Journalist drops Sheffield Wednesday takeover update from Mike Ashley 'source' | OneFootball

Mike Ashley is still in the race to potentially take over Sheffield Wednesday

Mike Ashley is still firmly in the race to take over Sheffield Wednesday as the final round of bids approaches.

According to journalist Alan Biggs, a source close to the former Newcastle United owner is still working out the finances required for an improved offer.

The Owls went into administration on 24 October, leading to an automatic 12 point deduction from the EFL for Henrik Pedersen’s side.

Begbies Traynor were appointed as administrators, and they have spent the last several weeks overseeing a bidding process involving a number of interested parties.

Ashley was linked with a £20 million takeover offer, but it has been claimed that it is likely to take around £30 million in order to win the race to purchase the Championship side.

Mike Ashley Sheffield Wednesday takeover update

It is believed that Ashley is still in the race to take over Sheffield Wednesday, with no immediate deadline set for final bids.

Begbies Traynor will be hoping to name a preferred bidder soon, with it being reported that one could be decided by the end of next week.

A source close to the 61-year-old has suggested that his camp are “doing plenty of sums” as they weigh up their options ahead of a potential improved offer.

However, it remains to be seen whether the English businessman will come back with a deal that will reach the proposed £30 million mark.

It’s understood that a deal below that figure could incur a 15 point penalty for the start of next season, which Sheffield Wednesday will be keen to avoid.

The Owls have already been deducted a total of 18 points for this campaign, with a second penalty worth six points coming at the start of December.

Pedersen’s side are bottom of the table as a result, with a total of minus nine points after their 1-1 draw against Watford on Tuesday evening.

Mike Ashley won’t win Sheffield Wednesday takeover bid without £30 million offer

If Ashley won’t go beyond the £30 million mark, then it’s difficult to see Begbies Traynor selecting him as the preferred bidder.

It’s been reported that John McEvoy has joined forces with the Storch family to put together a competing offer, and he is unlikely to be the only option at this stage.

Begbies Traynor will be looking to identify a buyer that can best cover Sheffield Wednesday’s debts, which is where the £30 million figure will come from.