Mike Ashley’s name has become synonymous with English football ownership for many years, and his return to this circle may come through Sheffield Wednesday.

The Owls are one of the country’s most storied and well-known teams, but they have struggled financially over the past 25 years. Nothing exemplifies such changes more than the current developments at Hillsborough.

Following a relatively successful 2024/25 Championship season, the current season has been uneventful for all the wrong reasons in S6, with Wednesday suffering the EFL’s earliest-ever relegation at the hands of Steel City rivals Sheffield United.

Such an unfavorable record has been linked to a loss of 18 points during the season as a result of mismanagement by controversial previous owner Dejphon Chansiri.

Despite the fact that the club went into administration in October, the takeover saga in S6 is far from over. On Christmas Eve, the consortium led by professional poker player James Bord withdrew its £47.8 million bid from the process after initially being named preferred bidders ahead of Ashley, David Storch, and John McEvoy.

Unsurprisingly, Ashley’s name has been brought back into the fold as Begbies Traynor aim to select a second preferred bidder as soon as possible, in the hope that the matter will be settled before the Owls’ first season back in the League. One since 2023, with reports of a possible 15-point penalty if administration is not completed satisfactorily.

It is commonly known that Ashley’s wealth has primarily come from the establishment of his national sportswear business, Sports Direct, almost four decades ago.

However, what may be less widely known is how the company that started it all for the 61-year-old came to be, as some of those funds could be used to launch Wednesday into a much brighter future.

How Mike Ashley launched Sports Direct with aid from his parents.

Ashley was born in Walsall in September 1964, although his first business endeavor occurred in Maidenhead, Berkshire, in 1982.

Aptly, the shop that sold sportswear, skiwear, and equipment was started as Sports Direct when Ashley was still in his teens, with his parents providing the capital.

It has been widely reported that the businessman acquired a £10,000 loan, which is equivalent to £35,986 as of January 2026, to open the store near a tavern in town.

During Ashley’s tumultuous tenure as Newcastle United chairman, during which St James’ Park was briefly and controversially renamed the Sports Direct Arena, his buddy Ross Wilson stated that he was always determined to succeed.

“I knew him quite well from squash. He was really competitive. “He enjoyed winning and knew exactly where he wanted to go in life,” Wilson added.

Since then, Ashley has overseen the opening of almost 700 stores globally, albeit the company was rebranded to Frasers Group in 2019, before the Owls’ possible new owner stepped down as a director in October 2022.

Mike Ashley will attempt to triumph over Begbies Traynor in the new Sheffield Wednesday takeover race.

As previously stated, Ashley has been a prominent figure in the race to bring new funding to the Owls.

After failing to take over Derby County when the Rams were also in financial trouble in 2022, the man who sold Newcastle for £305 million in October 2021 was similarly unsuccessful in his initial offer to take over Hillsborough after Begbies Traynor turned down a £20 million bid in November.

It was stated that the tycoon is in talks with the EFL about a contract for £100 million that would eliminate Wednesday’s chances of starting next season with a 15-point deficit.

However, it has been suggested that he has once again been outbid, with David Storch said to be in control.

Rather unexpectedly, he is a name that continues to divide opinion, with some Wednesdayites receptive to the notion of him taking the club ahead, while others remain skeptical due to his previous commercial actions.