Sheffield Wednesday are facing a £7m loss that could hit them hard, warns football finance expert Kieran Maguire, aka The Price of Football.
The Yorkshire club were relegated on the last day of the Championship season and are now set to lose up to £7m in broadcasting income following their relegation to League One, according to Maguire.
It is a loss that Wednesday are likely to feel, with the Owls already in a lot of financial trouble.
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It has been reported by various outlets, including The Athletic, that players’ wages have not been paid in a development that could see contracts at the club cancelled.
Speaking exclusively to TT about some of the financial issues Wednesday currently have on their hands, Maguire said:
“If you drop from the Championship to League One, that’s going to cost you around about £6-7m a year in loss of broadcasting income, so that will hit Sheffield Wednesday. They do have cash flow problems. It’s pretty clear due to their inability to pay wages.
“They don’t appear to have many people on the board of directors, they’ve not got a director of football and don’t seem to have a chief executive. So they are a club which is struggling in terms of its day–to–day organisation.”
None of the above bodes well for Darren Moore, who needs funds to bolster his squad this summer.
The Wednesday manager is in desperate need of reinforcements ahead of the 2021/22 League One campaign after watching the release of 10 players last month.
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