A new timeframe update has emerged in the long-running takeover situation involving Sheffield Wednesday, the Championship’s worst team.
According to the Sheffield Star, current administrators Begbies Traynor are expected to have received all concrete best and final bids from those seeking permanent ownership of the Owls by Wednesday evening, with the remaining aspects of the takeover process likely to be completed shortly thereafter.
Such developments will come as a huge relief to everyone involved with the Steel City club, as players, management, general staff, and supporters have been left in the dark for many weeks and months, dating back to when initial rumblings of discontent surfaced under controversial former owner Dejphon Chansiri.
Chansiri was Wednesday owner for just north of 10 years, having purchased the South Yorkshire outfit for a reported £30 million from Milan Mandaric in January 2015 – a period which saw plenty of chaos ensue at Hillsborough, including failed Championship play-off campaigns, a points deduction, relegation back to League One and, as has been well-documented, a mass exodus of senior players and former manager, Danny Rohl, over the course of the previous summer window due to several ins.
The Thailand-born billionaire then placed Wednesday into administration on Friday, October 24th, resulting in an immediate 12-point deduction for the club, followed by six additional points on December 1st due to the aforementioned delayed wage payments and non-payments.
With Henrik Pedersen and his thin squad effectively confirmed for relegation to League One, all eyes are on who the club’s future owner(s) will be, and that choice might be made shortly.
Ex-Newcastle United owner Mike Ashley is mentioned in a crucial Sheffield Wednesday takeover update.
As previously said, this is a takeover drama that has lasted several weeks, but a quick resolution could be on the way on Wednesday.
Begbies Traynor had previously set a deadline of Friday, December 5th, by which they wanted to provide exclusivity to their preferred bidder, although it was suggested that such developments could occur later this week.
According to the Star, the administrators expect to receive the best and final offers by Wednesday evening, December 17th, and that Begbies Traynor’s asking price is between £30m and £35m, as such a bid would cover the cost of paying creditors 25 pence in the pound on the funds owed to them by the currently cash-strapped club, as well as a non-refundable exclusivity fee.
After being punished 18 points so far this season, ensuring that the creditors are paid in this manner would allow the Owls to avoid a 15-point penalty at the start of next season.
As previously reported, the three bidding parties in question are those of ex-Newcastle United owner Mike Ashley, who, according to the Athletic, has placed a £27 million bid, including £15 million for former owner Chansiri. The 61-year-old is currently competing with a joint bid from John McEvoy and the Storch Family, as well as an offer made by James Bord, who has advised Steel City rivals Sheffield United’s American owners, COH Sports, on AI-modelled recruitment at Bramall Lane.
The story goes on to say that prospective owners have undertaken due diligence on the club, and Begbies Traynor is going through a similar procedure to ensure the club’s future is secure.
It has been stated that preferred bidder status could be granted by the end of the week, and if not, possibly before Christmas, though the highest bid in terms of upfront cash may not satisfy the administrators due to concerns that they will not satisfy the EFL, which will then conduct their Owners and Directors Test.
Sheffield Wednesday supporters will hope the takeover drama ends as soon as possible.
Such improvements will be incredibly welcome news to Hillsborough supporters, who are hoping for a better future following years of upheaval and decline.
As previously stated, the amount that Begbies Traynor hopes to collect will have a significant impact on what may be accomplished next season, as Henrik Pedersen hopes to create a squad that is immediately capable of earning first-time promotion.
The Owls have been unable to conduct significant transfer business due to a variety of embargoes and restrictions, which means that an impending takeover will have an impact on potential activity in January as the Dane and his coaching staff look to plan ahead, as they are currently 29 points from safety with 25 league games remaining.
As a result, confirmation of the club’s current custodian(s) would be a fantastic Christmas present for those in S6.
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