EFL Analysis can now exclusively reveal where Sheffield Wednesday owner Dejphon Chansiri currently stands with the EFL’s Owners’ and Directors’ Test.
Sheffield Wednesday have been placed under an embargo by the EFL after owner Dejphon Chansiri failed to pay his players and staff during May.
The Sheffield Wednesday staff have taken up emergency funding as a result, but if the payment is not made over the next fortnight, more punishments will follow the Owls.
On Monday, it even emerged that Chansiri had been disowned by John West and the Thai Union Group (TUG), despite strong suggestions that the companies were connected to the club in the past.
With Wednesday going through turmoil, we asked our resident finance expert, Adam Williams, to reveal where Chansiri currently stands within the EFL Owners’ and Directors’ Test.
Why the EFL couldn’t expel Sheffield Wednesday owner Dejphon Chansiri
Last week, we revealed that the EFL could ban Chansiri if he is put through the Owners’ and Directors’ Test once more.
But according to Williams, the EFL are pretty restricted to what they can do under this test, and there has to be a legal reason to kick someone out.
That is why, under the letter of the law, there are frustratingly no grounds to disqualify Chansiri, as Williams explained to EFL Analysis.
“The EFL are pretty restricted in terms of what they can do under the Owners’ and Directors’ Test,” he said.
“The late wage payment issue will presumably be chalked up to cash flow issues at Chansiri’s end, but he will probably be arguing that this is outside of his control because some of his debtors have failed to pay up.
“Until we next hear from the EFL or Wednesday themselves, I think we’ll have to work on the assumption that they are claiming extenuating circumstances.
“When Dai Yongge was disqualified in April, that was because he was in the courts due to his debts in China. I know there are influential people around Wednesday who are looking to piece together Chansiri’s business empire, but at the moment we just don’t know what his situation is.
“So, by the letter of the law, there aren’t grounds to expel him. If his solvency changes at some point in the future, then the EFL will have to revisit it. But he – or any other owner – would have to either have done something criminal or be unable to fulfil his duties to the club in the long term.
“There’s no moral aspect of the Owners’ and Directors’ Test. You can’t kick someone out because you think they are a bad owner or an unpleasant person. There has to be a legal reason for doing so with proof to back it up. It’s deeply frustrating for Wednesday fans, but that’s the reality of the situation.”
Why administration is best outcome for Sheffield Wednesday
Wednesday fans will be angry that there are no grounds to expel the owner, despite all what he’s put the football club through.
However, with a three-window transfer ban imposed on the Owls and the possibility of a points deduction, finance expert Rob Wilson thinks administration is the ‘best outcome’ for Sheffield Wednesday.
“While administration points to financial instability and could see some key assets undervalued or sold under pressure,” Wilson said.
“The process would actually enable SWFC to reset its financial liabilities, enable the EFL to intervene and support the sales process and secure a new level of investment or ownership that stabilises the club in the medium term.”
Ultimately, supporters need Chansiri as far away from Hillsborough as possible, and that is why a possible administration would accelerate the process.
