Sheffield Wednesday takeover news: James Bord sued, Independent Football Regular update issued | OneFootball

The Sheffield Wednesday takeover is proving extremely complex, so here's the latest on what is and isn't going on at Hillsborough as relegation nears.

Sheffield Wednesday continue to flounder at the foot of the Championship while the process for new ownership remains going, with fans hoping and praying for confirmation sooner rather than later that they are no longer in administration.

The weekend brought a difficult game for Sheffield Wednesday on several levels, with the return of former club captain Barry Bannan to Hillsborough with his new club, high-flying Millwall.

The Lions took the spoils with a 2-1 win which moved them up to third place in the Championship, but Wednesday did at least score a goal - the first they'd managed in any competition since Boxing Day - and Henrik Pedersen's team put in a combative performance despite their defeat.

Off the pitch, however, the club's position remains as precarious as it has all season. The takeover of the club by a consortium led by the former Sheffield United consultant James Bord remains mired in the approval stage with no firm date confirmed for when it will be finalised.

So with all this in mind, here's the latest takeover news from Hillsborough, as Sheffield Wednesday continue their slide towards League One.

James Bord reportedly sued by former business partner over investment in Córdoba CF

The Times have reported on Monday morning that James Bord is being sued in a Nevada court by his former business partner Jonathan Cohen over his investment in Spanish club Córdoba CF.

Cohen's claim states that Bord "willfully" deceived Cohen over Córdoba's debt-free status when he agreed to invest in the Spanish club in 2024, when they were actually 'around $23million in debt'.

It is also claimed that Bord “took hostage” a bitcoin account owned by Cohen "which was worth roughly $6m", and that Bord "initially ignored" attempts by Cohen to formally acknowledge his investment in Córdoba with a formal written contract.

A spokesperson for Bord, as quoted by The Times, said, “This is a deeply upsetting matter for James, who has over the past few years helped and supported Jonathan financially and personally, and has long considered him a friend", but also added that no further comment would be made at this time.

It's not clear what impact this could have on Bord's consortium's bid to buy the club. The EFL tightened its Owners & Directors Test criteria in 2023, but although the scenario being played out by this court case doesn't seem to be covered by the rules, it's unlikely to speed up the ratification process at all.

Independent Football Regulator ‘keeping an open dialogue' with concerned parties over takeover

As the takeover of the club continues to drag on, there has been increasing speculation that the newly-formed Independent Football Regulator (IFR) could become increasingly involved in the process.

The Sheffield Star have contacted the regulator to establish what their role in the takeover is, and they have confirmed that, while they do not hold any immediate control over the vetting process for new potential EFL club owners until the end of the season, they are 'keeping an open dialogue' with all concerned parties.

According to the Star, the IFR have already confirmed that they won't be involved in the processes for any club sales between now and the end of the season.

This is reported to be a "safeguard" against what are described as "the threat of unnecessary further delays" should the process extend into May. At this point, if not completed, the takeover would fall under IFR’s tests, which are different to those carried out by the EFL.

Reporting by the Daily Mail had confirmed that the IFR can currently only regulate owners who are already involved with clubs, but that from May they will be able to rule on potential new club owners.

The Mail reports that the IFR "have been working closely with all parties to ensure that, should the EFL give the green light, the regulator would not then overrule them in May."

Sheffield Wednesday Supporters Trust meeting notes released

The Sheffield Wednesday Supporters Trust have released notes from a wide-ranging meeting held with various parties about the state of the takeover on the 3rd February. The meeting was attended by members of the Trust, political representatives, the club's administrators, Begbies Traynor, the Football Supporters Association and the EFL.

The EFL confirmed that they were "working through the information received", that there is no set time frame for the process to be completed, and that "they will take the time necessary to complete their investigations and checks but plan to do this as quickly as possible noting the Club’s current situation".

They also confirmed that "the EFL is working as fast as it can but is unable to provide a running commentary on progress." It is clear that the EFL's priority is to make the right decision rather than the quickest possible one.

Asked about whether they had all the required information that they needed on the three parties who are heading the consortium, the EFL responded by saying that they "cannot say" whether they have all the required information yet, though they did also confirm that the complexity of the ratification process could lead to them "making further information requests."

Clive Betts, the MP for Sheffield South East, questioned reports that other bidders are not prepared to meet the 25% threshold for creditors which is required to avoid a further 15-point deduction next season.

In response to this, the administrators replied that their role is to put forward the highest bidder and that is up to the EFL to decide upon whether the club will either avoid or incur that points deduction.

Begbies Traynor are, as licensed insolvency practitioners, legally required to represent the best interests of the club's creditors as well as the club itself throughout this spell in administration.

On the matter of whether a 15-point deduction would apply should the Bord bid fail and the process be opened back up to parties who may not offer the 25p in the pound required, the League were similarly non-committal: "The EFL clarified the 15-point penalty sits within the EFL’s insolvency policy and can involve board discretion depending on circumstances but would ordinarily apply in the season following the exit from administration."

Sheffield Wednesday's Championship relegation could be confirmed at Bramall Lane

Sheffield Wednesday have confirmed that they have sold out their ticket allocation for Sunday's Steel City Derby against Sheffield United at Bramall Lane, despite the fact that this could be the match that sees the Owls formally relegated from the Championship.

The Sheffield Star's Joe Crann outlined this potential situation, describing it as "one final kick in the shins in what has been a disastrous campaign".

Wednesday will have greater clarity on their position by the time they take the pitch for this match. Portsmouth have two matches between then and Sunday - an away match at Charlton on Tuesday night and a trip to Millwall on Saturday - and wins for them in either of these matches, coupled with a win for West Bromwich Albion from their home match against Coventry on Saturday lunchtime, would mathematically relegate the Owls before they even take to the pitch at Bramall Lane at noon on Sunday.

Coming on top of everything else this season, relegation from the Championship to League One has felt like a formality for most of this season, but having that fall confirmed at the home of their bitterest rivals would be an extremely difficult pill for fans of the troubled Championship club to swallow.