Trouble At Wednesdays Shirt Sponsor?

[Man in Crete]

Report from The Times below

WANdisco’s board was “not told” that the data software business had paid hundreds of thousands of dollars so that a company co-owned by its founder and then chief executive could sponsor his favourite football team.

The company, whose value collapsed upon its readmission to trading yesterday, claimed that it had been in the dark about several related-party transactions, including a $362,691 payment to Sheffield Wednesday.

The payment in 2022 was “on behalf” of EyUp Skills, a tiny company owned by David Richards, who was then chief executive of WANdisco, and his wife, Jane, whose logo appears on the front of the football club’s new home and away kits as its principal sponsor.

Richards, a supporter of Sheffield Wednesday, resigned from WANdisco in April while the company was in the midst of an unrelated fraud scandal.

Its shares were suspended in March after it said it had discovered a sales and accounting scam. WANdisco’s value collapsed by more than 96 per cent on its return to London’s Aim market yesterday, all but wiping out the holdings of shareholders, including Richards.

Trading resumed after the completion of an emergency fundraising and the publication of its overdue annual results, which contained details of the related-party transactions.

WANdisco said an additional $362,691 was due to Sheffield Wednesday on behalf of EyUp “contingent on certain post-year outcomes”.

EyUp, which has said it is “creating software developers, generating jobs and investing in start-ups”, listed net assets of £1,555 and zero staff in its most recent accounts. The company’s website says it is “under maintenance”.

WANdisco also flagged 2021 payments, since repaid, to The David and Jane Richards Family Foundation for the Laptops for Kids scheme, a charity that says it aims to increase access to learning for young people from disadvantaged backgrounds, as well as $19,760 worth of invoices paid to EyUp.
WANdisco said: “The board was not informed of these related-party transactions at the time and are unable to provide a comment on the fair and reasonableness of each transaction.”

Richards and Sheffield Wednesday were approached for comment.

WANdisco was set up in 2005 and supports companies that create huge amounts of data. In April, an independent investigation by the corporate consultancy FRP Advisory concluded that about $15 million of recorded revenue and $115 million of sales bookings linked to a senior employee were illegitimate. Its finances were misstated as a result, prompting a Financial Conduct Authority investigation.

[Alextopman]

We need Dr Top on this if we can drag him away from his obsession about United's finances.

[PapaLazarou]

Do they pay their bills on time?

[cuttsie]

I always said that Mr Chansari should have paid just £1 for the Owls  , He was done over , He could have bought a hotel with the savings .

[Alextopman]

1 minute ago, cuttsie said:

I always said that Mr Chansari should have paid just £1 for the Owls  , He was done over , He could have bought a hotel with the savings .

Yeh. towd Milan had him round the corner big time.

At least he's got his taxi and drinks companies to fall back on.

[Man in Crete]

This is what fans get when non football moneybags  get involved  no matter who the team is.

this one seems to be that there was inadequate due diligence in 2022 by swfc, that mr richards seems to have entered an agreement to spend some $365k+ x 2 of his parent companies money without the knowledge of the board, the 2nd instalment might not have been paid and Wednesday now have more egg on the face to cap the events of the last few weeks. In addition the shirt sponsor has shut down their website “ for maintenance “ and if the 2nd payment is outstanding then no way can Eyup pay up from their massive assets of some £1500. Be interesting to see if chancer or the other lot replies to the times . Meanwhile the deadline for submission of Wednesday s accounts for 21/22 is fast approaching at 31/7/23 will they be submitted or not? Answers on a tin of elevate please

of course all this from the comedy club who can’t stop giving whilst the s2 lot can’t even get a shirt sponsor….pathetic the pair of em

[Sheridan1-0]

To be fair ,some of Wednesday’s shirt sponsors over recent years have been…dubious, to say the least …

[bassett one]

true what they say about companys/directors doing there own thing through out football and its true from top league teams home and abroad and many lower down the greed for cash and self greed ect comes to mind.

[top4718]

Hold up:

 

https://www.thestar.co.uk/sport/football/sheffield-wednesday/sheffield-wednesdays-six-figure-eyup-sponsor-queried-but-owls-thought-to-be-in-the-clear-4232654

[Monkesreturn]

It's becoming a very common Sheffield Wednesday trend isn't it??

 

'We got away with it'

 

As opposed to....

 

'We've not done anything wrong'...

 

Nothing but fishiness surrounding the club since Mr Chansiri took it on.... and no punn intended.