BREAKING - Sheffield Wednesday under ANOTHER transfer embargo

[Drewswfc]

14 minutes ago, 109Waddle said:

How can clubs choose to be under a transfer embargo now, when there is no transfer window open, to get it out of the way ahead of the summer window opening. Classic EFL.

This^^^^^^

Don't get it? 

[yeadonowl]

Reading the article it’s clear this is to do with administrative issues and nothing to do with FFP

 

All of the clubs haven’t filed accounts in time so placed under embargo

 

Companies House issued an extension which clubs took advantage of. EFL haven’t followed suit and slapped embargo’s on clubs who are late with accounts

 

Another example of the EFL not having the faintest idea what it’s doing 

[Guest Grandad]

Quote

 

COVENTRY CITY OFFICIAL STATEMENT

'Coventry City can confirm that it has been placed under a transfer embargo by the EFL.

'The Government, due to the Coronavirus crisis, allowed companies to extend the deadline to file company accounts by three months and Coventry City chose to take up this option.

'Unfortunately the EFL has decided not to replicate this extension within their own rules, which surprises us as they have amended a number of other rules due to the Coronavirus pandemic.

'Coventry City will be filing their accounts as required by Companies House within three months of the end of February, at which point the transfer embargo from the EFL will be removed.

'This is purely an administrative embargo imposed by the EFL. This has no effect on the day-to-day running of the Club or its finances, and will have no effect on planned transfer activity in the upcoming transfer window.'

 

 

 

 

Looks like Coventry will be taken off the list too.

 

Meaning we are one of 7

[nbupperthongowl]

7 minutes ago, Grandad said:

9

 

Huddrsfield have come off and Stoke are expected to follow soon - as their penalties were for administrative reasons not financial

 

So we will be one of 8

So the £89m loss at Stoke isn't a financial issue and they are able to trade their way out of any O&S issues....if ever a club should be umbongoed by a governing body, this is the perfect example

[Guest Grandad]

2 minutes ago, yeadonowl said:

Reading the article it’s clear this is to do with administrative issues and nothing to do with FFP

 

All of the clubs haven’t filed accounts in time so placed under embargo

 

Companies House issued an extension which clubs took advantage of. EFL haven’t followed suit and slapped embargo’s on clubs who are late with accounts

 

Another example of the EFL not having the faintest idea what it’s doing 

 

It doesnt say that at all

 

Our accounts arent due until 30th April

[Guest Grandad]

Just now, nbupperthongowl said:

So the £89m loss at Stoke isn't a financial issue and they are able to trade their way out of any O&S issues....if ever a club should be umbongoed by a governing body, this is the perfect example

 

It depends on Stokes accounts for a 3 year period - and don't forget they get a higher threshold than us because of Premier League (and their parachute paments will also offset)

[WAWAWUTO17]

Guessing we wanted to sign Ravel

[latemodelchild]

2 minutes ago, Grandad said:

 

 

 

Looks like Coventry will be taken off the list too.

 

Meaning we are one of 7

Unless we are in the same boat as Coventry then we'll be none of doesn't matter. 

[adelphi1867]

I thought the EFL had postponed FFP due to the Covid pandemic?.

[Guest Grandad]

1 minute ago, Grandad said:

 

It depends on Stokes accounts for a 3 year period - and don't forget they get a higher threshold than us because of Premier League (and their parachute paments will also offset)

 

The majority of Stokes losses were down to the revaluation of layers - Amortisation and impairment do count towards Financial Fair Play – and clubs in the EFL are only allowed to post a loss of £39m over a three-year period.

Crucially, however, losses that can be directly attributed to Covid-19 can be added back.

[nbupperthongowl]

2 minutes ago, yeadonowl said:

Reading the article it’s clear this is to do with administrative issues and nothing to do with FFP

 

All of the clubs haven’t filed accounts in time so placed under embargo

 

Companies House issued an extension which clubs took advantage of. EFL haven’t followed suit and slapped embargo’s on clubs who are late with accounts

 

Another example of the EFL not having the faintest idea what it’s doing 

So it could be the EFL trying to pressure all teams to post their pandemic impacted accounts on time (in terms of fairness, probably not a bad thing) my worry is what the EFL will do once they have all the information as we won't be filing our 1926 accounts until after the transfer window clises

[matthefish2002]

Are 10 clubs under an embargo due to the Pandemic or mis management?

Probably a bit of both.

I thought the financial rules would have been relaxed under current circumstances.

But still doesn't look good for Wednesday on top of everything else.

[A47Owl]

So we can't spend a few quid on players but we CAN spend millions (presumably) on compensation to managers and in Moore case Doncaster. 

Doesn't make sense. But then again what does in this crazy world of football. 

[nbupperthongowl]

1 minute ago, Grandad said:

 

The majority of Stokes losses were down to the revaluation of layers - Amortisation and impairment do count towards Financial Fair Play – and clubs in the EFL are only allowed to post a loss of £39m over a three-year period.

Crucially, however, losses that can be directly attributed to Covid-19 can be added back.

Which is correct, but from the base of that loss and the cost of their squad can you really see any projections bringing them within £39m over 3 years? I suspect that they are in the same situation as we were..... promotion or -12 incoming

[WAWAWUTO17]

So basically whilst we are under an embargo we arent able to renew our own players contracts? So the embargo must have come in to force after Bannan signed.

 

Other players maybe wanting to accept new contracts from us Lees and Reach etc but aren't able to ?

 

Leaves the door open to ruin us further in the summer if we are still under an embargo whilst the likes of the big clubs are able to cherry pick your talent.

 

Efl are not fit for purpose 

[FreshOwl]

We’re in a ******** pandemic you tosssers EFL, how about you lay off ffs 

[Guest Grandad]

FFS

 

EFL are not fit for purpose??

 

 

 

OUR CHAIRMAN IS NOT FIT FOR PURPOSE

[latemodelchild]

3 minutes ago, Grandad said:

FFS

 

EFL are not fit for purpose??

 

 

 

OUR CHAIRMAN IS NOT FIT FOR PURPOSE

So both then? 

[Guest Grandad]

Luton Town have now confirmed their embargo is purely down to the same reasons as Coventrys.

 

"

'However, EFL rules couldn't be adjusted to meet the Companies House extension and require that signed accounts still needed to be submitted in March, which the club was unable to achieve. 

'The matter will be resolved as our auditors conclude the report in the next couple of weeks.'"

 

So while clubs with early dates were able to extend the deadline for accounts submission to Companies House - the EFL still required them to be submitted in March

 

So they will come off the list too

 

Leaving 6 clubs

 

 

 

refreshng to see the clubs making statements about this too to avoid worry amongst their fanbases

 

[yeadonowl]

7 minutes ago, Grandad said:

 

It doesnt say that at all

 

Our accounts arent due until 30th April

Aren’t accounts due six months after financial year end?

 

Given that 31st July. That’s 31st January

 

3 month extension by companies house is April as you say, but looking at what Luton are claiming, the EFL are demanding accounts on time and aren’t reciprocating the companies house extension 

 

Derby haven’t filed accounts for 2 years

 

Coventry Stoke  and Huddersfield all saying it accounts production related