Hillsborough issue emerges as Sheffield Wednesday face takeover stumbling block | OneFootball

Hillsborough is proving a stumbling block in the ongoing Sheffield Wednesday takeover talks

Sheffield Wednesday are encountering an issue regarding Hillsborough amid takeover talks with multiple interested parties.

According to Alan Nixon, the club’s administrators, Begbies Traynor, have knocked down the £60 million asking price previously set by owner Dejphon Chansiri.

The Owls went into administration on 24 October, with the stadium also wrapped up in the deal due to the Thai businessman’s financial mismanagement.

It is hoped that the next owner of the Championship side will purchase both the club itself and their home ground.

Sheffield Wednesday were forced to close the North Stand at Hillsborough prior to the start of the season, highlighting the work that must be done by the next owner to get the team back on track.

Hillsborough issue hurting Sheffield Wednesday takeover process

It has been claimed that the sale of the Sheffield Wednesday home stadium is proving a real issue in the takeover process following their move into administration.

Begbies Traynor have moved to value Hillsborough well below the £60 million asking price that Chansiri was seeking when he still owned the club prior to 24 October.

With Chansiri due 25c on the pound for whatever the sale price ultimately becomes, this means that the former owner will be due less than he originally hoped.

However, even with the lower asking price for Hillsborough, it’s believed that some of the parties interested in purchasing Sheffield Wednesday are hitting a stumbling block on the valuation of the stadium.

As part of ongoing takeover talks, it’s understood that striking an agreement on the value of the ground is a key sticking point.

It was originally hoped that a preffered bidder could be named by 5 December, but that has now been pushed back amid interest from the likes of Mike Ashley and John McEvoy.

Sheffield Wednesday were also handed a fresh six point deduction penalty earlier this week, bringing their total to 18, leaving them on minus 10 points in the Championship.

Hillsborough Stadium issues could slow down takeover talks

It’s clear that work needs to be done with Hillsborough, and any prospective buyer will have to invest in improving the infrastructure.

That will increase the cost of buying the asset, which investors will be hoping is baked into the initial asking price.

Figuring out those details could prove quite tricky, and this is why the 5 December deadline for naming a preferred bidder was always optimistic, as these kinds of deals always take time.

It remains positive for supporters that there are so many parties interested in buying the club, so as long as a deal can be found then this stumbling block shouldn’t prove a huge headache in the long-term.