Sheffield Wednesday, who have just been promoted to the Championship via the playoffs, will be wearing shirts this season sponsored by EyUp, a local tech training organisation run by WANdisco founder and former CEO David Richards and his wife Jane.
According to a new statement made to the LSE, however, WANdisco is paying the cost of the sponsorship, while the board of the Sheffield data firm was not informed of the payment, along with certain other agreements related to The David and Jane Richards Family Foundation and EyUp.
The statement said: “Each of these transactions are deemed to be a related party transaction pursuant to AIM Rule 13 of the AIM Rule for Companies.
“The board was not informed of these related party transactions at the time and are therefore unable to provide a comment on the fair and reasonableness of each transaction.”
WANdisco’s recently published annual report said that, during 2022, the group agreed to pay $362,691 to sponsor Wednesday for the 2023/24 season on behalf of EyUp Skills Limited.
It added: “There is also an additional $362,691 sponsorship payable which is contingent on certain post year-end outcomes.”
Wednesday unveiled the new kit during their promotion playoff parade on May 31, and in mid-June the club confirmed that EyUp was the “new principal sponsor” for its shirts for this season.
Richards left WANdisco in early April this year after financial irregularities were discovered in March, although the company noted that the departure, along with that of CFO Erik Richards, was unrelated to the ensuing investigation which found that an unnamed single sales employee was responsible.
