Begbies Traynor, Sheffield Wednesday’s administrators, are awaiting a new bid from the Storch Family, amid interest from Mike Ashley and James Bord.
According to Alan Nixon, the company made a bid to buy the Owls last week that was less than the £30 million asking price.
The South Yorkshire club has been in administration since October 24, prompting the EFL to impose an immediate 12-point deduction in accordance with their rules and regulations.
Henrik Pedersen’s team received a second points penalty, costing another six points, for further league rule violations, putting them on track to be demoted to League One this season unless a miracle occurs.
Begbies Traynor is looking for a new owner to replace Dejphon Chansiri, who has been banned from owning or directing an EFL team for three years.
An update on the Storch Family’s involvement in the Sheffield Wednesday takeover drama
Despite John McEvoy’s departure from their joint venture, the Storch family is apparently still active in the bidding process to purchase Sheffield Wednesday.
Begbies Traynor is reported to be waiting for a breakthrough offer from the prospective owners, as their most recent offer has yet to meet the £30 million reserve price.
Bord’s bid remains the most valuable at this moment, although three other groups are still vying for control of the Yorkshire firm.
The bidding process has been delayed several times, and it is unclear when a preferred option for purchasing the club will be announced.
It is reported that the Storch family is working with a top agency that is assisting them on the takeover process, as well as a reputable British lawyer.
It has been claimed that failing to meet the £30 million reserve price, which Mike Ashley intends to do if he is able to acquire the club, could result in a points deduction for next season if creditors are not paid 25 pence on the £1 when the takeover is completed.
Storch Family’s offer is weaker without John McEvoy’s cooperation; they need a Plan B.
The Storch Family’s involvement with McEvoy was a very strong option for purchasing Sheffield Wednesday because it meant their resources could be combined and put into the club in equal measure, but the consortium’s inability to come up with the non-refundable deposit – if reports are to be believed – was not a good sign.
Despite the fact that the US businessman appears to have dropped out of the competition, fans are encouraged that the Storch’s remain engaged.
Begbies Traynor will be looking for the best deal possible for Sheffield Wednesday’s creditors, with the £30 million reserve price being the most important aspect.
So, if the Storch family or Ashley’s offers do not improve, Bord is likely to be named as the preferred bidder for the Championship club, despite his previous involvement with Sheffield United’s recruitment and the fact that he may struggle to pass the EFL’s Owners and Directors Test.
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