Kris Wigfield, Sheffield Wednesday’s joint administrator, has presented an update on the new takeover situation at Hillsborough, after a consortium managed by James Bord was named the club’s preferred bidder.

Wednesday have been on the market since former owner Dejphon Chansiri placed the club and the company through which he owned the stadium into administration in October, thereby ending his decade-long stint at Hillsborough.

After the interested parties were pared down, former Newcastle United owner Mike Ashley and American investor David Storch were among the remaining candidates in the running, but Bord’s group was chosen as the preferred bidder on December 24.

Bord, the founder of sports analytics company Short Circuit Science, owns stakes in Scottish club Dunfermline Athletic, Spanish club Córdoba, and Bulgarian club Septemvri Sofia, but the decision to give him preferred bidder status was controversial because he recently worked as a recruitment advisor for the Owls’ Steel City rivals Sheffield United.

This week, it was revealed that German-born entrepreneur Felix Roemer and Jordanian Royal Family member Alsharif Faisal Bin Jamil are two of the other individuals involved in Bord’s consortium. In their first public comments after being named as the preferred bidder, the group said they were looking to bring “long-term, responsible investment” to the club, as well as helping Wednesday “restore its position at the pinnacle of the game.”

However, while the process is underway, it may be some time before Bord’s group is formally certified as the Owls’ new owners, with the EFL anticipated to take several weeks to complete the necessary checks while their funding is thoroughly scrutinized.

Kris Wigfield delivers an update on Sheffield Wednesday’s takeover amid concerns surrounding James Bord.

Wednesday’s administrators have been chastised for a lack of communication in recent weeks, with local MP Clive Betts among those to publicly demand more information about the preferred bidder be shared with supporters, but Wigfield has finally broken his silence.

Wigfield cannot reveal the preferred bidder at this time, but assures that Bord’s consortium has undergone due diligence. Further developments will be provided once the EFL approval process is completed.Wigfield announced on the club’s official website that a preferred bidder was chosen on Christmas Eve, marking a crucial milestone in the administration and sale process.This stance was reached following weeks of thorough due diligence on the sources and proof of finances supporting the offer, in accordance with insolvency legislation and football laws.The Administrators must maximize returns for creditors, including local companies owed money by the Club, and follow all applicable procedures during the sale process.We were unable to publicly identify the preferred bidder due to non-disclosure agreements, which are typical in any bidding process, and EFL restrictions. We appreciate the EFL’s ongoing process of assessing and vetting potential new owners before proceeding with any transaction.Our communications have always prioritized supporters and the organizations that represent them. We collaborated with the Supporters Trust, local media, and official Club channels to prioritize providing supporters with timely updates.Our primary goal is to carefully transition Sheffield Wednesday into the ownership of a group that the EFL considers fit and appropriate. “Securing a well-funded and credible new owner is crucial for the Club’s future.”We cannot jeopardize that process by violating EFL regulations or legal agreements with prospective buyers, or by exposing information prematurely before regulatory approval is complete.

“Once the EFL has concluded its review and approval process, and the sale is able to progress, we will make a formal announcement with further detail at the appropriate time.”We appreciate how frustrating this period of uncertainty is for fans who care profoundly about the club. However, we must remain dedicated to meeting legal and regulatory standards while achieving the best possible conclusion for Sheffield Wednesday and its fans.”

According to a recent EFL report, Sheffield Wednesday could face a protracted wait for James Bord permission.

It is fair to say that the decision to select Bord’s consortium as the preferred bidder did not sit well with some Wednesday fans following his involvement in Sheffield United’s disastrous summer, but there is no guarantee that they will be given the go-ahead to take over at Hillsborough.

In response to Wigfield’s update, the EFL issued their own statement on Friday night, revealing that they “only received formal written notification of the preferred bidder earlier this week” and that now that due diligence is underway, they will need to seek additional information from the Owls’ administrators and Bord’s group.

The EFL warned that this step is “only the beginning of the process” and that there is “no set timetable for this to be completed,” and with the approval process expected to take several weeks, Wednesday fans may be waiting a long time to find out whether Bord’s consortium will be the club’s new owners.