Sheffield Wednesday takeover: Why is the December 5th date looking so important? | OneFootball

Sheffield Wednesday's administrators will name a preferred bidder by December 5th as interested parties look to buy the club.

The race to buy Sheffield Wednesday is underway, with the club set to have named a preferred bidder by December 5th.

It has been a hectic period for the Owls, with supporters having regularly protested to force Dejphon Chansiri out after years of mismanagement, which included regularly failing to pay wages on time.

Even though Wednesday entered administration last month, it did end Chansiri’s time at Hillsborough, and, since then, there has been a focus on finding new owners.

Sheffield Wednesday takeover latest as deadline looms

Given the size and potential of the club, it’s no surprise that there has been plenty of interest in Wednesday, with recent reports claiming ten parties have provided proof of funds, with a few of those having already been shown around the stadium.

There is a ‘soft deadline’ of November 21st for formal offers to arrive, which is when the process will start to take shape.

That’s because the BBC stated the administrators will then have a two-week period to assess the offers on the table, and they will then name a preferred bidder by December 5th.

Of course, there will still be hurdles to overcome before the takeover is fully signed off, which includes completing the EFL‘s Fit and Proper Persons test, as well as due diligence, so it will still be a fairly lengthy period before Chansiri’s successor is confirmed.

Nevertheless, after that date it will become clear who is in line to buy the club, and the level of interest in the Owls means fans will hope there are many credible parties.

Sheffield Wednesday can look to a bright long-term future now Dejphon Chansiri has left

The reaction to Sheffield Wednesday entering administration was unusual in the sense that the 12-point deduction that followed effectively relegated them to League One.

But, in the bigger picture, the fans knew that it removed Chansiri, and they have rallied behind the club in recent weeks, from buying merchandise to packing out Hillsborough.

That shows the room for growth at Wednesday, and, even in the third tier, they will be an attractive option to buyers.

As we know, this isn’t a straightforward process, and there might be some frustration among the fans that this can’t get finalised quicker, but after all they have been through, it is certain to be worth the wait.

In the meantime, Henrik Pedersen and the team will continue to do their best in challenging circumstances, and, like the fans, they will be looking to the December 5th deadline as they seek more clarity on the future of the club.