The takeover uncertainty surrounding Sheffield Wednesday F.C. shows no signs of resolution, with no definitive timeline in place for a conclusion.
Now officially relegated to League One for the 2026–27 campaign, a combination of squad limitations, financial constraints and an 18-point deduction this season has sealed the Owls’ fate. Attention is slowly shifting towards rebuilding for the future — but whether that future includes new ownership remains unclear.
On Christmas Eve, administrators Begbies Traynor Group confirmed that a preferred bidder had been chosen just two months into the administration process. Stanmore-born entrepreneur and professional poker player James Bord was later identified as the leading figure in the bid, alongside financial backers Felix Roemer and Alsharif Faisal Bin Jamil.
However, two months on, the deal has yet to be finalised. The trio are still awaiting approval from the English Football League under its owners’ and directors’ test, and there appears to be little urgency from authorities until all regulatory checks are fully satisfied.
Despite Bord placing a non-refundable deposit and submitting the strongest offer, there is no certainty that his takeover will ultimately be completed. One familiar name continues to hover in the background — Mike Ashley.
The former Newcastle United F.C. owner, who sold the club in 2021 to Saudi Arabia’s Public Investment Fund, is reportedly “waiting in the wings” according to talkSPORT journalist Alex Crook. Should Bord’s bid collapse, Ashley could be prepared to revive his interest.
Earlier reports suggested Ashley’s proposal may have left Wednesday facing a potential 15-point deduction next season due to the club’s estimated £30 million debt obligations. Bord’s offer ultimately surpassed Ashley’s, earning him preferred bidder status.
Ashley’s most recent football involvement came through the purchase of the CBS Arena complex in 2022, temporarily placing Coventry City F.C.’s stadium future in doubt. A new rental agreement was eventually struck, and in 2025 Coventry bought the stadium outright from Ashley’s company — a deal that reportedly generated a £33.8 million profit for the businessman.
While Ashley remains a divisive figure from his time at Newcastle, his commercial track record is difficult to dispute. By contrast, although Bord has demonstrated commitment by funding Wednesday during the process, his previous football involvements — including at Dunfermline Athletic and Córdoba — are on a smaller scale.
With the EFL yet to grant approval and legal challenges surrounding Bord still ongoing, questions remain. If the current takeover fails to materialise, Ashley — despite the baggage — may represent a more stable financial option, even if it potentially comes at the cost of a significant po
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