Wed, 28 Jul 2010 | BUSINESS NEWS
HM Revenue and Customs has issued football club Sheffield Wednesday with a winding-up petition over an unpaid tax bill totalling £550,000.
The petition is yet another blow for the beleaguered club, which was relegated from the Championship last season. However, club officials are confident that the debts can be paid off and that Sheffield Wednesday fans should not be concerned that the club is to wind up.
A Sheffield Wednesday spokesman said, “We understand that HMRC is taking a tougher line in general with football clubs, but feel their actions are disproportionate and will raise unnecessary speculation as to the financial situation of the club.
"We can inform supporters that the club, working in partnership with the Co-operative bank and their advisors, will seek to settle this matter as soon as practical,” he added.
The Co-operative Bank, which helps to fund the club, said they were extremely disappointed by HMRC's decision regarding Sheffield Wednesday and said that they had been working hard for some time, along with investors and club representatives, to ensure its future stability.
The football club has struggled with financial problems since being relegated from the Premier League ten years ago and, according to reports, is around £26 million in debt. The majority of the debt is owed to the Co-op Bank, while former chairman Dave Allen is understood to be waiting for the repayment of loans amounting to £2 million.
The HMRC order will be heard in the High Court on 11 August.
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