There has been an unexpected development in the current takeover drama involving Sheffield Wednesday.
The financially troubled Championship team has been in the temporary control of administrative group Begbies Traynor since Friday, October 24th, after being forced into such measures by controversial former owner Dejphon Chansiri, who has since been hit with a three-year ban from football ownership. According to a recent report from City AM, there is no clear leader in the race to take control of the team.
Since March, when the first of multiple incidents involving delayed wage payments for players, management, and general staff at Hillsborough occurred during the last few months of Chansiri’s turbulent ten-year tenure in the S6 boardroom, the Owls have been in the news for a takeover.
It is well known that Wednesday was automatically docked 12 points by the EFL after going into administration a little more than a month ago. However, on December 1st, they were docked an additional six points for violating EFL rules due to the previously mentioned ongoing late payments to club employees and His Majesty’s Revenue and Customs.
Former Newcastle United owner Mike Ashley, former Crystal Palace stakeholder and Botafogo custodian John Textor, and more recently, FC Midtjylland chairman Anders Holch Povlsen, are some of the most well-known individuals and groups that have been connected to a takeover over the years.
According to reports, a minimum price of £30 million could be sufficient to complete a takeover. The current administrative team, which consists of Paul Stanley, Julian Pitts, and lifelong Wednesday supporter Kris Wigfield, have made it clear that they intend to transfer ownership of the club to the next permanent owner by the end of 2025.
However, as stated in the previously mentioned news, an even bigger surprise has emerged since it was asserted that there isn’t a front-runner in the race.
Unexpected An update on Sheffield Wednesday’s acquisition surfaced as administrators hoped to overcome the £30 million obstacle.
According to City AM, several of the six interested parties are contemplating a possible merger bid in order to end the protracted saga before the start of the year. This is due to the allegations that there is no front-runner in the takeover race, which had also been reported alongside developments like Mike Ashley’s official £20 million bid being rejected by Begbies Traynor on November 26.
It was widely known that the administrators wanted to give their chosen bidder exclusive rights by Friday, December 5th, two weeks beyond the original soft deadline of November 21st, when they needed to show that they had at least £50 million in funds.
However, it has been widely rumored that this deadline will be postponed until next week due to the large number of proposals already on the table.
According to reports, Stanley, Pitts, and Wigfield may be able to meet their initial asking price of more than £30 million if at least two bids merge.
This is the most recent dramatic development in a story that has seen a lot of drama lately.
Before the aforementioned Povlsen’s name surfaced at the end of last week, it was said that the Frasers Group owner may return with an offer that would appease Begbies Traynor after Ashley’s first modest bid was turned down.
The Faroe Islands native, who is thought to be the richest man in Denmark, was reportedly considering making his own bid a few days later, but the Athletic quickly put an end to the rumors, removing the $13.3 billion guy from the race.
The Sheffield Wednesday takeover issue must be settled as quickly as feasible.
The greatest news for Wednesdayites would be a resolution in the boardroom as soon as possible, since Henrik Pedersen’s shabby team is now 27 points from safety with 28 games left, making relegation to League One all but certain.
As Chansiri’s rule in the Steel City came to an end, there was evident relief when the club went into administration. However, it is also reasonable to feel anxious as the takeover drama rages on.
The club’s chances of resolving a number of infrastructure and on-field difficulties before the upcoming season—which everyone connected to Wednesday will hope represents a type of rebirth in the club’s long history—increase with the speed at which the issue is rectified.
xz
