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A Financial Question......


80s Owl

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Search Sheffield Wednesday Plc and you get the company that existed from 1899.

It is still on the system, there was an application to strike off but lawyers objected. That was nothing to do with the disaster, but ironically potential exposure to asbestos during the West Stand construction

The companies got restructured I think at the time of Charterhouse investment - can't recall

And then more changes in 2010 when Mandaric came along to leave us the current structure 

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1 hour ago, 80s Owl said:

The reason I asked is I've got a grunter claiming we did it to cover some dodgy financial dealings and that the original club (in principle) no longer exists.

Another obsessive pig with bollocks "facts", there's a surprise!

Ask him about how they were founded and where they got their nickname from. Their history is our history. Always in our shadow.

Promoted to Premier League but their obsession is us. The pigs are a strange breed.

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6 hours ago, mkowlthesexynewversion said:

Search Sheffield Wednesday Plc and you get the company that existed from 1899.

It is still on the system, there was an application to strike off but lawyers objected. That was nothing to do with the disaster, but ironically potential exposure to asbestos during the West Stand construction

The companies got restructured I think at the time of Charterhouse investment - can't recall

And then more changes in 2010 when Mandaric came along to leave us the current structure 

I thought it was when MM bought the club as he had to dissolve the share structure. Shareholders had to vote for it and they were all pissed off as I recall?!

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8 minutes ago, Otto_Man said:

I thought it was when MM bought the club as he had to dissolve the share structure. Shareholders had to vote for it and they were all pissed off as I recall?!

Yep it was along those lines 

I know i looked at in the past with professional eyes and there was no more interest than that from me

Certainly nothing a thick blade would understand 

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10 hours ago, Otto_Man said:

I thought it was when MM bought the club as he had to dissolve the share structure. Shareholders had to vote for it and they were all pissed off as I recall?!

The incident I'm talking about happened in 1990, well before the days of MM.

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2 hours ago, 80s Owl said:

The incident I'm talking about happened in 1990, well before the days of MM.

I think you 'may' have the answer earlier in this thread. 

2 down..Alphabet changing costumes would be the cryptic

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7 hours ago, 80s Owl said:

The incident I'm talking about happened in 1990, well before the days of MM.

Well apart from relegation, a quick look at the 1990 accounts shows the revaluation of the stadium to £8m. 

Actually a bit of nostalgia as I had just started this accountancy nonsense so the format and content of the accounts was much more revealing. Season ticket revenues of 460k and were only 25% of the total match day revenues. Broadcast income 300k.

Still made a loss versus wages paid of course. 

I mean it's a quick look but can't see anything too abnormal. Although there is a contingent liability note about the disaster.

From memory I believe the re-structure happened with the Charterhouse monies. The PLC became a holding company and the assets and trade hived down to the current legal structure. 

The PLC effectively ceased when Mandaric took over as he acquired all the shares it owned in the Ltd Co. 

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The other potential reason I always considered was that any disaster related legal action on a corporate level would be to the PLC. So you shift the trade and assets to a subsidiary to protect them somewhat. Though not convinced how much protection that would have brought.

The corporate restructure after new financing is still the reality, that was all fairly routine occurrence for that type of transaction

So unless the Blade can say what the apparent dodginess was he is talking nonsense. And should have taken an interest how many companies Mr Macabe had - at least 3 holding various bits of Utd. Hence the legal case with the bog roll prince

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I tried several times to get detailed accounts for the club during 1950s/60s and drew a blank. Local businessmen eg a butcher at Burnley ran clubs and authorities didn't seem bothered about financial happenings in football. Granted it wasn't awash with money then but but you never saw club secretaries, directors struggling when the club was, We had mega attendances compared to today and even had the nerve to invest some in the club even though it was one person's vanity project.

However, we were more naive than Simple Simon. We had a very mediocre wing half called Don Gibson. Claim to fame- his father in law was Matt Busby. Our star player Albert Quixall was soon Old Trafford bound.

 

 

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This is what the grunter is having a dig at:

Why charges could not be brought against Sheffield Wednesday regarding the Hillsborough disaster

17 May 2019|News
 

We know the sentencing of Graham Mackrell on May 13 for his role in the Hillsborough disaster has been an important milestone for everybody affected by the events of that tragic day.

There has been coverage in The Guardian which questions why charges were never brought against Sheffield Wednesday, the club at which the incident happened. We know this is an ongoing concern for some people and want to offer some further clarity.

While it is true that Sheffield Wednesday as a club has never ceased to exist, the company responsible for the club in 1989 only existed on paper and had no assets. As a matter of law, each company is a separate legal entity and only the company in existence can be criminally liable for the tragic events in April 1989.

This means that any financial penalty in the event of a conviction would not be payable by any other person including the present owner and shareholders. It is understandable that families and others regard there being no real difference, but the legal entity responsible for paying any criminal penalty is not the same.

Any civil liability of the company for consequences of events in 1989 remains the responsibility of the insurer from that time.

 

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  • 1 month later...
On 21/06/2023 at 08:21, 80s Owl said:

The reason I asked is I've got a grunter claiming we did it to cover some dodgy financial dealings and that the original club (in principle) no longer exists.

Show your grunter pal this

Today's Daily Mail

 

20230810_103740.thumb.jpg.ef5238e9c16c2537593be6f1067c0943.jpg

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But noooo they’re not in the shit.

Was listening to Radio Sheff on the way to S6 the other night and the presenters were going on about; they can’t see how the Blades are fucked, after promotion and their ‘guaranteed £200m’ or what it is the Prem pay per season these days in tv money etc and on top of them selling Ndiaye. 

Seems they don’t have their finger on the pulse. 

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9 hours ago, HoylandOwl said:

But noooo they’re not in the shit.

Was listening to Radio Sheff on the way to S6 the other night and the presenters were going on about; they can’t see how the Blades are fucked, after promotion and their ‘guaranteed £200m’ or what it is the Prem pay per season these days in tv money etc and on top of them selling Ndiaye. 

Seems they don’t have their finger on the pulse. 

Tbh given they rely on Maguire or the not a real accountant lecturer chap that's hardly a surprise

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10 hours ago, HoylandOwl said:

But noooo they’re not in the shit.

Was listening to Radio Sheff on the way to S6 the other night and the presenters were going on about; they can’t see how the Blades are fucked, after promotion and their ‘guaranteed £200m’ or what it is the Prem pay per season these days in tv money etc and on top of them selling Ndiaye. 

Seems they don’t have their finger on the pulse. 

Close your eyes for a moment think of the state the pigs are in and imagine what the RS mob would be saying if that was us, wankers.

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10 hours ago, Billysboy said:

Close your eyes for a moment think of the state the pigs are in and imagine what the RS mob would be saying if that was us, wankers.

Tbf to them they also were going on about why can’t both. Sheffield’s professional football clubs just be ok for a year rather than some sort of shenanigans going on.

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