Live: Sheffield Wednesday granted 28-day reprieve

The Owls faced a winding-up petition over a 600,000 unpaid tax bill today, but the club's lawyers have been successful in earning a 28-day reprieve.

The court heard from a lawyer representing the club that it was on the "verge" of a takeover deal with a consortium of local businessmen.

Four potential bidders have been in talks with the Owls.

SWFC will now return to the High Court on December 15, and prior to that on December 1, over an unpaid 300,000 VAT bill.

But the registrar also heard that the club now owes HM Revenue and Customs (HMRC) 1.4m.

An impassioned Owls chief executive Nick Parker said afterwards: "I'm very relieved, but more importantly I'm very, very angry.

"This club should not be where it is today and I do not believe that 28 days is the deadline. The real deadline is December 1.

"The reason I'm angry is there are people out there who go to the media when they should not, say they have money when they do not.

"One glimmer of hope I can give all Sheffield Wednesday fans is that there are people out there who realise how important Sheffield Wednesday are to the community.

"It is now time for these people - they know who they are and I know who they are - to step forward in private and do a deal with the bank and no longer shilly-shally and make excuses for doing it.

"They will not get a better deal if the club were to go into administration. It makes me upset that they should do that."

Former Home Secretary David Blunkett, the MP for Sheffield Brightside and Hillsborough, has added his voice to the calls for investment to come quickly.

Mr Blunkett said: "Like every other fan, I am naturally pleased that the club has not been placed into administration but, like all those who care about the future of the club, I am desperately keen that we should not end up in the same position in four weeks' time.

"It is vital that those with a genuine interest in investing in the club should come to terms for taking over Sheffield Wednesday FC as quickly as possible - not only to resolve the immediate crisis, but to invest in a stable future for a club which should be aiming for promotion to the Premier League within three seasons.

"What the club needs is certainty and a genuinely fresh start.

"It is vital that all of us, as fans, continue to give the manager and players the backing they need to keep in contention for promotion; and encouragement to those who continue to express an interest in acquiring the club in order to draw this prolonged and damaging saga to a satisfactory conclusion.

"The fans deserve no less and nor does the city of Sheffield - including non-supporters who know that this spectacle is no good for the image of our city, as well as the reputation of the club."

Deputy Prime Minister and Sheffield Hallam MP, Nick Clegg added: "Today's adjournment is welcome news for Sheffield Wednesday and will hopefully give the club the time it needs to attract the required investment. It is, however, only a stay of execution and much more needs to be done to safeguard the long-term future of this wonderful football club.

"I have been in regular contact with both the club and the bank over the last few days and I know how hard everyone is working to find a way forward. I will continue to help all parties in any way I can to find a workable solution to the club's plight.

"I know how much Sheffield Wednesday means to the fans and the city itself and a successful long-term solution must now be found."

Click here to read our timeline of how the HMRC story developed >>

The Yorkshire Post's team of writers - Rob Waugh, Ian Appleyard and Richard Sutcliffe - have been ahead of the game from kick-off.

Here they give you the last 48 hours as it unfolded, and also how they broke the stories in the run up to Wednesday's judgment day.

We also welcome your feedback at the bottom of the page and also by emailing [email protected]

Click on the blue links to read more.

Wednesday, November 17

1pm: It's been confirmed. The High Court have granted Sheffield Wednesday a 28-day adjournment on their winding-up order.

So there's no takeover, no administration, or no closure of Sheffield Wednesday.

12.50pm: Hold onto your hats Owls fans, that reprieve looks like it's coming to fruition. High Court insiders are suggesting Wednesday will be given a 28-day adjournment.

We'll firm it up when we get it.

12.40pm: Sheffield Wednesday have petitioned the High Court for a 28-day adjournment, not just 14 days as previously expected.

The Co-Operative Bank, Wednesday's largest creditor, are not contesting that, however, there are some discrepancies involving the HMRC which the judge is to further analyse.

We are hoping for news one way or another in the next hour or so.

12.30pm: We're now hearing it could be coming up quickly after lunch - that's the case, not the cherry yoghurt I've just consumed.

Good discussion going on at the bottom of the page people, keep it going.

11.45am: It looks like we could be in for a long day of waiting. Wednesday are in the High Court but there are 50 cases to be heard before them. Finger nails down to the nub!

11.30am: The new High Noon for Sheffield Wednesday and their fans as the club head into the High Court to plea for a stay of execution. It's court No 55 by the way if anyone has any lucky numbers or superstitions.

10.30am: There are reports that the administrators are standing by, though, I wouldn't read too much into that. I should think the club and those involved have explored every avenue and have every permutation mapped out and ready to go.

10am: 90 minutes, the length of a football match, before Wednesday are in the High Court.

Remember, you can add your comments on proceedings at the bottom of the page, or you can email your thoughts to [email protected]

9.30am: The Owls have rubbished reports in some areas that they have already agreed to go into administration.

9am: Morning all, how are we feeling? Sheffield Wednesday in the High Court at 11.30am. Will their plea for extra time be heard with four bids on the table, or will they pay the penalty and be put into administration?

Those two look like they are the likely outcomes today. Keep it here to find out what happens.

Until then, here's what the Yorkshire Post ran with this morning...

Crisis club Sheffield Wednesday will today ask the High Court for another two weeks to secure new investment and avoid administration.

Ian Appleyard's comment: And so the drama goes on. Only a penalty shoot-out in a play-off final could eclipse the latest twist in this Sheffield Wednesday soap opera.

What are the four scenarios the Owls face today?

The Yorkshire Post canvassed the opinion of three leading pundits; former player John Pearson, former director Joe Ashton and fans group John Gath.

Tuesday, November 16

10pm: We've had a late email in from Richard Shore, saying: "Come on YP, whats the update on the 5th bid? Rumours suggest this is coming from an unknown Nigerian Businessman wanting to put 20m in the clubs account."

9pm Right that's it. I am calling it a day. Can't see any new developments tonight now. See you back here tomorrow morning and our High Court updates.

7.30pm: Things have gone quiet at Hillsborough. Look out for a busy train carriage on the 6.40am morning service to London tomorrow. Seems certain now the Owls will be going cap in hand to the High Court and asking for a delay to sort the deal out. A mystery fifth group has been rumoured. I for one, can't wait for this to be finally sorted out, and we can get back to concentrating on the football.

5.30pm: There are reports that Wednesday will ask for a two-week court adjournment at the High Court tomorrow.

The club have been deep in negotiations with interested parties at Hillsborough but there are concerns a deal won't be struck until after tomorrow's High Court appointment.

The front-runners are believed to be consortiums led by Mick Wright and Spencer Fearn. Another Middle Eastern group is also said to be in discussions at S6.

5pm: Milan Mandaric says he hopes Sheffield Wednesday "have a plan B" to fall back on in order to stave off administration, after turning down his deal to save the club.

Leicester chairman Mandaric, who wants to stay in English football after selling his stake in the Foxes in August, has confirmed his offer to buy out former Wednesday chairman Dave Allen's remaining interest in the League One club had been rejected.

Mandaric said: "My offer is still there, but the loan-holders did not want to go for it and it's the end of the deal I think. What can I do? It's not my decision, it's the decision of those people still involved in the club. I don't know if I should wait around any more. I just hope they have a plan B and that they don't go into administration."

Wednesday are reportedly in last-ditch talks with three other separate parties keen to take control at Hillsborough.

4.30pm: John Gath, chairman of fans group Wednesdayite, tells the Yorkshire Post: "I thought the last winding-up petition day was a bad day, but today has been even worse. All you can do is listen to broadcasts, read reports and wait. It's been quite a dreadful few weeks for us Wednesday fans."

4pm: Former Sheffield Wednesday striker John Pearson tells the Yorkshire Post: "I have no doubt positive news would give everyone at the club a massive boost; the players, the fans, the staff. Everybody has been waiting for good news for a long time.

"The alternative, administration, is something I'd prefer not to think about. I really hope that does not happen. People at the club have fought tooth and nail to make sure that does not happen."

3.30pm: Stand by your beds people, a statement from the club is expected before the end of play today - and I'm not talking so-and-so has stubbed his toe walking around the bedroom!

2pm: 'It's all gone quiet over there'. There's nothing coming out of Sheffield Wednesday so far today, the only sound is the clock ticking down to their High Court appointment. Very little of substance elsewhere as well.

10am: There are conflicting reports on Milan Mandaric's interest this morning, with sources in Leicester suggesting he will renew his interest in the Owls and others closer to Hillsborough suggesting an emergency meeting was held last night to dismiss his takeover attempt.

8am: Former Wednesday player and manager Chris Turner, who is fronting a bid to buy the club, says the Owls are at a critical situation.

Said Turner: "Nobody wants to see the club in this situation - administration would be a massive blow. There's a number of consortia still in there, including the one I brought together, but the time for rumours has stopped.

"It's time for action and I've said that to the group I brought to the club. I've said 'stop talking, put your money on the table and get this deal done'. I've done as much as I can. They now need to come forward and save the club."

Monday, November 15

SportsTalk pundit Richard Sutcliffe gives his verdict in the Yorkshire Post's weekly podcast.

Sunday, November 14

Former chairman Dave Allen rejects a 'derisory' offer for his remaining interest in the club, as exclusively broken by the Yorkshire Post.

Wednesday, November 3

The Dubai-based businessman leading a proposed takeover of crisis-hit Sheffield Wednesday has pulled out of the deal, the Yorkshire Post reveals.

Friday, October 29

Further talks among potential investors in crisis-hit Sheffield Wednesday took place yesterday but the consortium has yet to reach a final agreement on a takeover deal – or on the advance of 2m emergency funding.

Tuesday, October 26

Sheffield Wednesday chairman Howard Wilkinson remains "cautiously optimistic" that a 15m takeover of the club will be completed.

Friday, October 22

A Former sports agent jailed over a finance scam has been involved in talks surrounding planned investment at Sheffield Wednesday, the Yorkshire Post reveals.

Thursday, October 14

Former Sheffield Wednesday manager Chris Turner last night urged the club's supporters not to panic over the delay in a proposed 15m takeover deal.

Friday, October 8

After a chaotic year of boardroom politics, Sheffield Wednesday last night finally appeared to be on the verge of securing a takeover.