Why Sheffield Wednesday are losing £1m a month - Kris Wigfield reveals | OneFootball

Sheffield Wednesday joint administrator Kris Wigfield has revealed why the Championship club are losing £1million a month.

Sheffield Wednesday's joint administrator Kris Wigfield has revealed why the Owls are currently losing £1million per month.

Wednesday have endured a tough season, both on and off the field, courtesy of the dire financial situation they were plunged into by former owner Dejphon Chansiri.

The South Yorkshire outfit have suffered eight consecutive Championship defeats, and will likely struggle to turn their form around when they welcome play-off chasers Millwall to Hillsborough this Saturday.

Meanwhile, preferred bidder James Bord believes everything is on track, despite a delay in the ratification stage of his proposed Wednesday takeover.

Kris Wigfield opens up on significant Sheffield Wednesday losses

The Owls have felt the consequences of their turbulent financial situation and encountered mass player exits last summer, while club legend Barry Bannan joined Millwall in the winter transfer window.

Wednesday supporters will be emotional when they see Bannan, who served their club with distinction for over 10 seasons, turn up to Hillsborough in Lions colours this weekend.

Meanwhile, as reported by BBC Sheffield's Rob Staton via X, the Owls' joint administrator, Wigfield, said: "The Club is currently experiencing a short-term cash flow deficit of approximately £1m per month, largely due to the seasonal nature of football revenues.

"That figure reflects timing differences in income, not an annualised accounting loss of £12m. Significant revenues such as EFL solidarity payments are received in lump sums, typically in January and during the summer, rather than evenly throughout the year.

"Likewise, season ticket income would equate to approximately £500,000 per month if accrued evenly, but as previously stated, we believe pricing and strategy for next season should properly sit with the incoming owner.

"Gate receipts and retail sales are currently lower than historical norms, which is understandable given league position and recent uncertainty.

"Importantly, the club continues to trade, meet its obligations and operate within a structured funding framework during this period."

Sheffield Wednesday financial losses outline need for swift takeover

Wigfield has outlined that the nature of Wednesday's monthly losses does not equate to losing £12m per year, but the Owls' financial situation is still far from ideal.

However, the Hillsborough club cannot effectively begin planning for next season's League One campaign while they continue to lose large sums, as a consequence of remaining in administration, and when new owners are not yet in place.

The Owls need either Bord or another party wanting to buy the South Yorkshire club to arrive as soon as possible, to get them moving in the right direction, both on and off the field, once again.

Furthermore, despite the numerous player exits and the departure of former boss Danny Rohl last summer, Henrik Pedersen's position in the Wednesday dugout should be under serious question.

The Steel City side have now failed to score in 10 successive games across all competitions under Pedersen's stewardship, but a managerial change is unlikely to happen until a takeover is completed.