Simon Jordan previously made and then lost £75 million during takeover talks between him and Sheffield Wednesday.
The former Crystal Palace owner admitted in late November that he had explored putting together a bid to buy the Owls.
He acknowledged that he formed a partnership with proof of funding of up to £50 million, but that the decision was finally made not to pursue a takeover of the Championship club.
“I put together a consortium of very well-heeled people, who proved up £50m to have a look at Sheffield Wednesday,” stated Jordan, as reported by Talksport.
“It’s a club that I’ve always pushed for because I believe it’s a major club waiting to happen again if it had appropriate administration and ownership, as well as proper direction and discipline in rebuilding it as a football club.
“But it is heavily contested.
“The reasons why I’ve decided not to go forward with it is because I don’t like the idea of rewarding Chansiri by having to pay huge parts of the money that he has to get to avoid the EFL regulations of being sanctioned again – because if you don’t pay the ’25p in the Pound’ then ultimately you’ll get another 15-point penalty.”
It remains to be seen who will take over the Yorkshire outfit, which is currently in administration and at the bottom of the second division table.
This article examines Jordan’s fortune and how he squandered it due to his affiliation with Sheffield Wednesday.
Simon Jordan’s net worth: £75 million
Jordan co-founded Pocket Phone Shop with Andrew Briggs in 1994, before moving into football.
The pair ran the business successfully for six years until selling it to One2One for £73 million in June 2000.
According to reports, Jordan received £36.5 million as part of the purchase, which marked the start of a fortune that grew to over £75 million.
He went on to buy Crystal Palace, his childhood club, shortly after selling his investment in Pocket Phone Shop.
The businessman became the Eagles’ chairman and owned the team until 2010.
Following his ownership, the London club competed in the second division of English football, where they remained until 2004 when they were promoted to the Premier League via the play-offs.
Palace were demoted immediately the following season, finishing 18th in the league, and stayed in the Championship for the remainder of Jordan’s term as owner and chairman.
If he had purchased Sheffield Wednesday, he might have returned to his job as chairman.
How Simon Jordan squandered his £75 million inheritance
Jordan struggled financially in his latter years as Crystal Palace owner, with the club even falling into administration in 2010, prompting his departure.
In a 2012 interview, the now-58-year-old admitted that he had wasted his £75 million fortune due to his expensive lifestyle and the cost of running the Eagles.
“I had £75 million and I’ve done it,” Jordan told The Times.
“What, all of it?””Blown the lot.”
He admitted to spending £100,000 a month on living expenses, as well as purchasing 18 cars, six residences, a £2.5 million boat, and a lease on a private plane.
Jordan has recently settled into a role as a Talksport pundit, where he will share his knowledge gained while leading Crystal Palace.
However, the radio personality said that the business cost roughly £40 million, which accounted for more than half of his £75 million fortune.
He has not returned to football in any formal role since his departure from Selhurst Park, despite the Eagles’ status as an established Premier League club, and his choice not to pursue a takeover of Sheffield Wednesday means that wait will continue.
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