Exciting Sheffield Wednesday takeover update emerges - 'formal' action taking place | OneFootball

Sheffield Wednesday have received a number of formal offers to buy the club, with a preferred bidder expected to be chosen in early December.

Several interested parties have reportedly made formal bids to buy Sheffield Wednesday as the club's takeover process continues.

That's according to The Star, who reveal that Wednesday's administrators have confirmed to them that several offers have been submitted by Friday's soft deadline, and there could even be further bids made in the coming days.

The race to buy the Owls has been hotting up over the past few weeks after former owner Dejphon Chansiri put the club and the company through which he owned the stadium into administration, bringing his turbulent decade-long tenure to an end.

Wednesday were hit with a 12-point deduction after entering administration, which all but guarantees they will be a League One club next season, but despite that, there has been no shortage of interest in purchasing the club, with as many as 12 parties providing proof of funds of £50 million.

Ahead of Friday's deadline, The i Paper reported that former Newcastle United owner Mike Ashley and US billionaire John McEvoy were set to be among those who made formal offers for the Owls, but a Middle Eastern group are believed to have pulled out of the running after being put off by the expected competitiveness of the takeover process, as well as the high costs it would take the run the club over the coming years.

It is unclear exactly how many parties have made official bids, but it seems that a number of offers have been lodged with the club's administrators, and after a two-week negotiating period, a preferred bidder is expected to be chosen by Friday 5th December.

Fresh Sheffield Wednesday takeover update emerges amid exciting developments

In the latest update provided to supporters, joint-administrators Kris Wigfield confirmed that formal offers are now being made to buy Wednesday, and with such a high level of interest, he insisted that the club is in an incredibly strong position.

"As for the process of selling the club, we are now entering the next phase where initial interest turns into formal bids," Wigfield said in a statement on the club's official website.

"There has been much discussion in the press around deadlines. To be clear: the deadline was set to drive momentum, ensure fairness and encourage bidders to move decisively — and many parties have respected that. We are grateful to those who have engaged the process and met the deadline. Some parties have also made it clear they will make offers but require a couple more days to do so and we are thankful for their communication lines.

"While the deadline is described as a ‘soft’ one, it is not without purpose. We will prioritise parties who have acted promptly and professionally, but — in line with our duties — if a substantial and credible bidder submits proof of funds after the deadline, we cannot ignore them. The key objective is to secure the best outcome for Sheffield Wednesday, and that requires both discipline and practicality.

"That said, we have received promising interest. Twelve parties who demonstrated proof of funds have already been granted access to the data room.

Several parties have come forward with sensible offers or assured us they will be doing so over the next few days, this is a very strong position for the club and a clear indication of Sheffield Wednesday’s huge potential.

"We will review the offers at the start of next week in the hope that by 5th December we will be able to accept a deposit and grant exclusivity, allowing the EFL’s formal checks to begin."

Sheffield Wednesday supporters should be optimistic after latest takeover reveal

Of course, until Wednesday's new owner is officially announced, there will understandably be some apprehension among supporters about who will be taking over the club, but the latest update from the administrators confirms that there are a number of credible parties who have now made formal bids.

With significant upgrades needed to Hillsborough and the club's running costs expected to reach as much as £100 million over the next three years, whoever takes over the Owls is going to need to have deep pockets, but the fact the parties in question have looked at the financial situation and still made an offer suggests that they are serious about rebuilding the club.

As the takeover process continues, it is now essential that time is taken to do the necessary due diligence ahead of identifying a preferred bidder at the start of December, but it certainly seems that there is plenty of reason for Wednesday supporters to be optimistic after a difficult period.