Sheffield Wednesday’s long-running takeover saga has taken another dramatic turn after reports emerged that a billionaire bidder has withdrawn from the process.
The Owls have been in administration for close to two months and are still awaiting new ownership, with administrators taking a cautious approach to avoid repeating the mistakes of the Dejphon Chansiri era. Despite the lack of public updates, co-administrator Kris Wigfield has reassured supporters that progress is being made behind the scenes.
Wigfield acknowledged fan frustration but stressed that confidentiality is vital at this stage of the process.
“We understand the frustration caused by limited communication, but periods of confidentiality are essential to protect the integrity of the process,” he said. “Work continues behind the scenes as we move towards identifying a preferred bidder, and genuine progress is being made. Once that stage is reached, the EFL will need to complete its regulatory checks.
“We will provide updates as soon as we are able to do so without jeopardising the process. Thank you for your continued backing, and we wish supporters a much brighter New Year.”
Earlier this week, Daily Mail journalist Mike Keegan reported that the takeover race had narrowed to two leading candidates: Mike Ashley and John McEvoy. However, that situation has now changed once again.
According to The Star’s Joe Crann, McEvoy has pulled out of the race to purchase the club. While the American billionaire has stepped aside, it is understood that the Storch Group have secured a new financial partner at the last minute to keep their bid alive. The identity of that partner has not yet been revealed.
McEvoy’s withdrawal has reportedly shifted momentum toward Mike Ashley, who is now seen as the frontrunner to complete a takeover. A deal would mark Ashley’s return to English football ownership for the first time since selling Newcastle United to Saudi-backed PIF in 2021.
The latest twist has reopened the takeover race and could have significant implications for the club’s future. Crann also reports that some prospective buyers would be prepared to accept a potential 15-point deduction in exchange for increased investment into the squad.
With relegation from the Championship looking increasingly inevitable, such an approach could prove beneficial in the long term. Whether the Storch Group and their new partner can finalise a deal remains to be seen, but Sheffield Wednesday’s ownership saga shows no signs of quietening down just yet.
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