Not really been following it much, but they have debts of £26m...how close are they to being in a similar situation to Leeds? I know the debts aren't as big as at Leeds but what's the likely long term outcome? Administration? Buy out? Nothing? Anyone able to enlighten me?
I understand that all their debts are to... Co-operative bank, guaranteed by Dave Allen. No chance of any administration.
Unless Allen pulls the plug he gets dogs abuse at games hopefully this will tip him over the edge. <table cellspacing="0" cellpadding="0" width="629" border="0"><tbody><tr><td colspan="3"><div class="mxb"><div class="sh">Owls chief angry as buy-out fails </div></div></td></tr><tr><td style="width: 416px" valign="top"><font size="2"><table cellspacing="0" cellpadding="0" width="203" align="right" border="0"><tbody><tr><td><div> <div class="cap">Gregg is a former Everton director</div></div></td></tr></tbody></table>Sheffield Wednesday chairman Dave Allen has blamed a supporters group for the collapse of a potential takeover by former Everton director Paul Gregg. Allen revealed Gregg withdrew his offer after the "Wednesdayite" group refused to sell a 10% share without conditions. </p> The Hillsborough board only hold 32% of the club's shares, which had been a source of concern for Gregg. </p> Allen said: "I would suggest the majority of fans get together and sort the minority out." </p> <table cellspacing="0" cellpadding="0" width="208" align="right" border="0"><tbody><tr><td style="width: 5px"></td><td class="sib606"><div class="sihf">606: DEBATE </div><div><div class="mva"><font color="#000099">Major PR disaster this for DA</font> </div></div><div class="mva"><div class="mva">Member 75</div></div></td></tr></tbody></table></p> Wednesday have debts of around £26m and Gregg had been in negotiations for months in a bid to take control at Hillsborough. </p> Allen added: "We've been talking to Paul Gregg since January. He's been looking to invest in a club and he was particularly interested in Wednesday. </p> "He's got connections in the area and his son's a fan. We had a lot of meetings with him and he completed due diligence but the bottom line is this....." </p> Allen then read a copy of the letter received from Gregg's solicitors. </p> It read: "Our client has unfortunately decided to withdraw from the opportunity to purchase initially the shares of the club. This decision was made reluctantly after much discussion. </p> <table cellspacing="0" cellpadding="0" width="208" align="right" border="0"><tbody><tr><td style="width: 5px"></td><td class="sibStdQuote"><div><div class="mva">We at Wednesdayite have become used to being portrayed in a negative way by those who look backwards instead of forwards </div></div><div class="mva"><div class="mva">Supporters' group statement</div></div></td></tr></tbody></table></p> "Our client had completed satisfactorily due financial diligence but one of the crucial reasons why our client decided to withdraw was the recognition that the acquisition of only 30% of the club could be delivered with any definitive certainty. </p> "However we felt that control was a necessity for our client. In addition the potential blocking ability of the supporters trust who are 10% shareholders was a clear detraction from making an offer." </p> Allen has offered to put £500,000 of his own money into the club in exchange for Wednesdayite giving up their shares but has refused to talk to the group. </p> But the Wednesdayite group hit back at Allen's claims. </p> It said in a statement: "We at Wednesdayite have become used to being portrayed in a negative way by those who look backwards instead of forwards. </p> "Are we really the stumbling block to progress? Progress requires movement. We have moved - some would say a long way already - and we are willing to discuss further movement. We are not preventing progress. </p> "It is those who will not move from their entrenched positions who are the real stumbling block. Constant repetition of 'It's Wednesdayite's fault' may be easy and may even convince some, but at the end of the day, it is not a way to achieve progress." </p> Apollo Leisure group millionaire Gregg sold his Everton shares after falling out with chairman Bill Kenwright. </p></font></td></tr></tbody></table> </p>