Sheffield Wednesday takeover news: Mike Ashley in pole position, new Kris Wigfield update emerges | OneFootball

The latest surrounding the takeover at Sheffield Wednesday

The takeover of Sheffield Wednesday is starting to reach its endgame, with the administrative period set to come to a close soon.

Former owner Dejphon Chansiri placed the Owls into administration on October 24, after he was forced to seek court protection from a HMRC winding-up permission.

Over the past month, insolvency firm Begbies Traynor has taken over the club's finances and has overseen a diligent transition process, stabilising the club and putting it in the best position for a new owner to come in and help cover the club's secured debt and a quarter of its unsecured debt.

An ideal deadline for a preferred bidder was set for December 5, but with no clear frontrunners at that time, the date has been pushed back slightly.

However, now, the shortlist was narrowed down to three bidders, and reports are suggesting that the preferred bidder is set to be announced shortly, albeit with the administrators stressing that work is still being done behind the scenes.

Evidently, it seems like only a matter of time before the Owls are under new ownership.

The three names who were shortlisted to become new Sheffield Wednesday owner

According to a report from The Athletic, which was backed up by a similar one from local publication the Sheffield Star a day later, there are now three clear bidders.

Those are former Newcastle United owner Mike Ashley, a group led by American John McEvoy and the Chicago-based Storch family and Dunfermline Athletic owner James Bord.

Ashley is a household name in English football, having owned Newcastle United for 14 years between 2007 and 2021, when he sold the club to a consortium from Saudi Arabia for £300 million.

John McEvoy was a name which floated around the news surrounding the takeover throughout the two months that Sheffield Wednesday have been in administration.

The American businessman is involved in a lot of different avenues, from the mobile distribution company Mobile Solution, which he founded, to reported stakes in MLB franchise Colorado Rockies and NHL side Nashville Predators, and music label company Various Records, which holds lifelong Wednesday fan Jon McClure's band, Reverand and the Makers, on its roster.

James Bord, the former professional poker player, is the owner of the consultancy company Short Circuit Science, who coincidentally have city rivals Sheffield United as one of its clients.

He's also the owner of Scottish side Dunfermline Athletic, saying that he bought the club "because [he] loves the underdog," which, right now, is exactly what Wednesday would be described as.

The bids set by all three parties — Mike Ashley's is the only concrete one, but it's below the asking price

It's been known for a while that Begbies Traynor wants at least £30 million for the sale of Sheffield Wednesday.

The Athletic revealed that this would be split into two parts - £27 million to cover the debts, £15 million of which would go to former owner Dejphon Chansiri, and £3 million in fees for Begbies Traynor and the costs incurred during the administrative period.

The £30 million price tag seems incredibly necessary, as if a quarter of the club's unsecured debt cannot be covered by the new owners, then Wednesday will be docked 15 points at the start of next season, which is all but certain to start in League One.

Mike Ashley's offer falls below the £30 million threshold, but the Sheffield Star states that it's above the £20 million mark, which was reported at the start of this month. While the other two parties are said to have launched indicative offers of above £30 million, Ashley is hoping that they can fall away, so he'd be able to take ownership.

The end is in sight for Sheffield Wednesday fans awaiting a new owner, but there may be some issues next season

It was reported that final offers were set to be submitted by Wednesday, 17 December. However, in what Wednesdayites will hope is the final delay to this process, that date was pushed back.

December 19 was set to be the end of the bidding process, and that afternoon, it was confirmed by Arif Ahmed from ITV that Mike Ashley would be named as the preferred bidder, following the McEvoy/Storch partnership's failure to come up with the non-refundable deposit.

The administrators now have a firm idea of who the new owner will be, granting Ashley preferred bidder status to take into the EFL vetting process.

Unfortunately, if that bid does prove to be below the £30 million threshold, which is reported to be the case, Sheffield Wednesday will start next season with -15 points.

Wednesdayites have already had to watch their side be docked 18 points this season due to the administration and then due to further financial incapabilities by Chansiri, and the new era could seemingly start on a familiar foot.

Administrators give Sheffield Wednesday an update in their latest statement

After that report from ITV, Kris Wigfield, joint administrator at Begbies Traynor, released a statement outlining the end of the disciplinary review, which saw the extra six points deducted.

Within that, he also gave an update on the sales process.

"We understand the frustration caused by the limited communication at this stage, but periods of confidentiality are essential to protect the integrity of the process," he said.

"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."

So, while reports may suggest that Mike Ashley and a 15-point deduction are on their way, it's not a done deal just yet, and even after the preferred bidder is announced, the EFL still needs to decide whether the owner is fit and proper to take over at Sheffield Wednesday, too.

Wigfield signed off the statement, wishing Wednesday fans a Merry Christmas and a "much brighter" New Year, which could suggest that this is his final statement before 2026. If that is the case, then Owls fans may have to wait a little longer for some clarity over who their owner will be.