Significant Sheffield Wednesday takeover update emerges involving $13.3 billion businessman Anders Holch Povlsen | OneFootball

The FC Midtjylland owner will not be taking over the cash-strapped Owls

FC Midtjylland owner Anders Holch Povlsen will not be taking over Sheffield Wednesday, with a fresh update emerging regarding the club's potential takeover.

According to an update from the Athletic on Sunday afternoon, the businessman who is believed to be worth $13.3bn, will not be ploughing his funds into the Championship side, who are looking for their latest custodian after Dejphon Chansiri's controversial 10-year reign as owner was all-but ended as he placed Wednesday into administration on Friday, October 24th.

Several high-profile names have been linked with a takeover during the final weeks and months of Chansiri's time in the Hillsborough boardroom, and even more so afterwards, with the current administrators, Begbies Traynor, hoping to reach a final decision ahead of the end of 2025.

The likes of John Textor, John McEvoy and former Newcastle United chairman, Mike Ashley, are amongst those who have never been too far away from headlines concerning fresh investment during said timeframe, with the latter also making a public, yet unsuccessful £20m bid to take control of the club within the past seven days, with three parties offering at least £30m themselves - the lowest figure which the trio of Paul Stanley, Julian Pitts and Kris Wigfield are believed to deem acceptable as they look to pass the club into the hands of it's latest full-time owner.

Povlsen's name first came to the fore ahead of Saturday's dramatic 3-2 defeat to Preston North End in South Yorkshire. However, less than 24 hours on from Henrik Pedersen's side's latest defeat in the Championship season, the Dane will not be joined by his compatriot in S6.

It was the Athletic who first reported Povlsen's initial 'interest' in a takeover on Friday, with the overall bidding war believed to involve six parties, whilst Begbies Traynor aim to make their final decision within the next two weeks.

The final reference within the aforementioned report also comes after it was initially reported that the identity of the preferred bidder could have been revealed as early as Friday, December 5th, although this is now somewhat in doubt.

It was reported that five official bids had been made, whilst another was expected to come in due course. However, it was also stated that no party has emerged as a clear favourite within the aforementioned bidding war.

As such, it was claimed that Povlsen had shown an initial interest in taking over the Owls, although it remained to be seen whether such developments would lead to a concrete offer that would satisfy the demands of the administrators.

The 53-year-old, who was born in the Egvad Municipality of the Faroe Islands, is said to be the richest man in Denmark with a valuation of $13.3bn - a figure which equates to £10.05bn.

Povlsen has been the majority owner of FC Midtjylland since 2023, having bought out the stake previously held by Brentford chairman, Matt Benham, taking his control of the Danish club up to 95 percent.

However, in the latest of many twists involving a potential takeover, Matt Slater of the Athletic revealed via X on Sunday afternoon that he has no intention of plotting a takeover of his own and that no initial bid has been made by the Danish businessman, who is CEO of Bestseller.

Although some may see the latest developments as somewhat of a blow, the fact Povlsen had not submitted a bid in the first place shouldn't massively dampen the spirits of Wednesdayites.

However, it must be said that those on the terraces will be hoping for a swift resolution to this saga as they look to progress forward on and off the pitch, although relegation to League One has looked a certainty for weeks, and particularly since the Owls were hit with an automatic 12-point deduction after entering administration just over a month ago.

On the pitch, further experience to a threadbare squad has recently been added through the free agent signings of Liam Cooper and Nathan Redmond, whilst Pedersen is also hoping to extend Harry Amass' loan spell, with the young Manchester United loanee performing admirably in his first stint of regular first-team football away from Old Trafford.