With Friday’s deadline for initial takeover bids fast approaching, reports suggest that a previously interested Middle Eastern consortium will not be submitting an offer for Sheffield Wednesday.
Interest in buying the club has surged since former owner Dejphon Chansiri placed both Wednesday and the company controlling Hillsborough into administration, ending his turbulent ten-year spell. The Owls were handed a 12-point deduction, making relegation to League One almost inevitable, but up to 11 parties have still shown serious interest, each providing proof of £50m funds.
Potential buyers must file a Letter of Intent and financial information by Friday. The i Paper reports that Mike Ashley and US billionaire John McEvoy are expected to be among the final bidders. However, a Middle Eastern group working with a London advisory firm has stepped aside, discouraged by the intense competition and the long-term financial commitment required to run the club.
Any sale price will need to cover Wednesday’s debts, including money owed to Chansiri, who will receive only a fraction of the £62.5m due to EFL rules. On top of that, major investment will be needed to renovate Hillsborough and to cover the club’s projected £100m operating costs across the next three years—factors that appear to have cooled the group’s interest.
Despite the daunting financial picture, three or four serious bidders remain in contention, including Ashley and McEvoy, who both bring substantial resources and sports-industry experience.
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