Sheffield Wednesday 'nowhere near out of the woods yet' despite embargo lift - finance expert
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Ben Palmer
Fri 29 August 2025 12:00, UK
Sheffield Wednesday may find themselves “back in the same situation” in a matter of weeks despite an intervention from the EFL.
That is the verdict of football finance expert Dan Plumley, who told Football Insider exclusively that the only thing that “really changes” the Owls’ situation is a takeover.
The summer began in the worst way possible for the Championship side as the EFL placed them under a transfer embargo for unpaid wages to players and staff.
Things only got worse when Josh Windass joined Wrexham, as last year’s top goal-scorer became one of 13 players to leave Hillsborough.
The final nail in the coffin came when, with just two weeks to go before their season opener against Leicester City, Danny Rohl stepped down as Sheffield Wednesday manager.
Whilst Henrik Pedersen has done the best he can as his replacement, claiming a historic win over Leeds United in the Carabao Cup, the writing seems to be on the wall for the Owls’ time in the Championship.
They have picked up just one point from their opening three games and despite the EFL lifting the embargo placed upon them, Ethan Horvath has been their only signing of the summer thus far.
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This article contains exclusive comment from Dan Plumley, a football finance expert and senior lecturer at Sheffield Hallam University.
Speaking exclusively to Football Insider, Plumley explained that whilst the lack of a transfer embargo was a blessing for the club, nothing would change until there were new owners in place.
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He explained: “It might be we’re back in the same situation here in a couple of weeks when the players are due to be getting paid again.
“They are absolutely nowhere near out of the woods yet, and ultimately, the only thing that really changes that situation at that football club is a takeover.”
Horvath was brought in as an emergency replacement after Pierce Charles suffered a shoulder injury against Bolton Wanderers on 13 August.
The former Man City man featured against Stoke City three days later, but he will now undergo surgery on 29 August and is facing an extended period out [The Star].
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The silver lining for Wednesday is that the Northern Ireland international will likely remain in Yorkshire after interest from Rangers and West Ham.
However, with financial issues always a moment away at Hillsborough, players with value, such as Charles, are never likely to stay at the club for too long.