The independent football regulator (IFR) is concerned about the bidders behind James Bord’s offer to buy Sheffield Wednesday.

According to the Guardian, there are also concerns about potential takeover options as the preferred choice for the Championship side, which has been in administration since October.

The Owls have faced considerable financial challenges over the last year, culminating in their administration in late 2025.

However, administrators Begbies Traynor nominated a preferred bidder in December, but the EFL has yet to ratify the agreement.

The league must accept the takeover before the transaction can be completed, putting the Yorkshire club in limbo for the time being as they face relegation to League One.

Henrik Pedersen’s team might officially be relegated to the third division as early as this weekend, when they meet fierce rivals Sheffield United at Bramall Lane.

Sheffield Wednesday takeover fears highlighted.

The IFR has reportedly expressed reservations about Sheffield Wednesday’s prospective purchase led by Bord.

It is believed that the new body, led by David Kogan, has qualms about the bids vying to replace Dejphon Chansiri at Hillsborough.

The Thai businessman was a very disliked figure among fans, and he is no longer in charge of the Championship club, having led them into administration in October.

Wages were not paid on time on many occasions during his final year as owner, leading to the termination of important players’ contracts.

According to reports, a three-man partnership led by Bord has made an offer of £32.5 million to buy Sheffield Wednesday.

During the negotiations, the former poker player outbid Mike Ashley and the Storch family.

However, the IFR is concerned about the absence of other possibilities for completing a takeover if the Bord proposal fails.

It was reported that Bord’s bid was the only one that met the £30 million benchmark required by the EFL to ensure that all creditors were appropriately compensated, preventing a 15-point deduction for next season.

However, the IFR’s misgivings about the chosen bidder are based on the fact that the regulator will take over the ratification process from the EFL in May if no resolution is reached by then.

There are concerns that the ratification process will take until the summer due to delays in the league collecting the requisite papers from the consortium to begin their background checks on their source of finance.

The collapse of James Bord’s takeover proposal would be disastrous for Sheffield Wednesday.

The Bord-led offer was chosen in December, but it is already February and the EFL has yet to ratify it.

The longer this drags on, the more likely it is that the IFR will intervene and take over the procedure, perhaps leading to more delays.

It would be a shame if Bord’s offer ultimately fails, since it would be a massive waste of time for the Owls, who just cannot afford it.

In that case, someone else will undoubtedly be able to take over the club, but the possibility of additional point deductions complicates the process.