Dejphon Chansiri's buy-out has put Sheffield Wednesday into the black

SHEFFIELD WEDNESDAY'S debt was wiped out following their acquisition by owner Dejphon Chansiri, the club's latest accounts have confirmed.
Sheffield Wednesday's owner Dejphon Chansiri.Sheffield Wednesday's owner Dejphon Chansiri.
Sheffield Wednesday's owner Dejphon Chansiri.

Figures in their accounts for the year ending May 31, 2015 also show the club’s financial losses fell for the last financial year.

The period included the final few months of Milan Mandaric’s reign and the start of Chansiri’s tenure following his £30m purchase of the Hillsborough club on February 26, 2015.

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The Owls had ended the previous financial year with a net debt of £18,678,000, but at the conclusion of the last financial year they showed a £563,000 profit thanks to the buy-out by Thai fish magnate Chansiri.

Turnover rose by £1.1m to £14.9m, while pre-tax losses for the period reduced by £1.2m to £4.4m. Loans of £1.5m and £2m taken out against the Hillsborough stadium were repaid in full on February 11, 2015. Another loan of £1.6m was split into two payments and was also repaid.

A £4m debt owed to Chansiri – whose family control one of the world’s biggest seafood producers – was exchanged for an equal amount of newly issued shares on May 29, 2015.

The total shareholders’ fund, assets minus liabilities, of the club was £12,618,000 at the close of the year – they were minus £6,209,000 the previous year.

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The figures also showed that the Owls made £1,234,000 profit from player sales during the last financial year, up from £328,000 the previous year.

The increase was largely due to the seven-figure sale of Michail Antonio to Nottingham Forest in August 2014.