Sheffield Wednesday takeover news: James Bord’s bid, player sale stance, points deductions | OneFootball

Sheffield Wednesday are still awaiting their new owners as the January transfer window progresses

Sheffield Wednesday finally removed controversial former owner Dejphon Chansiri from the club in October last year, but still await the new controllers of the club taking the reins.

After months of protest, the Owls were put into administration just under three months ago, effectively ending Chansiri’s reign with it.

Multiple potential bidders emerged, among them former Newcastle United owner Mike Ashley, and a consortium led by former British poker player James Bord.

Although not yet officially announced, reports have revealed that the latter has since become the preferred bidder, at which point more detailed conversations with administrators Begbies Traynor can begin.

Here’s the latest on that takeover process…

Player sales on agenda for preferred bidder meeting

Both Wednesday and the EFL sent out public communications at the end of the working week to update fans on the next stage of the process.

While the administrators are yet to confirm the preferred bidders, James Bord, Felix Roemer and Alsharif Faisal Bin Jamil released a joint press release confirming themselves as that party.

According to a report from The Star, a meeting has been scheduled next week with the current transfer market said to be one of the topics up for discussion.

There are understandable fears that, with the club in a perilous financial situation, some of their best talent is liable to be poached.

However, in the club’s FAQ document released on Friday, it was confirmed that player sales will not be needed to ease financial worries, as the preferred bidders having committed to fund things for now, on top of a non-refundable deposit and a solidarity payment due from the Premier League.

Despite that, Pierce Charles, Bailey Cadamarteri, Charlie McNeill and Yisa Alao have all fielded interest, so outgoings are still possible at the right price.

That, along with potential inbound transfers and other items, are all due to be discussed in the meeting.

Likelihood of further Sheffield Wednesday points deductions clarified

The Owls have already had 18 points taken off them this season due to breaches of financial regulations under Chansiri.

That has left them languishing in last place in the Championship, currently on minus-seven points, 32 points from safety.

Ashley, one of the parties interested in taking over the club, is said to have bid around £20m for the club, below the administrators’ reserve price of £30m.

That price was set owing to the financial obligations the club still has, which if not met could incur further punishment, in the form of points deductions, for next season.

Thankfully, the Owls’ recent statement has clarified this point, after selecting Bord’s consortium as the preferred bidders.

“No,” the Q&A section of the statement confirmed, in response to a question about further deductions.

“The proposed transaction structure allows creditor obligations to be met in accordance with EFL rules, and no further sporting sanctions are anticipated as part of this process.”

The EFL have confirmed that they have commenced their owners’ and directors’ test on Wednesday’s preferred bidders.

They still maintained silence on who the party is, citing legal obligations, but Bord himself has revealed it is his group.

League organisers confirmed that they had just started their vetting process this week, despite a candidate reportedly being selected on Christmas Eve.

The EFL puts this down to the fact that they only received formal written notification of the bidder this week, along with supporting documentation, which has now allowed them to begin the process.

“This, however, is only the start of the process and it is important that all those associated with the Club understand that the League is required to follow comprehensive procedures,” the statement read.

“[This] will include seeking further detail from both the Administrators and preferred bidder. There is no set timescale for this to be concluded.”

The last line of that statement will come as a frustration to fans, who will likely want to see their club put back on a steadier footing and to begin rebuilding their club, but it is sensible that the EFL don’t rush the process given the Owls’ current predicament.