Huge Sheffield Wednesday takeover twist involving Mike Ashley emerges - it involves a points deduction | OneFootball

Ashley is closing in on being named the preferred bidder of the Owls - but there's bad news on the horizon

Sheffield Wednesday look set to name Mike Ashley as the preferred bidder to take over the club - but there's set to be a brutal points deduction in 2026-27 because of it, it has been reported.

The adminstrators of the Owls - Begbies Traynor - set a soft deadline of December 5 to choose their ideal candidate to press forward with a takeover of the club, but more time was given for prospective buyers to come forward.

Names have dropped by the wayside in recent weeks, and another potential candidate has seemingly been unable to provide what the administrators needed to see - paving the way for Ashley to step in.

Mike Ashley on the verge of being named preferred Sheffield Wednesday bidder

According to ITV Yorkshire journalist Arif Ahmed, one of the two final contenders to become preferred bidder for the club - the joint consortium of John McEvoy and the Storch Family - were unable to come up with the non-refundable deposit that would have put them in a prime position.

Therefore, it has left former Newcastle United owner Ashley in the clear to be named as the nominated candidate to start takeover proceedings at Hillsborough.

But in a hammer blow to Wednesday's fortunes on the pitch next season, it is claimed that they would be deducted 15 points before a ball has been kicked in 2026-27 regardless of what division they are in, owing to Ashley's bid not meeting the £30 million threshold to avoid the punishment.

However, it's being reported from other South Yorkshire reporters, such as Rob Staton of the BBC and Joe Crann of the Sheffield Star that there is nothing yet 'concrete' when it comes to a preferred bidder being selected, and the process is more-than likely going to head into next week, with a Friday deadline looking increasingly unlikely.

Mike Ashley's net worth amid Sheffield Wednesday preferred bidder claim

If ITV are to be believed, then 61-year-old businessman Ashley appears to be the only runner left in the race for Sheffield Wednesday, and whilst his bid hasn't seemingly reached what the administrators wanted initially, he certainly has money.

The owner and founder of retail group Frasers and the creator of Sports Direct, Ashley was most notoriously owner of Newcastle United for 14 years, eventually selling to Saudi Arabia's Public Investment Fund for £300 million to add to his wealth.

With a current net worth of $5.5 billion (£4.1 billion), according to Forbes, Walsall-born Ashley certainly has the capabilities to make a difference at Wednesday, should he be able to secure the stricken Championship side.