New Sheffield Wednesday takeover update emerges from official source | OneFootball

Kris Wigfield has provided an update on the latest Sheffield Wednesday takeover situation after James Bord was named as the club's preferred bidder.

Sheffield Wednesday joint administrator Kris Wigfield has provided an update on the latest takeover situation at Hillsborough after a consortium led James Bord was chosen as the club's preferred bidder.

Wednesday have been on the market since former owner Dejphon Chansiri put the club and the company through which he owned the stadium into administration in October, bringing his decade-long tenure at Hillsborough to an end.

After the interested parties were whittled down, former Newcastle United owner Mike Ashley and American businessman David Storch were two of the final names in the frame, but Bord's consortium was selected as the preferred bidder on Christmas Eve.

Bord, who is the founder of sports analytics business Short Circuit Science, has stakes in Scottish side Dunfermline Athletic, Spanish club Córdoba and Bulgarian outfit Septemvri Sofia, but the decision to grant him preferred bidder status was controversial as he recently acted as a recruitment advisor to the Owls' Steel City rivals Sheffield United.

It was revealed this week that German-born entrepreneur Felix Roemer and Jordanian Royal Family member Alsharif Faisal Bin Jamil are two of the other individuals involved in Bord's consortium, and in their first public comments after being named as the preferred bidder, the group said they were looking to bring "long-term, responsible investment" to the club, as well as helping Wednesday "regain its position at the pinnacle of the game".

However, while the process is moving forward, it could be some time before Bord's consortium are officially confirmed as the Owls' new owners, with the EFL expected to take a number of weeks to complete the relevant checks as their funding is closely examined.

Kris Wigfield provides Sheffield Wednesday takeover update amid James Bord uncertainty

Wednesday's administrators have been criticised for their lack of communication in recent weeks, with local MP Clive Betts one of those to publicly call for more information on the preferred bidder to be shared with supporters, but Wigfield has now broken his silence.

While Wigfield admitted that he is unable to provide details on the preferred bidder at this stage, he insisted that the necessary due diligence has been carried out on Bord's consortium, and he promised that further updates will be issued once the EFL approval process is complete.

"On Christmas Eve, we reached a significant milestone in the administration and sale of the Club by confirming that a preferred bidder had been selected," Wigfield said in a statement on the club's official website.

"This position was reached only after carrying out extensive due diligence over a period of weeks on the sources and proof of funds supporting the offer, and others, as required by insolvency law and football regulations.

"These laws and regulations also place a duty on the Administrators to maximise returns for creditors — including local businesses owed money by the Club — and to ensure that the sale process is conducted carefully, properly and in accordance with all applicable rules.

"Due to non-disclosure agreements, which are a standard part of any bidding process, and EFL regulations, we were unable to publicly name the preferred bidder. We also remain respectful of the EFL’s ongoing process to assess and vet the proposed new owners before any transaction can progress further.

"From the outset, supporters and the groups that represent them have been a priority in our communications. Working with the Supporters Trust, key local media contacts and official Club channels, we have sought to ensure that supporters receive updates first wherever possible.

"Our primary objective is the careful stewardship of Sheffield Wednesday into the ownership of a group that the EFL approves as fit and proper. Securing a well-funded and credible new owner is essential to safeguarding the Club’s future.

"We cannot jeopardise that process by breaching EFL rules or legal agreements with prospective buyers, or by disclosing details prematurely before regulatory approval has been completed.

"Once the EFL has concluded its review and approval process, and the sale is able to progress, we will make a formal announcement with further detail at the appropriate time.

"We understand that this period of uncertainty is frustrating for supporters who care deeply about the Club. However, we must remain committed to complying with legal and regulatory requirements while working towards the best possible outcome for Sheffield Wednesday and its supporters."

It is fair to say that the decision to choose Bord's consortium as the preferred bidder did not go down too well with some Wednesday supporters after his involvement in Sheffield United's nightmare summer, but there is no guarantee that they will be given the green light to take over at Hillsborough.

In response to Wigfield's update, the EFL released a statement of their own on Friday night, revealing that they "only received formal written notification of the preferred bidder earlier this week", and now due diligence is underway, they will need to seek further detail from the Owls' administrators and Bord's group.

The EFL warned that this step is "only the start of the process" and stressed that there is "no set timescale for this to be concluded", and with the approval process expected to go on for a matter of weeks, Wednesday fans may be facing a long wait to find out whether Bord's consortium will be the club's new owners.