Surprise Sheffield Wednesday takeover update emerges as administrators look to clear £30m hurdle | OneFootball

There is currently no clear front-runner in the race to take control of the Owls

A surprise update has emerged regarding the ongoing takeover saga concerning Sheffield Wednesday.

According to a fresh report from City AM, there is no clear leader in the race to take control of the cash-strapped Championship side, who have been in the temporary hands of administrative group, Begbies Traynor, since Friday, October 24th after being placed into such measures by controversial former owner, Dejphon Chansiri, who has since been hit with a three-year ban from football ownership.

The Owls have been in the headlines regarding a takeover for several weeks and months now, with initial problems surfacing in March after the first of several instances regarding delayed wage payments for players, management and general staff at Hillsborough in the final period of Chansiri's chaotic 10-year tenure in the S6 boardroom.

Of course, it has been well-documented that Wednesday were hit with the EFL's automatic punishment of a 12-point deduction after entering administration just over a month ago, but they were hit with a further six-point deduction on December 1st after breaching EFL regulations as a result of the aforementioned continuous delayed payments to club staff and His Majesty's Revenue and Customs.

Several high-profile names and parties have been linked with a takeover over time, with some of the most prominent figures including ex-Newcastle United owner Mike Ashley, former Crystal Palace stakeholder and Botafogo custodian, John Textor and more recently, FC Midtjylland chairman, Anders Holch Povlsen.

The current administrative duo of Paul Stanley, Julian Pitts and lifelong Wednesday supporter, Kris Wigfield, have made it no secret that they hope to pass the club into the hands of its next permanent owner by the end of 2025, with it being reported that a minimum price point of £30m could be enough to seal a takeover.

However, with it being claimed that there is no front-runner in the race, an even greater surprise has since come to the fore as mentioned in the aforementioned report.

Due to the claims of there being no front-runner in the takeover race, which had also been reported alongside developments such as Mike Ashley seeing an official £20m bid rejected by Begbies Traynor on November 26th, City AM state that several of the six interested parties are considering a potential merging bid in order to resolve the long-standing saga ahead of the turn of the year.

It had been well-documented that the administrators hoped to have granted exclusivity to their preferred bidder by Friday, December 5th, two weeks on from the initial soft deadline of November 21st in which proof of at least £50m in funds had to be demonstrated.

However, with numerous offers already on the table, it has been widely reported that this deadline will be placed on hold and stretched into next week.

As such, it has been reported that a merger of at least two bids could well be a feasible outcome, which, in turn, could help Stanley, Pitts and Wigfield satisfy their initial asking price of over £30m.

This is the latest dramatic twist in a saga which hasn't been short of drama in recent times.

Indeed, after Ashley's initial low offer was rejected, it was stated that the Frasers Group owner could well come back in with an offer that would satisfy Begbies Traynor, before the aforementioned Povlsen's name came to the fore at the end of last week.

Yet, just days after it was reported that the Faroe Islands-born man, who is believed to be the richest man in Denmark, was weighing up a potential bid of his own, the Athletic soon quashed such rumours, with the man valued at $13.3bn out of the running completely.

With relegation to League One now effectively a certainty as Henrik Pedersen's threadbare squad are now 27 points from safety with 28 games remaining, the best news for Wednesdayites would be to see a resolution in the boardroom come sooner rather than later.

There was a clear sense of relief when the club entered administration as it ended Chansiri's reign in the Steel City, but the sense of nervousness as the takeover saga continues to rumble on is also understandable.

The sooner the situation is resolved, the greater the club's chances of addressing several issues regarding infrastructure and on-pitch issues are ahead of next season, one which all associated with Wednesday will hope marks a rebirth of sorts in the club's lengthy history.