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Sheffield Wednesday fans should back US move
SHEFFIELD Wednesday chairman Lee Strafford jokes that his marriage is less secure than his football club's future.
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"I have been threatened with divorce every day for the last six months," he says without any hint of regret.
His wife is possibly jealous at having to play second fiddle to another love in her husband's life.
For since taking over at Hillsborough, the 37-year-old lifelong Owls supporter has devoted more time than is probably advisable to his quest. He does not even get paid for his efforts but that is of little concern, having hit the internet jackpot two years ago when his company, PlusNet, was sold to British Telecom for 67m.
That success paved the way for his appointment as Owls chairman and, in the space of just six months, he has plugged almost all the holes in a listing ship.
The debt still stands at 26m but a club that was previously gripped by financial uncertainty is looking ahead with optimism.
Season ticket sales are up and manager Brian Laws has stolen a march on his rivals in the transfer market. Talk is of the play-offs rather than a relegation scrap.
"It was a complete misconception that Sheffield Wednesday was on the edge (financially)," says Strafford. "Nearly all successful businesses carry debt and the balance sheet was not causing concern to the Co-Operative bank, our principal debt holder.
"What they were uncomfortable with was what was happening from a PR and operational perspective.
"Everything we have done has been about turning that around; mending broken relationships inside the Sheffield Wednesday family and with the wider footballing family."
Neither former chief executive Kaven Walker or former chairman Dave Allen was popular with supporters. Even when Allen resigned after tiring of abuse in November 2007, Walker remained in control of day-to-day affairs until six months ago.
"The difference now is like night and day," says Strafford. "The walls are the same colour but there is a buzz around the place now. We did not have the right people, the right culture, or the right skill sense. The priority was sorting out the culture of the club. Disharmony was having an effect on the pitch."
While stating a firm ambition to attract investment from America in the next few months, he believes the club is also capable of surviving without it.
"If there is no investment, the debt structure sits where it is until there is a value-creating event which, in the absence of investment, is promotion," Strafford continues.
"The Co-Operative want out of their football investments but they want out properly. They are not a bank that is going to be as aggressive as other banks would be towards football clubs so long as those clubs are playing a straight bat."
Strafford rejects the theory that American investment has been bad news for Liverpool – despite debts at Anfield rising to nearly 300m under George Gillett and Tom Hicks.
He also insists that he will not allow American investment to take the Owls anywhere but forward. "If you ask the average Liverpool fan whether they like Hicks and Gillett, they will probably say 'no'," he states. "But if you ask a Liverpool fan, whether their club is better run than five years ago, they will say 'yes'.
"I am not asking the average football fan to understand the reality of financial mechanics in business. Safe to say, a business with huge revenue can support huge debts."
Parallels were drawn after it was revealed that the Owls had appointed the same New York-based bank as Liverpool to attract American investment.
"It is bizarre for people to be concerned about this development when it should be celebrated," says Strafford. "If Liverpool fans have any complaints about how their deal was done, they should be talking to the people who sold it.
"There is a fundamental difference here. We are looking for investors to invest and to have a back seat. We are looking at an equity investment."
Strafford highlighted a desire to promote community and social responsibility by donating the club's shirt sponsorship to the Children's Hospital, Sheffield.
"We have been doing things over the last six months that should have been done over the last 10 years," he said. "It was paramount to move the football club away from something akin to the death of a thousand cuts."
Will this latest takeover go ahead at Hillsborough? Add your thoughts at the bottom of the page.
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Saturday 26 May 2012
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