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BREAKING - Sheffield Wednesday WILL appeal the EFL -12 point deduction!


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On 17/08/2020 at 10:33, Therealrealist said:

If we lose the appeal can they hammer us again with more points deduction? Wo7ld imagine there has to be some risk or what would be the point in not appealing?.

IF we lose the appeal, i imagine it's a court of law next.

IF an agent of the efl (at the time) 'assured' the club it was ok to continue on those lines, then the body that the person works for is responsible for his actions and thus the consequences of his actions.

IF a copper directing traffic tells you to proceed at a junction, you don't get nicked for not looking both ways before pulling out.

Edited by dorian gray
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1 hour ago, rickygoo said:

IF only he got a property lawyer involved at an early stage we wouldn't be in this mess. 

IF only he got a property manager involved at an early stage we wouldn't be in this mess.

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1 minute ago, Royal_D said:

Wonder if we ever get to hear from DC on any of this 

 

suspect not 

i imagine he'll not be allowed to speak upon the matter by the clubs legal representatives.

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So if the season has started and we win the appeal, either getting a lesser point deduction or wiped totally will they be added back on during the season or at the end of the season ?

Edited by paullie
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2 hours ago, dorian gray said:

NEIL, can we have some owlstalk wellingtons, the bedwetting has gone so far that it's over boot tops by now.

Yeah because everything is hunky dory at Hillsborough. 

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1 hour ago, toooldforthis said:

 

It's the EFL's own rules...

Whats the chances of them applying points to before they even started the proceedings? They wont be after doing us any favours. Independent or not. 

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2 minutes ago, trumbullowl said:

Late to the party here. Could someone tell me what we officially did wrong, to get the 12 point penalty?

Apparently Dc's english isn't very good although the EFL say it is and he is lying about not being able to understand english so the emails he sent to them saying we hadn't signed the sale of the ground they mistook for him saying we had sold it. Think that's the crux of it

lol

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6 hours ago, rickygoo said:

IF only he got a property lawyer involved at an early stage we wouldn't be in this mess. 

Yes we need a proper lawyer, a proper manager and some proper players. 

Oh damn, I just noticed you said 'property' !

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3 hours ago, rickygoo said:

Yeah because everything is hunky dory at Hillsborough. 

it's far from it at present, but that's because the efl haven't reached their final decision.

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11 hours ago, vulva said:

Like you,I’ve absolutely no idea. 


He isn’t involved. Although the business did provide a bank guarantee to MM when DC bought the club in instalments.

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On 18/08/2020 at 20:45, mkowl said:

 

You are right I presumed it would be on depreciated replacement cost - the same as Derby had done. That was an option that I thought unlikely - haven't actually checked if it said a valuation has been done or not. Tbh I presumed we would not want a 3m debit for FFP purposes to start each year. 

 

The accounts for July 19 if ever published will give more clarification i am sure, certainly more than the 2018 ones ever did

 

 

 

 

At para 128, says there was a Stadium Valuation letter dated 15 August which is where they also probably got three million annual rent from.

 

That said, doesn't say if done by RICS or any other qualified body.

 

Be interesting to see if club elected to tax the stadium disposal , so adding VAT to both sale price and annual rent.

 

This is normal where buying and selling and entities charge VAT when trading - most industries except finance - so can recover VAT paid (about two hundred thousand pounds tax for next new pitch, for example , as panel suggests Owls had FRI obligations.). 

 

 

 

 

 

  

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40 minutes ago, Hornsby said:

At para 128, says there was a Stadium Valuation letter dated 15 August which is where they also probably got three million annual rent from.

 

That said, doesn't say if done by RICS or any other qualified body.

 

Be interesting to see if club elected to tax the stadium disposal , so adding VAT to both sale price and annual rent.

 

This is normal where buying and selling and entities charge VAT when trading - most industries except finance - so can recover VAT paid (about two hundred thousand pounds tax for next new pitch, for example , as panel suggests Owls had FRI obligations.). 

 

 

 

 

 

  

 

Not sure elect to tax is relevant here. It is a trading asset in use for the purpose of the business, we are not commercial property owners supplying buildings.

 

So VAT i think may have been chargeable unless we could use TOGC rules somehow

 

Ironically Sheffield 3 would have to make the elect to tax call as its activity is a landlord. 

 

But VAT is generally just a cash flow issue in these scenarios, one charges the other reclaims.

 

 

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On 20/08/2020 at 09:22, mkowl said:

 

Not sure elect to tax is relevant here. It is a trading asset in use for the purpose of the business, we are not commercial property owners supplying buildings.

 

So VAT i think may have been chargeable unless we could use TOGC rules somehow

 

Ironically Sheffield 3 would have to make the elect to tax call as its activity is a landlord. 

 

But VAT is generally just a cash flow issue in these scenarios, one charges the other reclaims.

 

 

Think HMCR may be interested as cash will flow to Sheffield 3 via a massive VAT refund if they paid tax on purchase but - as a newco - have no income. Assuming 10 million plus VAT first tranche purchase payment to Owls, that would generate a tax rebate of about 2 million to Sheffield 3. 

 

And most pub companies, for example, elected to charge VAT on sale and leaseback of their freeholds.

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