How much money James Bord actually lost after Sheffield Wednesday takeover collapse | OneFootball

It is back to the drawing board for Sheffield Wednesday following the collapse of the preferred takeover bidder this week

Sheffield Wednesday are in takeover limbo following the collapse of the preferred bidder earlier this week.

The consortium led by James Bord were named by administrators Begbies Traynor as their choice to take over the club.

The Owls have been in administration since October, but the former poker player’s offer was accepted in December, and was awaiting ratification from the EFL to go through.

But it was confirmed on Wednesday that their attempt to buy the Championship side has now collapsed, and that a new preferred bidder will have to be sought.

This will come as a huge disappointment to Sheffield Wednesday supporters, as well as Henrik Pedersen’s first team squad, particularly as it had been reported that the consortium were covering the Yorkshire outfit’s monthly losses.

Bord’s departure has now led to a lot of uncertainty for the Owls, who have already been officially relegated to League One following this tumultuous campaign.

James Bord’s Sheffield Wednesday takeover losses

Bord emerged as the preferred bidder for Sheffield Wednesday in December, fending off the likes of Mike Ashley, as well as the Storch family.

It has been reported by Sky Sports that the Englishman made an offer worth £47.8 million to buy the second division team.

But his actual losses from the collapse of his bid are closer to the £4 million mark due to the payment of a non-refundable deposit.

It has been claimed that the consortium paid £2.5 million in a deposit, and they also covered Sheffield Wednesday’s losses in January and February to the tune of around £1.5 million.

The Owls are understood to be losing around £1 million per month, emphasising the importance of finding a new buyer to cover these costs as quickly as possible.

Bord’s consortium were awaiting ratification from the EFL to finalise their deal, but a number of stumbling blocks emerged since they were named the preferred bidder.

The 45-year-old’s background in gambling was a possible issue, as well as the threat of legal action from his business partner at Cordoba FC Jonathan Cohen.

James Bord explains decision to pull out of Sheffield Wednesday takeover

Bord confirmed that his proposed takeover of Sheffield Wednesday had collapsed, releasing a statement explaining the situation to supporters.

A spokesperson for the consortium claimed that they had worked properly with the administrator, the EFL and the Independent Football Regulator (IFR) to meet the requirements for ratification, but that the cost of a deal was no longer justifiable.

"Throughout the process to purchase Sheffield Wednesday Football Club we have at all times respected the integrity of the process, working professionally, constructively and transparently with the administrator, the EFL and the IFR to provide them with the details they need to satisfy their tests,” said the consortium, via Sky Sports.

"We have done so in full adherence to the rules applied - including on communicating our involvement, vision and future plans, rather than making any public comments.

"Unfortunately, we have regretfully decided that we must withdraw from the process.

"Our initial bid had constraints applied on our ability to renegotiate - which is crucial as the figure we offered is significantly higher than that justified by the findings of a lengthy due diligence process."

What happens next at Hillsborough remains to be seen, but it has been claimed that there are already three parties interested in a takeover of the club following the collapse of the consortium’s offer.

Ashley is believed to have made contact with Begbies Traynor regarding a possible deal, but it is likely to take a number of weeks before any decision is made on a new preferred bidder.

Meanwhile, Pedersen’s side will continue seeing out the remainder of the campaign, with the team hoping to at least get some positive results to end the this difficult year on a bit of a high note.