Sports
Billionaire drops out of Sheffield Wednesday takeover as new investor steps in at last second
Sheffield Wednesday‘s takeover saga has taken a fresh twist following the news that a billionaire candidate has dropped out of the race to buy the club.
Wigfield insists “progress is being made” in takeover talks
It’s been almost two months since Sheffield Wednesday have entered administration and they’re yet to welcome new owners. A number of names have been linked with buying the club, but the administrators are seemingly intent on taking their time to ensure that there is no chance of a Dejphon Chansiri repeat.
Co-administrator Kris Wigfield has insisted that “progress is being made” behind-the-scenes even if fans are forced to wait for positive news to emerge.
“We understand the frustration caused by limited communication at this stage, but periods of confidentiality are essential to protect the integrity of the process.
“Work continues behind the scenes as we work toward 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, as always, for your continued backing. On behalf of everyone at Sheffield Wednesday and Begbies Traynor, I would like to wish our supporters a Merry Christmas and, for the Football Club, a much brighter New Year.”
Reports, meanwhile, have continued to arrive regarding the potential new owners. Earlier this week, the Daily Mail’s Mike Keegan claimed that the takeover has now been narrowed down to a “two-horse race” between Mike Ashley and John McEvoy.
Since then, however, there’s been another twist. According to The Star’s Joe Crann on Saturday morning, McEvoy has now dropped out of the race to buy Sheffield Wednesday, but the Storch group have found a new partner at the last second to take their bid forward.
McEvoy drops out of Sheffield Wednesday takeover race
The American billionaire has decided against playing his part in the potential takeover, but that is not set to stand in the way of Storch’s attempts to buy the club. Just who their new partner is remains to be seen, however.
Sheffield Wednesday set to make “critical decision” as takeover bid launched
The Owls are yet to name their new owners.
Following the news, reports have also claimed that Ashley is now the frontrunner to complete a takeover and make his first return to English football since selling Newcastle United to PIF in 2021.
McEvoy’s decision has opened the race up once again and that could yet result in another point deduction for the Owls. As reported by Crann, some buyers would be willing to come back in and take a 15-point hit to invest more money into the current squad.
Given that Championship relegation is all but confirmed for Sheffield Wednesday, that could prove to be a wise decision in the long-term. Whether it is the Storch group and their new partner who completes a takeover remains to be seen, however.
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