What Simon Jordan has said about Sheffield Wednesday administration crisis - they "will come through it" | OneFootball

Simon Jordan has given his verdict on the situation at Sheffield Wednesday as administration looms.

Former Crystal Palace owner and talkSPORT pundit Simon Jordan believes administration is the only realistic way Sheffield Wednesday can escape their current mess under Dejphon Chansiri.

It has been a nightmare few months for Wednesday under Chansiri's ownership, and after failing to pay the wages of players and staff on time on multiple occasions, the club have been banned from paying transfer fees for the next three windows, while they are also currently under five separate transfer embargoes for a host of other breaches.

Over the past week, it had been claimed that the Owls were set to be served with a winding-up petition by HMRC over an unpaid £1 million debt, and having initially tried to resist putting the club into administration, it seems Chansiri has now finally accepted defeat as his financial issues continue to mount.

It was revealed on Friday morning that Wednesday have now filed for administration, and while the documents have not yet been sealed, official confirmation is expected imminently, and as per EFL rules, it will mean the club are hit with an immediate 12-point penalty, which will see them reduced to -6 points in the Championship table and put them a huge 15 points from safety.

Journalist Alan Nixon has revealed that the Owls have hired Begbies Traynor to guide them through administration, and the firm have plenty of football experience having been involved at Wigan Athletic and Blackpool in the past, but the reporter pointed out that Hillsborough, which is owned by Chansiri separate to the club, will not be involved in the administration process, which could complicate any potential takeover.

However, with a number of parties still believed to be interested in buying Wednesday, including former Crystal Palace co-owner John Textor, ex-Newcastle United chief Mike Ashley and businessman David Richards, administration could make it significantly easier for them to agree a deal for the club.

Simon Jordan reacts as Sheffield Wednesday move closer to administration

While Jordan admitted administration is far from an ideal outcome given the potential consequences it could have for those connected to the club, he believes it is the best way for Wednesday to escape their current predicament under Chansiri, and he insisted that he is confident the Owls will come through their crisis eventually.

"I would guess if there's a requirement to run this football club, it probably takes £10 million to run it for the rest of the season," Jordan said on talkSPORT.

"Who's going to pay that? So the only way to do that is to stick it into administration, squeeze some of the creditors out, which is horrible to hear, but it's a commercial reality, and find a buyer that's prepared to fund the administration, rather than sit there suggesting the independent regulator is going to come in and fund it. Because they ain't.

"The big thing is to move Chansiri into a space where he recognises the threat of the regulator, which is: you can't sit here and just cry at the sea to go back. There is a possibility that the regulator has got the lever and the leverage to take it off you."

"I think there'll be solutions, but I think they're difficult.

"Sheffield Wednesday, I believe in the same way that I believe Reading will come through it, will come through it, but it's going to be some collateral.

"The fans are in no uncertain terms making their views very, very clear. And they're not prepared to go inside a football stadium and give them one scintilla of their money."

Sheffield Wednesday supporters will have mixed emotions as administration looms

In normal circumstances, the threat of going into administration would strike fear into the hearts of football supporters, but with Chansiri showing no willingness to engage with potential buyers, Wednesday supporters have long believed that it could be the only way to force their unpopular owner out.

With his debts mounting and pressure to sell from supporters increasing, it seems that Chansiri has finally taken the sensible option and put the Owls into administration, which should make it much easier for a takeover to be completed, even if there are complicated issues involving the stadium that will need to be resolved.

Administration will result in a 12-point deduction for Wednesday, which will almost certainly guarantee their relegation to League One, particularly with a further penalty expected at some stage for their wage breaches, but the latest developments will at least give supporters genuine hope of a fresh start next season under new ownership.