Sheffield Wednesday remains in administration nearly four months after former owner Dejphon Chansiri left the club.

After cutting down the interested parties, the club’s administrators named a group led by James Bord as the preferred bidder on Christmas Eve, however it is unclear whether the EFL will approve them.

Bord, the founder of sports analytics firm Short Circuit Science, currently owns stakes in Scottish club Dunfermline Athletic, Spanish club Córdoba, and Bulgarian outfit Septemvri Sofia, as well as German-born entrepreneur Felix Roemer and Jordanian Royal Family member Alsharif Faisal Bin Jamil.

As the wait for Bord’s group to be approved continues, Owls fans are becoming increasingly anxious, and the recent news of a legal case involving the former poker star has done little to alleviate their concerns.

Latest James Bord red flag raises further Sheffield Wednesday takeover questions.

Bord was not the most popular option as the preferred bidder for Wednesday from the start, especially given his links to Wednesday’s Steel City rivals Sheffield United.

Bord had a disastrous period as a Blades advisor last summer, during which he played a key role in the contentious decision to replace manager Chris Wilder with Ruben Selles, as well as advising a number of acquisitions who proved to be huge transfer flops at Bramall Lane.

However, Bord’s ties to United are not the only source of concern for Owls fans; it appears that the EFL is also skeptical, with The Guardian reporting that they are evaluating “whether the purchase would be largely funded by the proceeds of gambling and crypto-gambling operations”.

The latest red signal for Bord came last week, when The Times discovered that he is being sued by friend and business associate Jonathan Cohen over his investment in Córdoba.

In documents filed with a Nevada court, Cohen claims that Bord misled him into believing that Córdoba was debt-free when, in fact, they owed around $23 million (£16.9 million), and he accuses Bord of holding his bitcoin account hostage, which is worth around $6 million (£4.4 million).

A spokeswoman called the issue as “a deeply upsetting matter” for Bord, and while he has not yet been proven guilty, the saga surely raises more questions about whether he is the proper man to lead Wednesday forward.

Sheffield Wednesday supporters may have Mike Ashley’s wish amid James Bord uncertainty.

Bord may have won the race to be named as Wednesday’s preferred bidder, but he was not the only applicant in the running, with former Newcastle United owner Mike Ashley among those interested in purchasing the club.

Ashley’s initial £20 million bid for the Owls was rejected in November, and while it is unclear if he returned with a better offering, Bord’s offer of £32.5 million was much larger than his competitors.

The 61-year-old has a mixed reputation in football after Newcastle fans have railed against him for what they saw as a lack of ambition in the transfer market, but he is viewed differently outside of St James’ Park.

The Magpies spent 12 of Ashley’s 14 years in charge in the Premier League, winning the Championship title the other two seasons, and while he was not known for lavish spending, he brought financial stability to the North East club, something Wednesday have lacked in recent years.

While there are worries over Bord’s finance, there is little dispute about Ashley’s fortune, with the Sports Direct founder worth an eye-watering $5.7 billion (£4.2 billion).

It was claimed in December that if Ashley took over the club, the Owls would face a 15-point deduction in League One next season because his bid was less than £30 million, but amid growing concerns about Bord, some supporters would be willing to accept that penalty in order to have the experienced businessman in charge.

As the clearance process drags on, Ashley is thought to be ready to renew his interest in Wednesday if Bord’s takeover offer fails, and an increasing number of fans believe he is the best alternative.