In an open letter sent to Saturday’s Green ‘Un, the former Chelsea chairman has issued a four-point plan to the board of directors and says that Wednesday could go into administration if they do not accept his money.
Bates wants to invest £10million into the playing side of the club although the bank will no doubt want some of that money going towards the mighty debts while the current board will want some of their loan cash back.
Part of the letter read: “I have £10million at my disposal to invest in The Owls. What are the board’s proposals to me and what are they offering me in return for my £10million?
“If in fact The Owls get £10million for the training ground, how much does the bank get and how much do the directors get.
“I am delighted to read The Owls academy chief Mike Rigg’s ambitious plans for the new training ground…how much is it going to cost? How will it be paid for?
“If the bank and directors have ‘suspended’ the payment of interest on the loans, the can only be because The Owls can’t afford to pay it. This will increase the club’s debt – with continuing losses to nearly £34million by the end of the season – what is going to happen then?”
Bates carries on saying: “Out of all the cups, attendances below Mr Allen’s stated break even of 22,000, the future looks bleak unless the ostriches on the board pull their heads out of the sand.
“What a pity if The Owls win promotion and lose it all because of a 10-point penalty from the Football League.”
Granted, some valid points were made by Mr Bates and despite the directors cutting interest on their loan notes as well as the proposed sale of Middlewood – the club will still not be out of the mire.
Tomorrow night at Ponds Forge sees an important night for in the recent history of Sheffield Wednesday Football Club and only time will tell if this time next week, Dave Allen is still around.