Mike Ashley 'weighing up next steps' to seal Sheffield Wednesday takeover | OneFootball

The former Newcastle United owner is setting his sights on a new challenge

Former Newcastle United owner Mike Ashley is among the parties interested in taking over Sheffield Wednesday and is now weighing up the next steps to seal a takeover.

The Owls have been under the control of controversial owner Dejphon Chansiri since 2015, a relationship which had reached rock bottom in recent years over missed wages and unpaid tax bill, which led to transfer embargoes and, now, points deductions.

But now, that chapter looks to be behind the Yorkshire outfit, as the club was placed into administration last week, handing power to the administrators to find a solution for creditors either through new owners or liquidation.

Fans are pouring back into Hillsborough Stadium and the club shop after a period of abstention to protest Chansiri, in the hope that they can avoid the latter. Thankfully, there are positive signs.

Mike Ashley set to throw his hat in the ring for Sheffield Wednesday

According to the Daily Mail, former Magpies owner Ashley is said to be among those considering a bid for the club and he is now 'weighing up next steps' to get a takeover secured.

He was a controversial figure at St James’ Park, with his preference for running a tight financial ship often seen as a lack of ambition for a club that sees itself, rightfully, as one of England’s biggest.

But financial prudence could be the order of the day at Hillsborough, after Chansiri’s ownership has seen just about everyone connected to the club owed money in some way, leading ultimately to the Owls being barred from investing any great amount in new players anyway.

Interested parties like Ashley will need to show proof of funds before being invited to take a deeper look at the state of the club, which should be no issue for the 61-year-old, who sold Newcastle for £300m in 2021, and earlier this year was said to have an estimated net worth of £3.12billion, according to the Daily Mail.

No shortage of Sheffield Wednesday bidders

Based on a report from the BBC, however, Ashley is not alone in his interest.

Joint administrator Kris Wigfield, leading the search for new ownership to replace Chansiri, revealed that “four or five” potential bidders have already been lined up, with Ashley presumably one of that number.

"As always, you get a lot of interested parties that probably aren't going to meet the criteria,” Wigfield said. “But within the numerous inquiries we've had, we certainly think that there are already four or five interested parties that look like the real deal.

"There are two criteria that new owners basically need to satisfy to then open dialogue and there to be an opportunity where they can make an offer.”

Those two criteria are a demonstration that they could make the club viable, and passing the EFL’s fit and proper persons test.

It’s not known who the other realistic interested parties are, but a figure like Ashley, who has been involved in football at the top level for more than a decade, should be experienced enough to cope with those hurdles.

The financial picture facing Sheffield Wednesday

For Ashley, or anyone else interested in purchasing Wednesday, there is a lot of work to be done first to get a winning bid over the line, and then addressing the numerous problems the club faces.

The first of those issues will be the outstanding creditors, of which, rather uncomfortably, Chansiri himself is one.

Daily Mail journalist Mike Keegan revealed that kit suppliers Macron are still awaiting payment, as are HMRC, their £1m bill being the final straw that triggered administration.

There is also £200k believed to be owed to the EFL, as well as £800k in wages due this week.

That’s before looking at the sporting picture, with a transfer embargo currently active until 2027, and the administration triggering a 12-point deduction, which leaves them on -6, meaning they’ll need to make up a 16-point gap to Blackburn Rovers to have any hopes of survival.

Realistically, however, relegation to League One looks inevitable, so any potential owner will need to bake in the reduced revenue opportunities that will bring.

Nevertheless, Ashley is an expert in distressed assets, and while he retains few fans in Newcastle, he could become a hero in Sheffield if he manages to steady the Owls.