
£9m Dejphon Chansiri shares deal could force Sheffield Wednesday owner to sell up, official statement speaks volumes
The developing situation at Sheffield Wednesday is a fascinating one, but one that requires more insight, so we got a finance expert to shed some light on what that recent statement from John West means for the club and Dejphon Chansiri.
Players and staff at Sheffield Wednesday have still not been paid for May. That situation has led to the club being hit with a transfer embargo, with further punishments to follow if not resolved in the next fortnight.
Dejphon Chansiri is at the heart of the issue, and the Sheffield Wednesday chairman has been criticised by supporters for his role in the debacle.
In a further twist to the story, Chansiri was seemingly disowned by John West and the Thai Union Group on Monday, despite strong suggestions that the companies were connected to the club in the past.
- READ MORE: Danny Rohl is now going to extreme lengths to seal Sheffield Wednesday exit, he wants to go ‘as soon as possible’
Finance expert comments on Dejphon Chansiri’s business relationships
EFL Analysis tapped up our resident finance expert, Adam Williams, to cut to the core of what’s going on between Chansiri and those companies, and how the relationships he does or doesn’t have there could impact his status as owner of Sheffield Wednesday moving forward.
Williams told us: “I think this story illustrates the complexities when it comes to layered investments in football. If John West and Thai Union Food (TUF) have said they aren’t involved, they wouldn’t do so without legal grounds, so we can assume that there is no direct link.
“But, when it comes to questions of influence and soft power, things can sometimes be more nuanced. I’m not at all suggesting that John West or Thai Union have any control at Sheffield Wednesday or with Chansiri, merely that we have seen situations pan out like this at other clubs where there clearly is some level of influence, even if it isn’t legally recognised.”
Shareholders | Shares | % share |
CHANSIRI FAMILY | 815,418,068 | 18.30% |
THAI NVDR CO., LTD. | 408,226,055 | 9.16% |
NIRUTTINANON FAMILY | 331,274,084 | 7.44% |
THAI UNION GROUP PCL. | 323,651,900 | 7.26% |
MITSUBISHI UFJ MORGAN STANLEY SECURITIES CO., LTD. | 238,745,120 | 5.36% |
SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED | 130,747,031 | 2.93% |
SOCIAL SECURITY OFFICE | 124,917,608 | 2.80% |
STATE STREET EUROPE LIMITED | 107,421,212 | 2.41% |
BOONMECHOTE FAMILY | 78,442,980 | 1.76% |
MR. TIN SHU CHAN | 67,700,000 | 1.52% |
Fans have been a little confused by the stance shared by John West and Thai Union, especially after the companies’ logos were front and centre around the club upon Chansiri’s takeover a decade ago.
On this, Williams added: “We know Thai Union’s branding was featured heavily when the Chansiri takeover was completed in 2015, though they pretty quickly clarified that it was a private investment by Dejphon.
“Chansiri himself owns about £9m shares in TUF, or so I’m led to believe. Clearly, he has the family links there, too, though they now only own a minority stake in the company and Chansiri doesn’t have an active role.
“So I think you can take the statement at face value. That said, there is obviously a relationship between the two entities, so I can see the logic of leaning on John West and TUF from the perspective of Wednesday supporters.”
Owls fans are fearing the worst right now, naturally, and are desperate for Chansiri to leave the club. Amid the payment delays and general disconnect right now, it seems the only way that will happen is if the EFL oust Chansiri from his role with a fresh Owners and Directors Test.
On whether the supporters themselves could push Thai Union Group and John West to convince Chansiri to walk away, Williams concluded: “Maybe they could exert some pressure on him to step aside. I’m completely speculating there, but you have to remember that these are real people with real relationships — business and personal — so sometimes this kind of pressure can pay off.
“Thai Union Food Group are a publicly traded company, so that adds a layer here too. They have a fiduciary duty to their shareholders, which means they won’t want their name brought into the Wednesday saga. Again, that’s something protests might be able to leverage.”
- READ MORE: The ‘incredible’ deed that Sheffield Wednesday fans have done as financial crisis continues under Chansiri

Independent regulators could prevent Sheffield Wednesday issue in the future
Many now expect the EFL to step in and offer up some kind of a solution to the mess at Sheffield Wednesday one way or another.
A takeover could solve things in terms of having more clarity and organisation (and financial flexibility), but it is thought any transfer embargoes would remain under new ownership.
The silver lining to all this, at least for other clubs throughout the EFL, is that an independent regulator is likely to improve the Owners’ and Directors’ Test in the near future.
A final bill regarding those changes will be presented to parliament fairly soon, and it’ll be fascinating to see what safeguards are to be put in place to protect against late or failed payments and the like.
With Dejphon Chansiri and Sheffield Wednesday as a case study, it’s hard to imagine anyone thinking the current system can work. Change has to come now, it’s just a shame the Owls are suffering to make it happen.