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Cash-strapped Sheffield Wednesday rescued by bank

SHEFFIELD, England (AFP) - Debt-ridden English League One side Sheffield Wednesday have escaped going into administration after a bank bail out.

The Co-operative Bank came to the rescue of the embattled club in the High Court on Wednesday by settling the football club's debts with the taxman.

Hilary Stonefrost, representing the bank, said it was prepared to pay the 703,000 pound debt if HM Revenue and Customs withdrew its winding-up petitions against Sheffield Wednesday Football Club and Sheffield Wednesday PLC.

Registrar Christine Derrett approved the settlement after hearing HMRC would dismiss the petitions.

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