Sheffield Wednesday takeover: Kris Wigfield drops frustrating update | OneFootball

Sheffield Wednesday administrator Kris Wigfield has provided a takeover update which will frustrate Owls fans.

Sheffield Wednesday administrator Kris Wigfield has provided an update that will frustrate Owls supporters as they nervously await a takeover.

James Bord remains the Owls' preferred bidder, but the American is being sued by his former business partner, Jonathan Cohen, over investment in Spanish second-tier outfit Cordoba.

The South Yorkshire side need a takeover to be completed well in advance of next season, to ensure that they are well-equipped to bounce back to the Championship.

Wigfield has revealed that Wednesday have a lower wage budget than some League Two clubs, which is a damning insight into the financial hardship the Hillsborough club have encountered.

Kris Wigfield explains complications of Sheffield Wednesday takeover

Wigfield has revealed that Wednesday are currently losing £1million a month, as administration continues to take its toll both on and off the field.

The Owls have been resigned to relegation to League One for several months, and that fate will be sealed if they are beaten by cross-city rivals Sheffield United on Sunday.

Meanwhile, Wigfield explained to BBC Radio Sheffield on Thursday where the takeover process is currently up to: "The preferred bidder paid a substantial seven-figure sum on Christmas Eve, and that gave them preferred bidder status until the 31st of January. They then have got the option to effectively roll that preferred bidder status on a rolling, fortnightly basis by funding the budgeted cash flow losses for a two-week period.

"They took up that option at the end of January to extend the preferred bidder status until February 14th. Then last week, they made a further payment to extend the period of exclusivity until the end of February. The circumstance that we’re in means we’re in a transitional period where we’ve got the Independent Football Regulator (IFR) coming in, who will start vetting new owners from the start of May.

"Until that point, the EFL have got that duty. It’s not really an ideal period to be going through for ourselves, (or) the preferred bidder. To be fair, it’s probably not ideal for the EFL or the IFR. Loads of information has been given by the preferred bidder to the IFR and EFL during the course of January.

"Last week, both the IFR and the EFL went back to the preferred bidder with further questions and clarifications that they wanted. The IFR and the EFL are working independently, so this was two separate lists of questions. Frustratingly, as far as fans are concerned, they're not the kind of questions that can simply be answered in writing.

" A lot of them will require third-party clarifications. For example, from the likes of bankers, auditors, lawyers or co-investors from within the preferred bidder’s businesses and interests. This takes time to put together. I understand the preferred bidder responded to the IFR yesterday (Wednesday), and it’s their intention to respond to the EFL by the weekend. The information that they pass back is confidential."

Independent Football Regulator involvement may suggest Sheffield Wednesday takeover won't be completed until May

Wigfield has revealed that Bord is in contact with both the IFR and the EFL, while the former won't have the power to green-light the American's takeover until May.

That suggests that Bord, who owns Scottish Championship side Dunfermline Athletic, may not complete the purchase of Wednesday until the current campaign is over.

Furthermore, as reported by The Guardian last month, the EFL are assessing whether the American's takeover funds come from gambling proceeds.

The potential delay that may cause will frustrate Wednesday supporters who desperately want to see their club moving in a positive direction once again.

Until a takeover is completed, the Owls cannot begin planning their upcoming League One season, and the future of boss Henrik Pedersen still has to be decided.