Sheffield Wednesday administrators have announced plans to grant preferred bidder status to a consortium ahead of a takeover of the club.
sky sports Begbies Traynor previously hoped to appoint a “preferred bidder” earlier this month, but despite wholesale negotiations with a number of interested bidders, no one has stopped competing.
But it has now been announced that the process has come to a close, with a consortium with ‘existing experience in football ownership’ being selected to proceed with exclusive rights.
The deal still requires approval from the EFL, which includes passing an assessment by the owners and directors of the governing body.
Sheffield Wednesday remain rooted to the foot of the Championship with a total of nine negative points after being deducted 18 points at the start of the campaign.
Sheffield Wednesday statement
“Sheffield Wednesday can confirm that administrator Begbies Traynor plans to grant preferred bidder status to the consortium following the conclusion of the initial bidding process.
“The decision to select the preferred bidder was made following extensive financial, legal and forensic due diligence, supported by expert advisors. That work was significant from the early stages of the process and included a detailed assessment of funding sources, ownership structure and governance.
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Sheffield Wednesday captain Barry Bannan says he hopes The Owls can bounce back after a difficult time.
“The granting of preferred bidder status does not mean that the change of ownership has been completed. Any proposed acquisition is fully subject to the consent of appropriate legal documents and EFL approvals, including testing of owners and directors. The Administrator will not complete a sale unless those requirements are met.
“The EFL has advised managers that this review will be thorough and will have no set time frame. This is appropriate and expected and we fully support that process.
“The consortium we are working with has submitted the strongest proposal for the club.
“The consortium also brings existing experience in football ownership, including majority and minority stakes in clubs operating within a regulated league system.”
