Mike Ashley, the former owner of Newcastle United, is still in the running to take over Sheffield Wednesday.
Wednesday have been on the market since former owner Dejphon Chansiri placed the club and the firm through which he owns the stadium into administration in October, ending his turbulent decade-long stint at Hillsborough.
The Owls’ administrators had hoped to select a preferred bidder by December 5th, but the process has been delayed in recent weeks. It is now said to be nearing completion, with all parties expected to submit their best and final offers by Wednesday evening.
Despite having his first offer of £20 million rejected last month, it was reported last week that Ashley is one of three parties still in the running to buy Wednesday, alongside US billionaire John McEvoy and the Storch family, who have joined forces in an attempt to win the race for the club, and a group led by former Sheffield United consultant James Bord.
However, Ashley is the only party who has not matched the administrator’s reserve price of £30 million, which comprises £27 million to cover the club’s obligations, such as the £15 million owing to Chansiri, and around £3 million for costs incurred during the administration period.
According to a new update, Ashley is hoping that the alternative bids from McEvoy/Storch and Bord fail, leaving him as the administrator’s only option. With a preferred bidder expected to be chosen in the near future, he may not have to wait long to find out if his strategy was successful.
Sheffield Wednesday doubts raised over Mike Ashley following latest takeover update.
When challenged about Ashley’s alleged attitude, FLW’s Sheffield Wednesday fan pundit Patrick McKenna confessed that he believes the 61-year-old is only looking to buy the club on the cheap, and he argued that the ex-Newcastle manager would not be the appropriate man to lead the Owls forward.
“All I can say is that it does not surprise me, and it really shows his intentions for the club,” Patrick told Florida Today.
“I’ve mentioned that what worries me is that he’s only here as a vulture wanting to acquire us cheap.
“It’s just not what we need because, rather than looking to acquire us and be the man who improves the club and propels us ahead, he plainly wants to get us for as little as possible.
“Despite being a billionaire, he is unwilling to pay the £30 million, and he is clearly willing to accept a 15-point penalty.”
“If someone is willing to accept a 15-point penalty, they are not the type of person I want to lead the club.”
“Next season is supposed to be a fresh start for the team, but where will the optimism be if we are fighting back from -15?
“It shows that Mike Ashley is just looking to come in, pick us up on the cheap and use us for his own means, which is not the sort of thing we need.”
Mike Ashley is taking a major chance with Sheffield Wednesday, as the takeover approach is disclosed.
Ashley, who has a successful business career and a net worth of $5.5 billion (£4.1 billion), will understand what it takes to close a deal, so there could be a reason why he is waiting for competing bids for Wednesday to fail before making his own higher offer.
However, Ashley’s refusal to put money on the table may cost him the club, and it will undoubtedly lead to claims from supporters that he is attempting to take advantage of the Owls’ situation and grab a cheap bargain, as well as raising questions about his amount of desire.
Ashley may not be the most exciting option for Wednesday, but he would undoubtedly assist to restore the club’s financial stability, and the fact that he is still firmly in the takeover process, although not yet matching the £30 million value, implies that he is a real contender.
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