Sheffield Wednesday are still waiting to find out whether James Bord’s proposed takeover of the club will be approved by the EFL, despite being chosen as the preferred bidder.

Wednesday have been on the market since former owner Dejphon Chansiri placed the club in administration in late October, after months of financial difficulties and off-field chaos.

After the interested parties were reduced down, former Newcastle United owner Mike Ashley and American billionaire David Storch were among the remaining competitors in the running to buy the Owls, but on Christmas Eve, a group led by Bord was named the preferred bidder.

Bord is the founder of Short Circuit Science, a sports analytics firm, and he currently owns stakes in Scottish club Dunfermline Athletic, Spanish club Córdoba, and Bulgarian outfit Septemvri Sofia, as well as a brief and unsuccessful stint as an advisor to Wednesday’s rivals Sheffield United.

Bord’s group also includes German-born entrepreneur Felix Roemer and Jordanian Royal Family member Alsharif Faisal Bin Jamil, and they have stated that they want to bring “long-term, responsible investment” to Hillsborough, with “an emphasis on stable governance, operational discipline, and data-informed decision-making”.

However, the clearance procedure is expected to take several weeks as the EFL meticulously examines Bord’s consortium’s finances. While we wait for a verdict, we’ve looked at the tests they’ll have to pass.

The EFL exams that James Bord must pass to complete Sheffield Wednesday’s takeover

To decide whether someone is competent to serve as a club director, the EFL must first evaluate if the individual is subject to a Disqualifying Event.

There are several difficulties that could be considered a Disqualifying Event, including having an interest in more than one club, being banned by any sport’s governing body, or being engaged in two insolvency events since June 2004, whether at one or more football teams.

If an individual has been found to have violated football betting regulations in England and Wales, this may also be considered a Disqualifying Event, as may unspent convictions for offences such as dishonesty, corruption, perverting the course of justice, serious breaches of the Companies Act, or crimes resulting in a 12-month or longer prison sentence.

A fraud conviction, being subject to an Individual Voluntary Arrangement, or being bankrupt may also result in rejection by the EFL, while additional Disqualifying Events were added to the test in 2023, including whether the person has been expelled from sporting clubs in other sports or if they represent a state entity from sanctioned countries or are themselves subject to sanctions.

With even more potential Disqualifying Events than those listed above, it is evident that the EFL is determined to prevent any inappropriate owners from gaining control of teams, and they will be eager to conduct all necessary due diligence on Bord’s consortium before granting approval.

Sheffield Wednesday face an anxious James Bord wait while EFL checks continue.

Wednesday’s administrators have made it clear throughout the takeover process that, in addition to aiming to maximize rewards for creditors, one of their top concerns has been selecting an owner who can pass the requisite EFL tests.

granted Bord’s approval to take over clubs in Scotland, Spain, and Bulgaria, Owls fans may have imagined it would be a simple matter for him to be granted the green light in England, but it appears this is not the case.

While Bord has no prior criminal convictions or involvement in insolvency proceedings, his ownership of three other clubs, all of which are outside of England, may create some concern for the EFL.

The EFL’s main concern about Bord’s consortium appears to be their funding, and in a recent statement, they insisted that there is “no set timescale” for the approval process to be completed, while also warning that they will need to seek additional information from Wednesday’s administrators and Bord’s group.

After Wednesday’s catastrophe under Chansiri, the EFL will be extra cautious when sanctioning a new owner to avoid a repeat of that scenario, and while the wait may be annoying for fans, it is critical that Bord and his consortium be fully evaluated.