Kris Wigfield, Sheffield Wednesday’s joint administrator, has explained why the Owls are currently losing £1 million every month.

Wednesday has had a difficult season, both on and off the field, as a result of the poor financial condition they were forced into by former owner Dejphon Chansiri.

The South Yorkshire club has lost eight consecutive Championship games and will likely struggle to turn their fortunes around when they face play-off contenders Millwall at Hillsborough this Saturday.

Meanwhile, preferred bidder James Bord believes everything is on track, despite a delay in the ratification step of his planned Wednesday purchase.

Kris Wigfield opens up on key Sheffield Wednesday losses.

The Owls have suffered the consequences of their difficult financial circumstances, with numerous player departures last summer, and club hero Barry Bannan joining Millwall in the winter transfer window.

Wednesday fans will be emotional when they see Bannan, who has served their club with distinction for almost ten seasons, arrive at Hillsborough in Lions colours this weekend.

According to BBC Sheffield’s Rob Staton via X, Wigfield, the Owls’ joint administrator, stated that the club is currently experiencing a short-term cash flow deficit of around £1 million per month due to the seasonal nature of football income.That amount represents income timing discrepancies rather than a £12 million annualised accounting loss. EFL solidarity payments are often received in big sums in January and summer, rather than evenly distributed throughout the year.Season ticket income is estimated to be around £500,000 per month if distributed fairly. However, the incoming owner should decide on pricing and strategy for the upcoming season.The league’s current condition and uncertainty have led to lower gate receipts and retail sales than in the past.Importantly, the club continues to trade, meet its responsibilities, and adhere to a disciplined finance plan during this time.”

Sheffield Wednesday’s financial losses highlight the necessity for a rapid takeover.

Wigfield has stated that the pattern of Wednesday’s monthly deficits does not amount to losing £12 million each year, but the Owls’ financial situation remains far from ideal.

However, the Hillsborough club cannot successfully plan for next season’s League One campaign while continuing to lose enormous sums as a result of being in administration and without new owners in place.

The Owls need Bord or another company interested in purchasing the South Yorkshire club to arrive as soon as possible in order to bring them back on track, both on and off the field.

Furthermore, given the multiple player departures and the departure of former manager Danny Rohl last summer, Henrik Pedersen’s position in the Wednesday dugout should be seriously questioned.

Under Pedersen’s leadership, the Steel City team has now gone 10 games without scoring in all competitions, although a managerial change is unlikely until the takeover is completed.