Accounts imminent

[StudentOwl]

https://www.google.com/amp/s/www.thestar.co.uk/sport/football/sheffield-wednesday/the-lay-of-the-land-with-sheffield-wednesdays-transfer-embargo-situation-3246618%3famp&itm_source=parsely-api

 

https://www.google.com/amp/s/www.thestar.co.uk/sport/football/sheffield-wednesday/how-sheffield-wednesday-can-sign-players-despite-their-reported-embargo-but-the-details-are-pretty-specific-3252937%3famp

 

https://www.google.com/amp/s/the72.co.uk/237803/sheffield-wednesday-reliable-source-gives-positive-transfer-insight-as-embargo-lingers-on/amp/

 

@Rotherham Owl inventing his own reality over here...

[Rotherham Owl]

1 minute ago, Triple O said:

I really don't think the EFL are going to remove an embargo they made for one of their clubs on the basis that they were later relegated as they are still under their jurisdiction. 

It isnt up to the EFL they have to follow their own rules and we cannot be under an embargo under their rules.

1 minute ago, hirstyboywonder said:

 

So you seriously think that as of April we were in breach of the rules due to being in the Championship but due to be relegated we immediately apply League One rules to this rather than changing when the new season starts?

 

That's how you think it works? So relegation worked in our favour in this respect. Good grief. 

Yes as what happened when Wolves got promoted.

[Guest]

1 minute ago, Rotherham Owl said:

It isnt up to the EFL they have to follow their own rules and we cannot be under an embargo under their rules.

Yes as what happened when Wolves got promoted.

 

Wolves got promoted out of the EFL so nothing they could do at that time.

 

You are seemingly the only person suggesting we are not under an embargo, even the most ardent of positive supporters have conceded this appears to be the case. 

 

Every media outlet that reports on us are continuing to say we are under an embargo. Would be an easy thing to address. 

 

Do you not think Moore would like to have new recruits into pre-season early, especially when we are so low on numbers? 

[mogbad]

[Rotherham Owl]

So clubs like Port Vale https://find-and-update.company-information.service.gov.uk/company/08876768  are allowed to sign players (4 this week) despite not filing their accounts but we are not - sorry the rules arent written like that. Read them follow them and we cant be under an embargo.

 

Try to interpret them in a way that they are not actually written and you can get whatever answer you want. 

 

 

[Guest]

4 minutes ago, Rotherham Owl said:

So clubs like Port Vale https://find-and-update.company-information.service.gov.uk/company/08876768  are allowed to sign players (4 this week) despite not filing their accounts but we are not - sorry the rules arent written like that. Read them follow them and we cant be under an embargo.

 

Try to interpret them in a way that they are not actually written and you can get whatever answer you want. 

 

 

you should get on the phone to the club im sure the owner, finance director and manager will be delighted to hear the news that they've indeed been following the wrong rules and in actual fact spending can commence on rebuilding HMS ******** the league 

[flo]

9 minutes ago, Rotherham Owl said:

So clubs like Port Vale https://find-and-update.company-information.service.gov.uk/company/08876768  are allowed to sign players (4 this week) despite not filing their accounts but we are not - sorry the rules arent written like that. Read them follow them and we cant be under an embargo.

 

Try to interpret them in a way that they are not actually written and you can get whatever answer you want. 

 

 

All port vales signings are free signings

[Gbear1867]

13 minutes ago, Rotherham Owl said:

So clubs like Port Vale https://find-and-update.company-information.service.gov.uk/company/08876768  are allowed to sign players (4 this week) despite not filing their accounts but we are not - sorry the rules arent written like that. Read them follow them and we cant be under an embargo.

 

Try to interpret them in a way that they are not actually written and you can get whatever answer you want. 

 

 

"How Sheffield Wednesday CAN sign players despite their reported embargo – but the details are pretty specific | The Star" https://www.thestar.co.uk/sport/football/sheffield-wednesday/how-sheffield-wednesday-can-sign-players-despite-their-reported-embargo-but-the-details-are-pretty-specific-3252937?amp

 

Difficult but not impossible to sign players while under an embargo. 

 

The difference between us and Wolves is they were promoted to the premier League and therefore no longer under the jurisdiction of the EFL. In league one we're still under their governance so all their rules still apply to us - relegation or no.

[Maddogbob]

14 minutes ago, Rotherham Owl said:

So clubs like Port Vale https://find-and-update.company-information.service.gov.uk/company/08876768  are allowed to sign players (4 this week) despite not filing their accounts but we are not - sorry the rules arent written like that. Read them follow them and we cant be under an embargo.

 

Try to interpret them in a way that they are not actually written and you can get whatever answer you want. 

 

 

It's widely reported and quite obvious we are under another transfer embargo.

 

We can make free signings under strict rules and that's what is known as a transfer embargo.

 

So yes, we are under a transfer embargo.

[Guest]

22 minutes ago, Rotherham Owl said:

So clubs like Port Vale https://find-and-update.company-information.service.gov.uk/company/08876768  are allowed to sign players (4 this week) despite not filing their accounts but we are not - sorry the rules arent written like that. Read them follow them and we cant be under an embargo.

 

Try to interpret them in a way that they are not actually written and you can get whatever answer you want. 

 

 

 

These are the rules on Financial fair play which cover all the accounting regulations included.

 

https://www.efl.com/-more/governance/efl-rules--regulations/appendix-5---financial-fair-play-regulations/

 

It is stipulated that as part of financial fair play rules,

 

5 Clubs Ceasing to be Members of the Championship

5.1 If a Club is promoted or relegated out of the Championship Division that Club shall, notwithstanding promotion or relegation, remain bound by these as if it were still a Championship Club, until such time as it has complied with all of its obligations relating to its last Season as a Championship Club.

[Rotherham Owl]

6 minutes ago, Gbear1867 said:

"How Sheffield Wednesday CAN sign players despite their reported embargo – but the details are pretty specific | The Star" https://www.thestar.co.uk/sport/football/sheffield-wednesday/how-sheffield-wednesday-can-sign-players-despite-their-reported-embargo-but-the-details-are-pretty-specific-3252937?amp

 

Difficult but not impossible to sign players while under an embargo. 

 

The difference between us and Wolves is they were promoted to the premier League and therefore no longer under the jurisdiction of the EFL. In league one we're still under their governance so all their rules still apply to us - relegation or no.

The Star says they cannot be "Established Players"

 

Port Vale's last two signings were career pro's aged 29 and 27 so under this widely reported embargo we can sign anyone we like as long as they are on a free.

 

I think most of our players will be on a free this year so 

[Guest Andy W]

On 06/06/2021 at 13:52, SolihullOwl79 said:

Confirmation Statement is due by 22nd June 2021 for statement date 8th June 2021. 

 

Accounts for period up to 31 July 2020 are due by 30 July 2021. 

 

https://find-and-update.company-information.service.gov.uk/company/02509978

 

Not sure why EFL are placing clubs under embargo when the accounts have to be submitted to HMRC not EFL. 

 

There are obviously other currently well documented issues that tie in with the state of financial affairs at the club. 

 

However we are unlikely to get answers until the accounts are known, which if filed within time (not sure if they will be) is still a few weeks away. 

 

Hold onto your hats as there is likely going to be a storm! 

 

None of this changes the fact we are knackered..period

[Guest Hornsby]

2 hours ago, Asio otus said:

Your being rather tuf on him now.

Certainly not paid for posting.

 

Just a fan. E Tu?

[kobayashi]

51 minutes ago, hirstyboywonder said:

 

These are the rules on Financial fair play which cover all the accounting regulations included.

 

https://www.efl.com/-more/governance/efl-rules--regulations/appendix-5---financial-fair-play-regulations/

 

It is stipulated that as part of financial fair play rules,

 

5 Clubs Ceasing to be Members of the Championship

5.1 If a Club is promoted or relegated out of the Championship Division that Club shall, notwithstanding promotion or relegation, remain bound by these as if it were still a Championship Club, until such time as it has complied with all of its obligations relating to its last Season as a Championship Club.

So does that mean rather than being free of the Championship regulations as certain posters have suggested, Wednesday are actually bound by them until they have filed July 2021 accounts and have proven compliance with the FFP for 2019-2021 period?

[owlinexile]

1 hour ago, Rotherham Owl said:

It isnt up to the EFL they have to follow their own rules and we cannot be under an embargo under their rules.

Yes as what happened when Wolves got promoted.

 

Ok, so.

 

A number of different local journalists say we are under an embargo.

 

Nobody at the club or elsewhere has refuted that we are under an embargo.

 

We haven't signed any players and nothing else has happened to suggest that we are not under an embargo.

 

Other than the blindest of blind optimism, why on earth would you conclude that we are not under an embargo?

[Dick_Turpin]

On 06/06/2021 at 13:52, SolihullOwl79 said:

However we are unlikely to get answers until the accounts are known, which if filed within time (not sure if they will be) is still a few weeks away. 

There's no law that says you have to file your accounts at the last minute. 

[Chewy24]

Regarding the timing of the filing of the accounts.......as stated above, you don't need to file last minute. In fact, many  companies that are trying to improve their credit rating, reputation or to demonstrate financial wellbeing file early. 

 

The fact is, we haven't filed ours, it sets alarm bells ringing and whilst it's still conjecture it would appear that either (a) the auditors won't sign off on a going concern basis, or (b) they show yet another breach of FFP and once published will lead to further sanctions.

 

 

[room0035]

4 hours ago, Hornsby said:

Cos if they go under, we may get ground back cheap.

 

And we..I mean club, rich fan, etc.

No if they go under the ground will either be sold to pay off the debt or if they have not finished paying for the ground in full the legal ownership could pass back to the club.

 

We do not know the terms of the contract but normally there is something in there that legal ownership will not pass until the final instalment is paid. Which in this deal terms is another 5 or 6 years

[Guest Hornsby]

2 minutes ago, room0035 said:

No if they go under the ground will either be sold to pay off the debt or if they have not finished paying for the ground in full the legal ownership could pass back to the club.

 

We do not know the terms of the contract but normally there is something in there that legal ownership will not pass until the final instalment is paid. Which in this deal terms is another 5 or 6 years

So, clubs gets back cheap or rich fan buys.

[kobayashi]

1 hour ago, rickygoo said:

There's no law that says you have to file your accounts at the last minute. 

Normally better to get the accounts signed and filed as soon as possible. Not only is it one less thing to do but the longer it takes then the greater the risk of something adverse happening which has to be accounted for. The going concern review is always 12 months from date of signing, so again the longer you leave it the greater the scope of the accounts in terms of time and what may be brought into them.