Sheffield Wednesday supporters have grown used to financial twists and turns during Dejphon Chansiri’s ownership. One of the most significant – but least understood – involves the long-running loan he took out with New Avenue Projects Limited, secured against Hillsborough Stadium.
So what’s really going on? Here’s everything we know.
Where It Started: The £6.4m Loan Against Hillsborough
In October 2020, Companies House filings revealed that Chansiri had borrowed £6.438 million from New Avenue Projects. To secure the funds, he placed a legal charge on Hillsborough Stadium — effectively mortgaging the club’s historic ground. The original agreement had a repayment deadline of 30 September 2021.
Rollover, Not Repayment
Instead of clearing the debt, it appears the loan has been rolled over annually.
In October 2024, a new charge of just over £7.3 million was filed — on the same day that three older charges were marked as “satisfied.” This strongly suggests that the loan has not been paid off, but instead renewed under a new agreement, now due in September 2025.
If this pattern continues, we may see another renewal later this year. For now, it means Hillsborough remains under a mortgage-style charge, and Wednesday continue to pay for expensive borrowing.
The Interest: 12.5% and Climbing
One of the most striking aspects of this deal is the reported interest rate — 12.5% annually, paid by Sheffield Wednesday Ltd.
To put that into perspective:
- On a £7.3m loan, interest alone comes to approximately £900,000 per year
- Over five years, that’s more than £4.5m, and that’s before touching the original loan amount
This is an enormous financial burden, especially for a club already under strain.
What Happens If It Isn’t Paid?
Because the loan is secured against Hillsborough, the lender — New Avenue Projects — has the legal right to seize or force the sale of the stadium if repayments are missed.
In practice, repossessing a football stadium is complex and controversial. But with such a high-interest return, the lender may prefer to let the loan continue — as long as payments keep coming. That said, if Chansiri were to walk away, the risk would immediately grow.
Who Are New Avenue Projects?
New Avenue Projects is not a high street bank. It’s run by Nigel Weiss, a former City finance lawyer, and operates as a private lender. That helps explain the high interest rate, which is more typical of specialist or high-risk lending.
Bigger Picture: More Debt in the Shadows
This loan is only part of Wednesday’s wider financial difficulties. In 2023, Chansiri infamously asked fans to help cover £2m in wages and tax, and recent reporting has suggested he could leave behind at least £4m in unpaid debt if he were to step away.
It all points to a club operating on increasingly fragile financial ground.
The Bottom Line
- Hillsborough remains mortgaged, under a legal charge from New Avenue Projects
- The loan has rolled over repeatedly, with no sign of repayment
- 12.5% interest means the club is spending close to £1m a year servicing the debt
- The stadium is at risk if the loan is ever defaulted
- The future of this loan — and the club’s ownership — remains uncertain
For many fans, the concern isn’t just the debt itself — it’s the lack of transparency, clarity, and progress. Until this loan is repaid or resolved through new ownership, it will continue to hang over Hillsborough like a shadow.
Note: This article is an independently written overview based on publicly available financial records and previous media coverage. It is intended to help Sheffield Wednesday supporters better understand the current loan arrangement involving New Avenue Projects and Dejphon Chansiri. While care has been taken to ensure accuracy, some financial details are based on estimates and filings available at the time of writing.
