There seems to be a lot of confusion on the SWFC zero point ruling when comparing to the zero points Derby also received.
Both Clubs paid/are paying 25p in the £ to unsecured creditors.
Derby’s owner completely wrote his debt off. The Wednesday owner was made a sizeable offer.
Derby paid 25p in the £ and left the tax man owed £10’s of millions (EFL Insolvency Policy directs 100p - discretion shown). Wednesday are paying off all owed (100p in the £) to HMRC.
I’m struggling to square why some feel Wednesday should get more than Derby got for exiting Administration when the shortfall to creditors is so much less in the case of SWFC?
Furthermore, the shortfall against EFL Insolvency Policy is also much less in the case of SWFC.
Wanted to take some time to reflect on a day I’ve been dreaming of for months.
Saturday was perfect. Will never be able to express how grateful I am for the warm welcome the @SWFC fans gave my family and me. The sun shone down on our wonderful club on Saturday.
It was the experience of a lifetime to enjoy the moment with you all…. To share our new crest designed by the incredible local agency Peter and Paul…. To share the news that after an incredible collaborative effort between my team, the @EFL and BTG we will start next season on zero points!…. To introduce you to our incredible new CEO, David Bruce…. And to witness over 30,000 of my newest friends singing for 99 minutes straight as our Owls closed out such a difficult season with a win.
I’d like to further highlight how grateful I am to the @EFL for their diligence and approach in working with us to ratify all issues and achieve our target of closing by 1 May.
It takes a village; but without the commitment and tenacity of Asher Simons, Clive Betts MP and James Silverwood in particular, we would not be where we are today.
It’s been an extremely emotional 48 hours for me after a long process, but now the focus is already completely on action. We are proceeding ahead immediately on all fronts and we will update you, the fans, as we go.
You are the reason Michael and I are here, the reason we have fallen in love with this city and this club. We will do everything in our power to ensure we don’t let you down.
David
#wawaw #uto #swfc
The full video as David Storch & Arise Capital were introduced to Sheffield Wednesday fans on the pitch… and it was revealed on the big screen that #SWFC won’t face a points deduction next season
Statement confirming Sheffield Wednesday’s takeover by the David Storch led Arise Capital is complete and that #SWFC will start next season without a points deduction
Very pleased to have assisted David Storch and his consortium in the takeover of Sheffield Wednesday FC.
Completing the transaction in time for the start of May, and enabling the Club to compete next season without a 15-point deduction, is an excellent outcome.
A great deal of work went into this, and many people contributed. In particular: David and his investors; Asher at CAA; Keir and his team at Charles Russell; the SWFC Supporters Trust; Clive Betts MP; John and the Club staff; Kris and the team at Begbies; David and his team at Wiggin; and the EFL Executive.
Sheffield Wednesday is a historic club with a remarkable fan base. It has been a privilege to play a small part in what is, I hope, the start of its return.
I look forward to getting to a match next season!
From yesterday… Sheffield Wednesday have hit rock bottom. Depleted squad, major infrastructure work needed. Where’s the advantage you need to guard against from them coming out of admin? #SWFC
https://t.co/sm5vJOiKIw