"Sheffield Wednesday has had one of the most miserable seasons in the history of English league football, claiming just one win from 42 Championship games this season."
"EFL rules lay out how much creditors need to be paid when taking a club out of administration. Unsecured creditors would need to receive at least 25p in the pound, otherwise a 15-point deduction applies."
"Storch's bid, worth 20m, would only represent a payment of 6p in the pound to unsecured creditors - less than a quarter of the league's requirement."
"We have now been informed that a 15-point penalty is set to be imposed at the start of next season. We fundamentally disagree with this decision."
Sheffield Wednesday's ongoing troubles may lead to a 15-point deduction next season if the current takeover by Arise Capital Partners proceeds. The club has had a disastrous season, winning only one of 42 Championship games and currently sitting on minus 4 points after an 18-point deduction for going into administration. The proposed takeover would only pay 6p in the pound to unsecured creditors, significantly below the EFL requirement of 25p, triggering the additional penalty. The consortium disputes this decision and seeks independent arbitration.
Read at www.fourfourtwo.com
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