'No threat of administration', say Sheffield Wednesday

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Millionaire casino owner Allen, the club's second largest creditor after loaning them £3.5million, quit his post last Friday, citing a breakdown of trust in his fellow directors as the reason for his sudden departure.

The Owls have debts of £27million, but the current board insist the club will not lurch towards administration.

A club statement read: "In response to media speculation, the current board have moved to assure shareholders and supporters the club's finances are not in any way threatened.

"Regarding the club's financial position, Sheffield Wednesday continues to have an excellent working relationship with the bank and there is certainly no threat of administration at this time.

"Matters regarding the current status of the club will be discussed at the annual general meeting on Thursday and there will be an opportunity for shareholders to put their questions to the board at this time.

"In the meantime the club continues to function as normal and our immediate priority is to concentrate on the team's fixture with Barnsley on Tuesday evening.

"The board were very pleased to see that there was no adverse affect on the team's display at QPR on Saturday and everyone at Hillsborough is firmly behind Brian Laws and his players as we look to improve our standing in the Coca-Cola Championship."

Wednesday made a miserable start to the season, but manager Laws has recently turned around their fortunes on the pitch and his side are unbeaten in their last five league matches.

Allen, who had made no secret of his desire to sell his stake in the club for the right price, took over the reins at Hillsborough in 2003 after joining the board three years earlier.

He helped steer the Owls back into the Championship through the play-offs in 2004/5 but proved to be a controversial figure with fans.

Tension grew between Allen and supporters' group Wednesdayite, who own around 10 per cent of shares in the club - and which they have so far refused to sell back to the board.

Allen blamed Wednesdayite for former Everton director Paul Gregg's decision to pull out of a possible summer takeover, despite completing due diligence, because the Hillsborough board held just 32 per cent of the club's shares.