Sheffield Wednesday’s takeover process is set to enter a decisive phase, with best and final bids expected to be submitted to the club’s administrators by Wednesday, according to The Star.
The Owls were placed into administration in late October after mounting pressure from creditors — including HMRC — prompted then-chairman Dejphon Chansiri to appoint Begbies Traynor LLP to oversee the club’s management and sale.
Following weeks of marketing, negotiations and extensive due diligence, it is understood that all remaining bidders are preparing to lodge their final offers by Wednesday evening. Once received, administrators will be in a position to identify a preferred bidder to progress into the EFL’s ownership and directors’ test, although a short period of further negotiation could follow if the two leading bids are closely matched.
The overall valuation is believed to sit between £30m and £35m, factoring in a non-refundable exclusivity fee and professional costs. A bid at that level would be sufficient to cover payments to secured creditors at 25p in the pound — a key threshold that would prevent the club from facing a 15-point deduction at the start of next season under EFL regulations.
At this late stage, three bidding parties are understood to remain actively involved.
These include former Newcastle United owner Mike Ashley, a merged US-based consortium involving John McEvoy and the Storch family, and a group led by former poker player and football analytics figure James Bord, who has previously worked as a recruitment consultant for Sheffield United’s COH Sports ownership.
All three parties are believed to have undertaken detailed due diligence, a process that has contributed to delays beyond an initial early-December target for naming a preferred bidder. Each group is thought to have spent significant sums — potentially into seven figures — on professional fees. One bidder is also understood to have commissioned an independent structural survey of the stadium and surrounding area last week.
While indicative offers submitted earlier were non-binding, ongoing discussions have given administrators confidence that bids will remain around the £30m mark at the final stage. However, nothing will be confirmed until formal offers are received. Should the highest bid fall short of that figure, it is believed that previously inactive parties could still re-enter the process.
Although maximising returns for creditors is a priority, the administrators’ decision will not be based solely on price. Begbies Traynor are also conducting their own in-depth checks on each bidding party to ensure they are capable of passing the EFL’s Owners’ and Directors’ Test. As a result, the highest bid may not automatically be selected if concerns arise over regulatory approval.
If progress continues smoothly, a preferred bidder could be identified before the end of the week. Failing that, administrators are hopeful the process can reach that stage before Christmas.
After an initial pool of interest, five indicative bids were taken forward into negotiations, with one financially strong party later withdrawing. One bidder was subsequently eliminated for failing to remain competitive, while two US-backed bids merged into a single proposal.
Throughout the process, inactive bidders have retained the option to return with improved offers.
After weeks of intense activity, Sheffield Wednesday’s takeover saga now appears to be approaching its endgame.
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