When Mike Ashley could seal Sheffield Wednesday takeover | OneFootball

FLW take a look at the earliest possible date the former Newcastle United owner could formalise an offer.

Following Sheffield Wednesday's entry into administration last Friday, Mike Ashley’s name has popped up on more than one occasion to take over the Owls.

The former Newcastle United owner and Frasers Group chief, has reportedly been monitoring the situation closely at Hillsborough, with both journalist Alan Biggs and the Daily Mail reporting that he is weighing up his next steps.

According to joint administrator Kris Wigfield, there exists a timeline that will dictate when Ashley or any other suitor could potentially formalise their takeover bid - so FLW take a look when that date is.

The date Mike Ashley could seal Sheffield Wednesday takeover

Under EFL regulations governing the football administration process, clubs must remain on the open market for a statutory period of twenty-eight days, Wigfield revealed, during which no exclusivity can be granted to any single bidder.

The administrator also expressed confidence that proceedings could be done fairly quickly - with the ambition of getting new ownership in before the New Year.

Ashley's aforementioned reported interest comes despite his controversial tenure at St James' Park, which saw the Newcastle owner become increasingly unpopular with supporters who felt his ownership lacked ambition and direction.

The 61-year-old businessman ultimately sold the club to the Saudi Arabian Public Investment Fund in 2021 for £300m, ending a fourteen-year spell. With a net worth estimated at over £3b, there’s no doubt Ashley certainly possesses the financial firepower required to satisfy administrator demands.

With the announcement of Wednesday's administration coming on October 24th, this means that the earliest point at which a formal offer from Ashley could be accepted and formalised would fall around November 21st.

In truth, the significance of this date cannot be overstated. Once this deadline passes, administrators will be free to designate a preferred bidder and commence serious negotiations with potential owners.

But Ashley isn't the only one interested, and that could help proceedings...

Competing bidders may help speed up the process for Sheffield Wednesday

It would be thoughtless to suggest that Ashley represents the only significant threat to take control at Hillsborough.

Among the four or five serious bidders identified by Wigfield, Wednesday supporters have been linked with alternatives - including American billionaire John McEvoy. Crystal Palace and Lyon-linked investor John Textor has also reportedly made contact with administrators.

Those able to demonstrate proof of funds and secure preliminary EFL approval will move into the next phase of negotiations. The administrators have been clear that speculative bidders lacking the right resources will be filtered out during this early stage.

With this in mind, the presence of multiple credible bidders theoretically helps speed things up, as competition inevitably pressures them to strengthen their offers and demonstrate that they're the most suitable in order to get to the next stage.

Should Ashley decide to formalise his interest with a concrete offer, the subsequent weeks would obviously determine whether Sheffield Wednesday's future belongs to him or someone else - like McEvoy or Textor.