James Bord's Sheffield Wednesday takeover collapses - reason why revealed | OneFootball

James Bord's bid to buy Sheffield Wednesday has collapsed, while the Owls remain in administration

Sheffield Wednesday are set to wait even longer for a takeover, as the bid led by James Bord's consortium has collapsed.

The Owls remain in administration thanks to the severe financial mismanagement of former owner Dejphon Chansiri, with administrator Kris Wigfield recently revealing that Wednesday are losing £1million a month.

Bord had been named as the South Yorkshire outfit's preferred bidder, granting him a period of exclusivity, but the American is no longer set to become the Hillsborough side's next owner.

Wednesday were relegated to League One on Sunday, thanks to a 2-1 defeat to Sheffield United in an eventful Steel City Derby clash at Bramall Lane.

James Bord Sheffield Wednesday takeover collapse isn't due to EFL test fears

Bord is being sued by his former business partner, Jonathan Cohen, over investment in Spanish second-tier club Cordoba, which had raised some fears over whether the Owls' former preferred bidder would pass the EFL's Owners' and Directors' test.

The EFL has also been working to establish whether the American's purchase of the S6 club would be largely funded by gambling and crypto-gambling proceeds.

However, as revealed by the Sheffield Star on Wednesday, Bord's consortium have said their withdrawal from the takeover is due to a developed understanding of the Owls' situation, meaning their valuation of the club is 'significantly lower' than their bid.

Consortium member Alsharif Faisal Bin Jamil told The Star that Bord's team will not be re-entering the bid to buy Wednesday, who still have a negative points tally in the Championship.

Meanwhile, according to the Daily Mail, 'significant' unknown costs to upgrade Hillsborough have also been blamed for the takeover's collapse.

The report adds that the Bord consortium's bid was around the £40m mark, and not the £32.5m figure previously reported.

Bin Jamil told the Mail: "We don’t blame the administrator or on anyone. It’s just not justifiable.

"We are very upset. We felt it was a perfect match. We have pumped significant money into the club. There’s a lot of sunk costs, but the sheer difference between the value of the club and what we have bid means, unfortunately, we are unable to continue."

Wigfield had revealed that Bord was funding Wednesday's cash-flow losses on a rolling, fortnightly basis, with Alan Nixon revealing that the former professional poker player has lost upwards of £4 million on his attempts to take over at Hillsborough.

David Storch remains keen on Sheffield Wednesday takeover following James Bord collapse

While Bord's Owls takeover is no longer set to happen, fellow bidder David Storch has revealed that he is still keen on purchasing Wednesday.

BBC Radio Sheffield's Rob Staton revealed via X on Tuesday that Storch had told him: “We remain incredibly passionate about the opportunity at Sheffield Wednesday and seeing the club return to its former glory. We wish the preferred bidder well through the process, but are ready to step in should the opportunity present itself again. We know all are disappointed by relegation, yet wish the team well as they finish the current season.”

That statement suggests that Storch wants to swiftly obtain the preferred bidder status previously enjoyed by Bord and take Wednesday out of administration.

If the Owls are not sold before May, any takeover deal will be given the green light by the Independent Football Regulator, while the EFL currently govern such issues.