A leading member of the consortium previously named preferred bidder to purchase Sheffield Wednesday has outlined why the group has withdrawn from the takeover process.
The three-man consortium was selected by administrators Begbies Traynor on Christmas Eve after emerging as the frontrunner to buy the club out of administration. Since then, the group had funded ongoing losses and paid a substantial deposit to secure exclusivity while detailed due diligence was carried out.
Speaking to a small number of media outlets, including The Star, consortium member Alsharif Faisal Bin Jamil said their in-depth review of the club’s finances and assets led them to conclude that its true valuation was “significantly lower” than their original bid — a figure he claimed was well above the £30 million threshold required under English Football League rules to exit administration without triggering a 15-point deduction next season.
“The short of it is that we’ve completed our detailed due diligence of the club,” he explained. “We’ve hired some of the top advisers in the world. The final conclusion we’ve arrived at is that the value of the club is significantly lower than the figure we were mandated on via the exclusivity agreement with the administrator.”
Alsharif stressed that the group did not blame the administrators, acknowledging their responsibility to secure the highest possible return for creditors. However, he said the scale of required work at Hillsborough Stadium became a central concern, particularly as the stadium’s condition was not fully reflected in the original agreement.
He confirmed the consortium would not return with a reduced offer, citing minimal flexibility within the exclusivity deal to renegotiate the price. “The reduction that needs to happen simply isn’t possible under the terms we agreed,” he said, adding that their recent stadium assessment further widened the gap between their updated valuation and the agreed bid.
The consortium had also been engaged in discussions with the EFL and the Independent Football Regulator regarding compliance checks required for approval. Alsharif said those conversations were progressing and expressed confidence that outstanding issues could have been resolved, but described their revised valuation findings as a decisive turning point.
With the consortium stepping aside, other interested parties — including the Stoch group — are expected to re-engage in the process as administrators continue efforts to secure a buyer for the Championship club.
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