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Sheffield wednesday accounts for year end 2018

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For all those swfc fans awaiting swfc publishing their accounts today  for y/e May2018 with any implications re FFP or whatever its is called then according to Companies House they seem to have extended that y/e to  31 july 2018 hence the accounts are not now due for publication until 30 April 2019. This is quite legal but can only be done once every 5 years. Is this a clever ploy or what? Presume it means that EFL cannot apply sanctions presently or is there more to this....thoughts please from the oracles on here!

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if it can only be allowed once in 5 years then they must have needed that time ,but to use it ,most would only use it in a emergancy or to look to solve a problem ie extra time to sort it or just delaying a problem for some reason,hope its not for a bad reason

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I'll be amazed if we don't receive any kind of punishment at the end of the season Bassett going on what's been said by the chairman so far. Hell need to perform miracles to not get anything I think

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to me these rules are mad ,if you have cash you should be able to spend your own cash on your business as you like,if a person owns a dress shop or a million ,know one would say you couldnt spend and buy what you want,its his cash

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48 minutes ago, bassett one said:

to me these rules are mad ,if you have cash you should be able to spend your own cash on your business as you like,if a person owns a dress shop or a million ,know one would say you couldnt spend and buy what you want,its his cash

I get what you're saying and to an extent you're right .But history has taught us that football isn't run like any other business and sometimes clubs need protecting from themselves.

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The greed of football clubs is highlighted in todays Star on page 10.

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swfc dont need protection,they just need to spend there hard earned cash how the boss wishs,not to be told by some people who will never see the amount of cash hes got,how he should spend his cash,money doesnt buy promotion,but it helps and the better format of a side when you win promotion the better chance you have of staying there.maybe a bank were the owners put in cash to guarantee that if they fold theres cash to pay any debts.

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As a club weve not spent money wisely,but thrown vast amounts in the belief wed get out quickly,thats failed and now we need to be more prudent.

Its been proven in football that spending large sums in one go isnt a guarentee for success its been tried many times,unless your paying for top level international standard players,its a gamble that rarely works.

One glaring omission from the Owls accounts every season is player sales? And thats not because weve not recieved generous offers,this is the area going foreward that we need to improve on in order to be sustainable under FFP.I can only see an embargo being re imposed as the result of imprudent operating at the club during DCs time at the club.

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3 hours ago, staninoodle said:

As a club weve not spent money wisely,but thrown vast amounts in the belief wed get out quickly,thats failed and now we need to be more prudent.

Its been proven in football that spending large sums in one go isnt a guarentee for success its been tried many times,unless your paying for top level international standard players,its a gamble that rarely works.

One glaring omission from the Owls accounts every season is player sales? And thats not because weve not recieved generous offers,this is the area going foreward that we need to improve on in order to be sustainable under FFP.I can only see an embargo being re imposed as the result of imprudent operating at the club during DCs time at the club.

Take a bow young man at last some one who as grasped the reason these rules are in place.I really do think that some supporters would make the very same mistakes the club as done in the past.It is an attempt by the governing bodies of football to protect the very running of the league as we know it and protect clubs from over stretching them selves not the owners but the actual club.It as been known for owners to leave and demand the money they have spent in the past from the new owners I do not think that would happen at Sheff6 but all clubs must be treated the same.

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On March 3, 2019 at 18:51, bassett one said:

to me these rules are mad ,if you have cash you should be able to spend your own cash on your business as you like,if a person owns a dress shop or a million ,know one would say you couldnt spend and buy what you want,its his cash

You are only saying this because your club has the cash.  

 

I'm pretty sure your point of view would be different if there were say 12 clubs in the Championship who had similar amounts and were spending frivolously while Wednesday were a club without available funds.

 

There's  a club in the Championship (one not a hundred miles away) who have appointed a manager who has worked bloody hard to gather players together from lower leagues and are pushing for a place in the Premier league. All done at the same time as playing by the financial rules.

 

Your argument is a lazy way of getting success. 

 

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Posted (edited)

I have a a friend who was 12 grand out of pocket from the time when HMRC started the winding up order against SWFC.  They ended up being paid pennies in the pound when Milan took over (nothing wrong with what Milan did, it is how the business world operates).

 

People saying that Chancer should be able to spend as much as he wants need to take a step back and have a look at the reality of this.  What happens if he runs out of cash?, what happens to the small, local businesses that he owes money to? 

 

Changing your year end, and submitting the books late, is the final throw of the dice for DC, at least that is how it looks to me, hoping that Brucie can get the team into the play offs and promotion, so the Prem money can cover any issues.

Edited by Grappler

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1 hour ago, Grappler said:

I have a a friend who was 12 grand out of pocket from the time when HMRC started the winding up order against SWFC.  They ended up being paid pennies in the pound when Milan took over (nothing wrong with what Milan did, it is how the business world operates).

 

People saying that Chancer should be able to spend as much as he wants need to take a step back and have a look at the reality of this.  What happens if he runs out of cash?, what happens to the small, local businesses that he owes money to? 

 

Changing your year end, and submitting the books late, is the final throw of the dice for DC, at least that is how it looks to me, hoping that Brucie can get the team into the play offs and promotion, so the Prem money can cover any issues.

I hope you are wrong Graps now some Owls fans might think I am kidding when I say that but I am not.As you point out it is the little men that suffer and they never get mentioned.I have been stung my self when I was in business by firms who have been really stupid with their financial dealings and it really hurts and cost two men their jobs.Some clubs make our transport minister look prudent and need protecting from themselves.The money cascading into football and most clubs are living hand to mouth ,God help them when times get tough and the real world hits them .Not just small clubs but the really big clubs if pressed are in deep financial poo poop.The Bank can not pull the plug on these guys because they owe to much and they along with the other creditors would end up like your friend with just pennies.Coventry,Blackpool,Bolton and a hand ful of other clubs have all been close .

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