Sheffield Wednesday spent most of last summer's transfer window operating under an embargo.
Sheffield Wednesday's failure to disclose their accounts for the 2017-18 season sends out a "red flag" about further financial issues at the club.
That is according to the football finance expert, Kieran Maguire, appearing on BBC Radio Sheffield on Tuesday evening.
Wednesday spent much of last summer's transfer window operating under an embargo imposed for breaching the English Football League's Profit and Sustainability rules - a situation their manager, Steve Bruce, recently insisted has not repeated itself this time around.
But Maguire warns: "By choosing to not (disclose their accounts) I think Sheffield Wednesday lay themselves open to having clandestine reasons for non-disclosure, and that’s not very good when there have been so many stories in respect of Financial Fair Play issues over the past season."
Bolton Wanderers, Bury and Notts County are the only other EFL clubs yet to disclose their accounts for 2017-18.
"If you’re in a select few with just Bolton Wanderers for company, given the troubles at that club, I think that is concerning," adds the University of Liverpool lecturer. "If you take a further look into the lower leagues, we’re then going into the likes of Bury and so on, again clubs which have had significant financial problems. So it sends out a red flag that there are financial issues.
"Now it might prove not to be the case, but I don’t think it’s a very professional approach to have been taken by the club."
Maguire, though, explains that Sheffield Wednesday's 2017-18 accounts are almost certainly with the EFL.
"Under the P&S rules all clubs had to submit their accounts to EFL by 1 December. Therefore, the EFL will have had them for six months and they will have been scrutinised," he adds.
"It could be that they’ve got some concerns about the figures, we don’t know that. The EFL are being very cloak-and-dagger about communication with the media and with fanbases as a while and we’ll have to wait and see.
"But there’s no excuse form Sheffield Wednesday’s point of view."
By failing to submit their details to the tax authorities and pay their tax on time, Maguire says Sheffield Wednesday are "in breach of company law and could be subject to sanctions by HMRC as well as by Companies House itself".
Those could apparently range from a small fine to the company being struck off altogether.
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