By Nicholas Rigg
November 1 2005

SWFC's annual general meeting took place last night in front of more than 500 shareholders. At the event, which took place at Sheffield Cutler's Hall, club chairman Dave Allen told of the club's financial situation and offered to buy 'Wednesdayite's' shares in the club. Get all the details here...

At the last SWFC AGM Wednesday were mid-table in League One, and Chairman Dave Allen was the subject of some harsh critisicm by shareholders who were making their strong feelings heard.

This time around, under the confident leadership of boss Paul Sturrock, the air around Cutler's Hall was much calmer, with Allen recieving more praise than anticipated.

Allen said: ''This was my fourth AGM. Last year's was extremely difficult, but I feel they are beginning to realise we are putting in to practice what we said and they can see we're heading in the right direction.''

The meeting looked at a restructuring of the financial situation at the club, the current position of the training ground sale, and a three-year plan which board members think will push Wednesday in to the Premiership.

First on the agenda was the 3-year plan for the Premiership, but haven't we heard this somewhere before? When Chris Turner was appointed Wednesday boss Allen unveiled a five-year plan which would hopefully see the Owls in Europe - but that plan is looking increasingly unlikely, despite promotion last season.

So what's different this time around? Finance Director Bob Grierson unveiled a new restructuring of the club's debts which would hopefully see the club competing for players within the next couple of years. Grierson revealed £6million of the clubs £23.2million debt would be 'parked' until the club reached the premiership. The remainder of the debt would be restructured with a focus on the training ground sale.

''We have negotiated a very, very good deal with our bank, the Co-op Bank, over the restructuring of the debt because our bank have confidence in those at the helm.'' said Allen.

Mr Allen also commented briefly on the sale of Middlewood training ground, which is believed to reduce the debt greatly if, and when it's completed.  He said that developments have been made, but that the issue was too sensative to discuss in great detail at such a meeting.

Next up was the offer to the Wednesdayite trust (formally known as the Owls Trust) to buy the shares they had in the club for a third of a million pounds, roughly £330,000. The money would then be ploughed in to the club to either help reduce debts or to help loan, or buy, a player.

This time the trust were on the other end of a verbal lashing out when finance director Grierson said that the trust tried to 'obliterate' the current board in a bid to get Ken Bates on the board at Hillsborough.

Despite this, Mr Grierson said that although the rift can't be healed overnight, bridges have been built, and the club will do all they can to work with supporters groups - including the consideration of lifting the ban upheld on a Wednesdayite member.

Shareholders also asked boss Paul Sturrock questions regarding possible targets for the club. Sturrock was asked about the breakdown over the deal with Nathan Tyson last week, and said the deal was 'dead in the water'. He also played down rumours of a swoop for Sunderland striker Jon Stead.

Mr Allen also told fans that Leon Best is still very high on Sturrocks wanted list, and that he will do all he can in a bid to sign the young Southampton striker once he is back to full fitness.

It certainly looks like bridges have been built since the last AGM and things are going in the right direction for SWFC.