Sheffield Wednesday have confirmed that they failed to pay their players their salaries for March on time due to “temporary cashflow” issues. The club has stated that the delay in payment is not expected to last and that chairman Dejphon Chansiri is actively working to resolve the matter.
In a club statement, Sheffield Wednesday explained that the payment issue stemmed from significant sums of money owed to Chansiri’s businesses, which in turn had an impact on the club’s immediate cashflow. The chairman expressed his commitment to resolving the situation as quickly as possible and thanked fans and staff for their patience during this challenging period.
This latest financial setback for Sheffield Wednesday is far from an isolated incident. Under Chansiri’s ownership, the club has faced numerous financial challenges, with delayed player payments being a recurring issue. Chansiri, part of the family that controls Thai Union Group the world’s largest producer of canned tuna purchased the club in January 2015 for £37.5 million from previous owner Milan Mandaric. Since then, the club has seen a variety of financial struggles.
One of the more notable events occurred in 2019 when Sheffield Wednesday sold their Hillsborough stadium to Chansiri for approximately £60 million in a move designed to help the club avoid breaching Financial Fair Play (FFP) regulations. This transaction, however, has raised questions among fans and observers regarding the long-term financial stability of the club. The sale was part of an effort to balance the club’s books and avoid penalties that could arise from overspending.
In October 2023, Chansiri turned to the club’s supporters for help, appealing for £2 million to cover an outstanding debt to HM Revenue and Customs (HMRC) and to ensure the timely payment of wages. This appeal underlined the ongoing financial challenges the club has faced, relying on fan contributions to bridge the gap in the club’s finances.
The club’s financial troubles were further compounded in November 2023 when Sheffield Wednesday was placed under a registration embargo by the English Football League (EFL). The embargo stemmed from outstanding debts to HMRC, which placed restrictions on the club’s ability to register new players or renew contracts. This move by the EFL added another layer of uncertainty surrounding the club’s future and the ability to strengthen the squad during the season.
Despite these ongoing financial difficulties, Sheffield Wednesday have managed to maintain a position in the Championship, although they currently sit in 12th place, five points adrift of the playoff spots. The club’s next match is against Hull City on Saturday, and fans will be hoping that the team can continue to perform on the pitch despite the off-field distractions.
The financial situation at Sheffield Wednesday highlights the broader challenges facing many lower-league clubs, especially in the current economic climate. With limited revenue streams outside of matchday income, many clubs are struggling to balance the books, relying on wealthy owners or external financial support to stay afloat.
For Chansiri and Sheffield Wednesday, the current cashflow problems are yet another obstacle in what has been a turbulent period since his acquisition of the club. While the chairman has vowed to resolve the issue promptly, the club’s financial health remains a point of concern for supporters and industry observers alike.
