Tue, 16 Nov 2010 | ADMINISTRATION
Football club Sheffield Wednesday could go into administration tomorrow if a deal to safeguard the club's future fails.
The beleaguered club has already faced two winding up orders and is £23 million in debt, with more than £1 million in tax arrears.
If the 143-year old club cannot come up with a solution that satisfies the bank over the next 24 hours, the administrators will be called in.
Directors of the club have met with Co-op Bank officials to try to formulate a deal and fan groups are trying to save the club and eventually raise £6 million from backers to buy into it.
There are several ways the club could go, including a takeover being agreed and approved by the High Court, or no agreement being reached and the club being forced to file for administration. The club could also be wound up, meaning that the name 'Sheffield Wednesday FC' would cease to exist.
A spokesman for the Co-op Bank said, “We are continuing to work with interested parties in an attempt to find a potential solution before the latest HMRC deadline.
“We supported the club at their last winding-up order hearing on the basis that there was an investor waiting to come in. That investor did not materialise. This time there has to be an investor.”
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