It has emerged why former Newcastle United owner Mike Ashley is currently leading the race to complete a takeover of Sheffield Wednesday. According to The Guardian, the 61-year-old businessman holds a significant advantage in ongoing negotiations with the club’s administrators, Begbies Traynor.
The Championship outfit was officially placed into administration on October 24, after ex-owner Dejphon Chansirifailed to settle a £1 million tax debt owed to HMRC. Administrators Paul Stanley, Julian Pitts, and Kris Wigfield—a lifelong Wednesday supporter—have been tasked with stabilising the club and overseeing the sale process under EFL supervision.
Several investors, including US billionaire John McEvoy and former Crystal Palace stakeholder John Textor, are said to be interested. However, Ashley appears to have the inside track due to his financial readiness and existing relationship with the EFL, who reportedly have no concerns regarding the source of his funds.
Ashley, whose Frasers Group controls retail giant Sports Direct, is reportedly preparing a £10 million bid to accelerate the deal. The EFL has advised administrators to keep the club on the open market for at least 28 days, making November 21 the earliest possible date for a takeover.
Sources suggest Ashley has already begun due diligence on the club, having learned from past mistakes made during his 2007 acquisition of Newcastle United, when he was unaware of debts hidden in the accounts. While his time at St James’ Park divided opinion, Ashley could now be seen as the man to bring much-needed stability and structure to Hillsborough.
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