the coop will want the money owed,even more so given their current state of affairs.

Milan looked to be just the ticket when he took over,fans were over the moon and expected big investment on the pitch with a canter towards the premier league,unfortunately this hasn't been the case.
If they do have to pay the money back in the event of promotion to the promised land then they would be starting with one hand tied behind their backs because its money that couldn't be spent on players.

 

There were some tears in the office at work over this.

 

Here, too - mainly mine, of laughter.

 

Looking on Owlstalk, there's a feeling they haven't even got the money for the shirt sponsorship.

 

Chuffing hell, we did that in the 90's. 'FPW'

Get up to date you Owls.

 

Frequency programming world.... Right up there with big thing!

 

Haha. Halcyon days.