Sheffield Wednesday bidder makes '£20 million' claim that administrators rejected | OneFootball

One of the previous bidders for Sheffield Wednesday has opened up on the takeover process, revealing that his £20 million proposal was rejected.

One of the individuals previously interested in a takeover of Sheffield Wednesday has revealed that his £20 million bid was rejected by the club's administrators as it fell short of their valuation.

Wednesday have been on the market since October when former owner Dejphon Chansiri put the club into administration, but over three months later, a takeover is still yet to be completed.

A consortium led by James Bord was selected as the preferred bidder for the Owls on Christmas Eve, and the EFL are currently conducting the necessary checks as they decide whether to approve the deal, but that process is expected to go on for a number of weeks.

According to The Guardian, the EFL are taking time to assess whether the funding behind Bord's bid comes from the proceeds of gambling and crypto-gambling operations, and to determine whether Bord and his fellow investor Felix Roemer will pass the owners’ and directors’ test.

However, before Bord's consortium was granted a period of exclusivity, several other parties had shown interest in buying Wednesday, and one of those has now lifted the lid on the takeover process.

Sheffield Wednesday takeover claim made as key James Bord advantage revealed

The Times claim that former Newcastle United owner Mike Ashley, American businessman David Storch, insurance entrepreneur Danish billionaire Anders Holch Povlsen and an American bid led by David Richards were among those to express interest in Wednesday before Bord's consortium was chosen as the preferred bidder.

One unnamed bidder told the publication that he believed £20 million represented a fair valuation of the club, given that they were almost certain to be relegated to League One this season, and that much of the squad would be out of contract in the summer.

However, that proposal was rejected by the club's administrators, who were confident they could secure more than £30 million for the Owls, and that asking price resulted in many prospective buyers pulling out of the process.

Their valuation was eventually met when Bord's consortium made a bid of around £32.5 million, which is thought to have been significantly higher than any of the other offers, and that figure ensured that the club's creditors, including former owner Chansiri, who is set to earn £15 million from the sale, would be paid off, as well as avoiding a further 15-point deduction next season.

However, with uncertainty over whether Bord will be given approval by the EFL, some of the previously interested parties, such as Ashley and Storch, are said to be keeping tabs on the situation at Hillsborough, while new bidders could also emerge if he is rejected.

Sheffield Wednesday fans will have lingering James Bord fear as takeover delay continues

One of the main responsibilities of Wednesday's administrators is to maximise returns for creditors, so it was always likely that they were going to grant exclusivity to the highest bidder, while it also means the club would face no further points penalties next season.

However, the source of funding behind Bord's consortium remains a concern for Owls supporters, and it seems the EFL may share some of those doubts, while Bord's recent ill-fated spell as an advisor to Steel City rivals Sheffield United has also raised question marks among the Hillsborough faithful about whether he is the right man to take the club forward.

With frustrations growing among the Wednesday fanbase as the wait for news continues, which has not been helped by the sales of Barry Bannan and Bailey Cadamarteri in the January transfer window, all parties will hope that a decision is reached as soon as possible.