Kris Wigfield of Begbies Traynor, the insolvency practitioners overseeing Sheffield Wednesday’s administration, has provided an update on the Championship club’s financial situation.

Despite being in administration for more than three months, Sheffield Wednesday’s situation appears to have not improved. The wave of hope that flowed over the club following the resignation of detested former owner Dejphon Chansiri on October 24th has almost totally vanished, while relegation to League One at the conclusion of this season is almost virtually assured.

With the club’s takeover by a consortium led by former professional gambler James Bord facing intense scrutiny from the EFL, there is no end date to the club’s current woes, and the January transfer window saw the departure of two of the club’s promising younger players, Bailey Cadamarteri and Yisa Alao, as well as club captain and Sheffield Wednesday legend Barry Bannan.

However, with that window now closed, the club’s administrators, Begbies Traynor, have made a new statement on the current state of play at Hillsborough, with three months of the 2025-26 season remaining.

Sheffield Wednesday administrators issued a fresh statement on the status of play at Hillsborough.

Sheffield Wednesday supporters may be irritated by the fact that Kris Wigfield, who is in charge of the club’s day-to-day operations while it is in administration, felt the need to preface his latest statement with the word ‘honest’.

And Wigfield made it clear that he knows the grief caused by the exits of Bannan, Cadamarteri, and Alao: “There’s no denying that this has been a terrible era. Losing guys you care about is difficult, especially after the club has been through so much. But it’s also necessary to take a step back and look at the big picture of what has been accomplished since the Club went into administration — and what we’re working toward.”

Although Wigfield was unable to provide Wednesdayites with the most anticipated news, that Sheffield Wednesday is now under new ownership and their future can begin, it was not all terrible news for them. Wigfield confirmed this:

For four straight months, all players and staff were paid in full and on time.
This has been accomplished without the use of external funds, Season Ticket revenue, or player sales at the outset.
A £1 million supporter loan was issued but not used, and has already been fully repaid.
Matchday operations have stabilised and improved, with stronger gate collections and total income growth.
The Club currently has enough cashflow visibility to trade until the end of the season under all feasible circumstances.
We invested in IT systems, retail infrastructure, bar equipment, and signs that yielded a demonstrable return.
Around £350,000 has been spent on vital safety and maintenance work on the North Stand roof.
However, there was no word on the status of the funding checks for Bord’s consortium’s proposed takeover bid, with Wigfield stating: “The sale of a football club in administration is a complex process involving numerous stakeholders and requiring various approvals – all of which takes time to complete. Rest assured, all sides are working as quickly as possible.”

Administration can be a harsh process, and the EFL is under pressure over Sheffield Wednesday.

The most crucial thing Kris Wigfield mentioned in his last statement was: “The Club now has sufficient cashflow visibility to enable it to trade through the end of the season under all reasonable scenarios.”

Sheffield Wednesday was, is, and will stay in a highly precarious situation until the club’s sale is completed. Entering administration is not a move that businesses make lightly. For the vast majority of businesses that enter an insolvency procedure, getting bought out of administration and resuming normal operations is not the end goal.

Of course, football clubs differ from most businesses in many ways, and the outcome for clubs that do enter administration is significantly more positive than for the majority of other business types since they are both community organizations and businesses. Sheffield Wednesday will continue to exist, which is the most crucial aspect of the entire affair.

The main fear for Sheffield Wednesday fans right now is whether their team will start the 2026-27 season with -15 points or not. The Bord consortium bid’s main selling point was that it paid the club’s creditors the 25p per pound dividend required to avoid such a fine next season. If their bid fails EFL scrutiny, it is likely that subsequent bids for the club will fall short of this.

However, given the current political context, the EFL cannot afford to ignore the gambling connections. Clive Betts, the Labour MP for the Sheffield South East area where Hillsborough is located, has already encouraged them to be thorough in their investigation of Bord’s consortium.

“The source of funding has to be a concern, given the inherent volatility of those industries,” Betts told reporters. “Even if the EFL authorizes the takeover, what level of sustainability exists? These are issues that should be addressed. I’m sure the regulator will be paying great attention, as even if they don’t control the ODT, they may inherit these owners. This is a major test for the regulator. Given the nature of the bids, they will want to ensure a thorough process, which may take a long period.

The EFL is under tremendous pressure because of this. If Sheffield Wednesday finds itself in difficulties again in a year or two, they will bear the brunt of the responsibility, despite the fact that an Independent Football Regulator will have been established by then. As a result, it’s not surprising that they’re taking their time with this decision. Despite their frustration, all the club’s fans can do for the time being is wait and hope.