Sheffield Wednesday's board insist "the club's finances are not in any way threatened" after the shock resignation of chairman Dave Allen.

Millionaire casino owner Allen, the club's second largest creditor after loaning them £3.5million, quit his post last Friday, citing a breakdown of trust in his fellow directors as the reason for his sudden departure.

The Owls have debts of £27million, but the current board insist the club will not lurch towards administration.

A club statement read: "In response to media speculation, the current board have moved to assure shareholders and supporters the club's finances are not in any way threatened.

"Regarding the club's financial position, Sheffield Wednesday continues to have an excellent working relationship with the bank and there is certainly no threat of administration at this time.

"Matters regarding the current status of the club will be discussed at the annual general meeting on Thursday and there will be an opportunity for shareholders to put their questions to the board at this time.

"In the meantime the club continues to function as normal and our immediate priority is to concentrate on the team's fixture with Barnsley on Tuesday evening.

"The board were very pleased to see that there was no adverse affect on the team's display at QPR on Saturday and everyone at Hillsborough is firmly behind Brian Laws and his players as we look to improve our standing in the Coca-Cola Championship."