Sheffield Wednesday Supporters’ Trust release EFL’s insolvency policy in fight for club’s survival

Sheffield Wednesday Supporters’ Trust release the EFL’s insolvency policy, which was leaked to them, as they fight for the club’s survival.

In a series of posts via social media on Friday night were extracts from the EFL’s insolvency policy which is not a document made readily available to the public.

Excerpts from the document show it provides only ‘guidance’ and that ‘the EFL reserves the right to review and amend the procedures for each individual case’.

The club is now in administration with the prospect of new ownership and a chance to rebuild.

Imposing further punitive sanctions that could effectively cause a second successive relegation would not punish those responsible.

It would punish supporters and a new ownership group… pic.twitter.com/Pjh9FI7slF

— Sheffield Wednesday Supporters' Trust (@SWFCTrust) March 13, 2026

💬 "No-one wants handouts, no-one wants special treatment. All that is wanted is a chance to compete on a level playing field."

🦉 The EFL are complicit in Sheffield Wednesday's demise and draconian sanctions could KILL club

✍️ @jjwhaling https://t.co/eB1cf4SjNx pic.twitter.com/d68YGdYM4H

— Mirror Football (@MirrorFootball) March 14, 2026

This week, an article from the Mirror has criticised the EFL’s role in Sheffield Wednesday’s financial collapse under former owner Dejphon Chansiri, with the club left with debts of £47.8 million and multiple points deductions, now facing administration and life in League One having had relegation already confirmed.

Reports are that they face a 15-point deduction and £7,000 weekly wage caps that could force player sales and deter investment and risk the 159-year-old club’s survival.

Henry Winter tweeted: “Sheffield Wednesday are one of the oldest football clubs in the world, their famous name woven into the tapestry of the game.

“Formed in 1867, elected to the Football League in 1892, founder members of the Premier League, four times champions of England, three times winners of the FA Cup, and the League Cup once.

“Such honours may be far back in history but Wednesday remain a powerful force in many lives, in families, communities, in Sheffield and beyond.

“It would be devastating to Wednesday supporters and deeply damaging to the reputation of English football if Wednesday lost their membership of the EFL because of the behaviour of an owner in Dejphon Chansiri who passed initial EFL ownership tests, was welcomed (let’s not forget), but turned out to be shamelessly irresponsible.

“Wednesday fans fear the club’s existence might be at risk if the EFL imposes further punishments and restrictions that deter potential buyers.

“Stronger oversight of owners is clearly required and the EFL and PL did tighten their rules in 2023.

“The new Independent Football Regulator will introduce a proper licensing system for clubs and better oversight of owners.

“Unfortunately, the IFR did not come into force early enough to prevent Wednesday’s downward slide under Chansiri.

“Wednesday are currently in administration and threatened with further EFL sanctions – a 15-point deduction for next season.

“This season’s 18-point deduction all but guaranteed relegation from the Championship (confirmed on Feb 22).

“The League applies sanctions as punishment for debts and also as a deterrent to other clubs/owners.

“The EFL emphasises it is working with all parties to “try and find a solution that can see Sheffield Wednesday continue as a member of the League…. but ultimately we have to also apply the terms of the League’s insolvency policy… which seeks to balance the interests, not only of Sheffield Wednesday, but also of the other 71 clubs”.

Sheffield Wednesday face starting 2026/27 League One season with further points deduction

SHEFFIELD WEDNESDAY TRUST:

We are publishing extracts from the EFL’s Insolvency Policy guidance, a document that is not publicly available but which governs how the EFL considers sanctions and restrictions on clubs going through administration and other insolvency events.

The document makes several important points.

Firstly, it confirms that the policy is guidance only. It explicitly states that it “does not and cannot cover every eventuality.”

Secondly, it confirms that the EFL retains absolute discretion when determining how to deal with clubs experiencing an insolvency event.

The guidance goes further, stating that the policy and guidance notes do not bind the EFL, and that each case must be considered on its individual merits.

It also states that the conditions imposed can be adapted depending on the circumstances presented to the EFL.

In other words, the EFL has both the power and the responsibility, to exercise judgement.

This evening, EFL Chief Operating Officer Nick Craig publicly raised the possibility that Sheffield Wednesday’s membership of the league could be at risk.

Such statements will understandably cause enormous concern among supporters who have already endured one of the most damaging ownership periods in modern EFL history.

For years Sheffield Wednesday has suffered under the stewardship of an owner who the EFL itself deemed fit and proper. The club has declined dramatically during that period while supporters, staff and the wider community have paid the price.

Now the club sits in administration, with the prospect of new ownership and a chance to stabilise and rebuild.

To potentially force Sheffield Wednesday into a second successive relegation as a result of additional punitive measures would not punish those responsible for the club’s decline.

It would punish supporters, employees, players and any new ownership group attempting to rescue one of English football’s historic institutions.

This is precisely why the EFL’s own guidance makes clear that each case must be considered on its merits and that discretion exists within the framework.

The policy also sets out specific factors the EFL says it will consider when exercising this discretion. These include:

•⁠ ⁠the statutory duty to act in the best interests of the EFL as a whole
•⁠ ⁠the public perception and credibility of the EFL
•⁠ ⁠the creditworthiness of the club
•⁠ ⁠the effect on supporters
•⁠ ⁠the effect on local communities served by the club

These considerations are particularly relevant in the case of Sheffield Wednesday.

Few supporter bases in English football have endured more over the past decade. The effect on supporters has already been severe, culminating in relegation this season following years of decline under an owner previously approved by the EFL.

The club also sits at the heart of its community in Sheffield, with thousands of supporters, families and local businesses connected to its future.

At the same time, the club is now in administration with the prospect of new ownership and a pathway toward financial stability.

In that context, further punitive sanctions risk undermining the very factors the EFL states it must consider – including the effect on supporters, the impact on the local community and the wider credibility of the league itself.

Sheffield Wednesday supporters are not seeking advantage over other clubs. We recognise the importance of fair regulation and equal treatment across the football pyramid.

However, fairness must also recognise context.

Sheffield Wednesday have already paid a heavy price this season, culminating in relegation. What supporters seek now is a more level playing field and the opportunity for the club to rebuild under new ownership, not further punishment for failures that occurred under an owner approved by the EFL itself.

It is entirely right that all EFL clubs should be treated fairly and consistently.

That principle must include Sheffield Wednesday, a founder club of the football league, that has already suffered enormously during a decade in which the EFL’s own regulatory oversight failed to prevent the damage that unfolded.

The discretion outlined within the EFL’s own policy exists for situations exactly like this.

Sheffield Wednesday supporters have suffered enough.

We urge the EFL to apply its own guidance responsibly and ensure that the focus now is on allowing the club to recover, stabilise and move forward under new ownership.