Sheffield United Winding Up Order

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Badger11

Member
Location
Beckenham
Country
England
Anyone know what is going on at Sheffield United?

www.skysports.com

Sheffield United face winding-up hearing in court as former owner United World claims COH Sports owes £35m

Former Sheff Utd owner United World claims it is still owed £35m from COH Sports Bidco; winding-up hearing set for August 19; if current owners declared insolvent, 12-point deduction could be imposed on Bramall Lane club; sources close to COH insist club is financially healthy
www.skysports.com www.skysports.com

The former owner claims he is owed £35m, I found this statement from the current owners intriguing:

"Nonetheless, Helmy Eltoukhy and Steven Rosen invited Abdullah to re-invest in the Club and join the ownership of Sheffield United and to help use his skills to support our promotion efforts.

So that is not a denial that they owe him the money, more a complaint that he declined to rejoin the investors.

I maybe completely wrong but that sound like they are saying okay we do owe you the money how about you take it in shares instead?
 
Badger11 said:
Anyone know what is going on at Sheffield United?

www.skysports.com

Sheffield United face winding-up hearing in court as former owner United World claims COH Sports owes £35m

Former Sheff Utd owner United World claims it is still owed £35m from COH Sports Bidco; winding-up hearing set for August 19; if current owners declared insolvent, 12-point deduction could be imposed on Bramall Lane club; sources close to COH insist club is financially healthy
www.skysports.com www.skysports.com

The former owner claims he is owed £35m, I found this statement from the current owners intriguing:

"Nonetheless, Helmy Eltoukhy and Steven Rosen invited Abdullah to re-invest in the Club and join the ownership of Sheffield United and to help use his skills to support our promotion efforts.

So that is not a denial that they owe him the money, more a complaint that he declined to rejoin the investors.

I maybe completely wrong but that sound like they are saying okay we do owe you the money how about you take it in shares instead?
Click to expand...
Does the fit and proper apply?
 
Badger11 said:
www.bbc.co.uk

Sheffield United could face points deduction after High Court decision

Sheffield United could incur a 12-point deduction after the company used to buy the club was placed into liquidation.
www.bbc.co.uk www.bbc.co.uk
Click to expand...

The current owners didn’t even have the decency to turn up at court or have any representation whatsoever. The report says the hearing lasted ten seconds!

This is just horrendous for the club and their supporters. I hope they can get matters resolved satisfactorily and that it doesn’t deteriorate further but I don’t see how they will avoid a significant points deduction in the meantime.
 
Phil’s Barber said:
The current owners didn’t even have the decency to turn up at court or have any representation whatsoever. The report says the hearing lasted ten seconds!

This is just horrendous for the club and their supporters. I hope they can get matters resolved satisfactorily and that it doesn’t deteriorate further but I don’t see how they will avoid a significant points deduction in the meantime.
Click to expand...
It appears that the owners are playing fast and lose between debt and assets?
 
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