Kris Wigfield, one of Sheffield Wednesday’s joint administrators, has offered a vital update on the club’s takeover process before of their game against Norwich City on Wednesday evening.
This comes after The i claimed that the first bids for the South Yorkshire club are expected to arrive in “as early as the end of this week,” with at least ten “very serious” potential owners expressing interest.
According to another report in The Guardian, former Newcastle United owner Mike Ashley is preparing a £10 million proposal after submitting proof of cash to Begbies Traynor.
The most recent news on Sheffield Wednesday’s takeover process
In his statement prior of the Canaries game, Wigfield detailed the primary criteria and timescale for finding a new owner, which is still 28 days from the club’s administration date.
To begin, Wigfield stated that the supporters have contributed to the payment of employee and player wages, which Chansiri has failed to accomplish on time five out of seven months. This was most likely owing to Wednesday supporters spending more than £500k on tickets and in the club shop.
The managing partner then stated that any interested bidders must present proof of finance for £50 million in liquid assets before being permitted access to a data room (the next phase).
The statement also addressed the current speculation about pricing and potential bids, with Wigfield emphasizing that the club cannot comment on specific persons at this time due to “confidentiality.”
He emphasized that at this early stage of the process, none of the prospective bidders would have had the opportunity to thoroughly evaluate the entire picture of all the funds involved, implying that any predictions on “specific financials” would be “simply premature guesswork.”
Although it may appear that there isn’t much of an update, Wigfield concluded the statement by saying, “Yet, even at this early stage of proceedings, we can be optimistic about the first interest in the club.
“There is real progress being made in the efforts to find a suitably qualified buyer and owner that can help Sheffield Wednesday move forward,” according to him.
What Sheffield Wednesday supporters can learn from this statement
According to the statement, the market will eventually decide how much Sheffield Wednesday is worth after all qualified bidders have assessed the situation and made formal proposals.
While the process is clearly still in its early stages, Wigfield’s favorable words indicate that he and the rest of the club’s administration are optimistic about the first amount of interest in the club.
Not only that, but the quality of possible purchasers around Hillsborough has impressed them as well.
The next few weeks will undoubtedly be vital for Owls fans. As the 28-day period progresses and bids start to come in, there is genuine hope that a suitable buyer can be found to safeguard the club’s future.
With another large crowd predicted on Wednesday evening, attention will go to the pitch for 90 minutes in the hopes that the team can stop its seven-game winless streak – after all, they have won their last two meetings against Norwich.
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