Sheffield Wednesday reveal significant loss of £25m - but Dejphon Chansiri remains committed 'for the forseeable future'

SHEFFIELD WEDNESDAY have announced an operating loss of £25million in their latest set of financial accounts for the year ending July 31, 2021.

It is almost in line with their operating losses of £24m revealed in their previous set of accounts for the 2019-20 season, with their total losses now standing at a huge figure of £124m.

Turnover fell from just under £21m to £11.7m, primarily due to home games being played behind closed doors during the 2020-21 campaign due to Covid-19.

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The club's wage bill fell almost £9m from £30m to 21.1m, while the cost of the squad fell from almost £19m to £2m due to departures in the club's squad.

Owls chairman Dejphon Chansiri. Picture: Steve Ellis.

The accounts also revealed that instalments from the sale of the club's stadium brought in £15 million.

Owner Dejphon Chansiri is listed as the sole director of Sheffield Wednesday Football Club Limited.

The strategic report for the 2020-21 financial year read: "The company uses a number of key performance indicators to measure its performance. Turnover fell by £9.2m to £11.7m (£20.9m 2020) primarily due to all home games being played behind closed doors, due to the Covid-19 pandemic. The team finished 24th in the Football League Championship (16th 2020).

"The principal risk facing the company is the performance and divisional status of the club’s first team. The impact of the Covid-19 pandemic on revenue streams has had a significant impact on financial performance and the return of fans to the stadium is eagerly anticipated as the vaccine programme is rolled out.

"In light of these risks the company remains dependant on the continued financial support from its shareholder.

"In considering the appropriateness of the going concern basis for the preparation of the financial statements, the director has considered the working capital requirements of the company for the short, medium and longer term taking account of the impact of the Covid-19 pandemic.

"In doing so, the director has determined that additional funding will be required to enable the company to continue in operational existence.

"The owner has confirmed that sufficient financial support will be made available to enable the company to meet its obligations as they fall due for a period of not less than 12 months from the date of approval of the financial statements.

"The director acknowledges that this support is not legally binding and is dependent on the availability of funding from the owner. Therefore, a material uncertainty exists which may cast doubt over the company's ability to continue as a going concern and, therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.

"Nevertheless, after making enquiries and considering the funding requirements of the company, the director is confident that funding will be made available and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

"Accordingly he continues to adopt the going concern basis in the preparation of the financial statements."