Official: Sheffield Wednesday drop new takeover update | OneFootball

Kris Wigfield has provided an important update on the club’s takeover process ahead of Norwich City match on Wednesday evening

One of the joint administrators of Sheffield Wednesday, Kris Wigfield, has provided an important update on the club’s takeover process ahead of the Owls' game against Norwich City on Wednesday evening.

This comes after The i reported that the first bids for the South Yorkshire side are set to come in "as early as the end of this week", with a minimum of ten "very serious" potential owners registering their interest.

Someone who could be leading that charge, according to another report from The Guardian, is former Newcastle United owner Mike Ashley - who is apparently preparing a £10m bid after providing proof of funds to Begbies Traynor.

The latest update on Sheffield Wednesday's takeover process

In his statement ahead of the Canaries fixture, Wigfield outlined the key criteria and timeline for finding a new owner - with the latter still being 28 days from the date of the club entering administration.

Firstly, Wigfield highlighted that the fans have helped pay the wages of employees and players - something Chansiri failed to do on time for five out of seven months. This was very likely due to Wednesdayites spending over £500k on tickets and in the club shop.

The managing partner then stressed that any potential bidders must provide proof of funding to cover £50m in liquid assets before they are granted access to a data room (the next step).

The statement also addressed the current speculation surrounding price and potential bidders, with Wigfield making clear that the club cannot comment on specific individuals at this current moment because of "confidentiality."

He pointed out that at this early stage of the process, none of the willing bidders would have had the opportunity to fully review the complete picture of all the finances involved, meaning that any estimates on "specific financials" would be "simply premature guesswork."

Although it may seem like there's not much by means of an actual update, Wigfield ended the statement by adding, "Yet, even at this early stage of proceedings we can be positive about the initial interest in the club.

"There is real progress being made in the efforts to find a suitably qualified buyer and owner that can help Sheffield Wednesday move forward," he concluded.

What Sheffield Wednesday fans can take from this statement

Going off the statement, the market will ultimately decide what Sheffield Wednesday is worth once all qualifying bidders have reviewed things and made their formal offers.

While the process is obviously still in its early stages, the positive comments from Wigfield show that himself and the rest of the club's administrators are confident about the initial level of interest in the club.

Not only that, but the calibre of potential buyers circling Hillsborough has impressed them as well.

For Owls fans, the next few weeks will be as crucial as probably expected. As the 28-day period continues and bids hopefully begin to flow in, there is genuine hope that a suitable buyer can be found to secure the club's future.

With another big crowd expected on Wednesday evening, focus will turn to the pitch for 90 minutes in the hope that the club can end their seven-game winless run - after all, they have won their last two games against Norwich.