Why Mike Ashley has an 'advantage' in race to seal Sheffield Wednesday takeover | OneFootball

The 61-year-old has been heavily linked with a takeover of the Owls

It has been outlined as to why former Newcastle United owner, Mike Ashley, may lead the race when it comes to completing a takeover of Sheffield Wednesday.

According to a report from the Guardian on Monday morning, the 61-year-old holds a clear advantage when it comes to negotiations with the Owls' current administrators, Begbies Traynor.

The Championship side have been under the firm's control since Friday, October 24th, after being placed into administration by controversial former owner, Dejphon Chansiri.

The Thailand-based businessman took said steps amid fears that Wednesday would be hit with an imminent winding-up petition due to his inability to pay off a £1m tax bill to His Majesty's Revenue and Customs.

Paul Stanley, Julian Pitts and lifelong Wednesday supporter and season-ticket holder, Kris Wigfield, are the trio currently responsible when it comes to providing the Steel City outfit with some much-needed stability within a short-term period before a deal with any potential buyer can be approved and ratified by the powers that be, such as the EFL.

At present, the Owls aren't short when it comes to the list of potential buyers, with Ashley one of the most high-profile names looking to take over at Hillsborough alongside the likes of US billionaire John McEvoy and former Crystal Palace and Lyon stakeholder, John Textor.

Yet, as controversial as his own past on Tyneside may have turned out, such developments could be Wednesday and his gain in the coming weeks as takeover talks intensify.

Why Mike Ashley has potential 'advantage' in Sheffield Wednesday takeover race

The man who made his millions through the countrywide sportswear shop, Sports Direct - now owned by Ashley's parent company, Frasers - has been heavily linked with a takeover in S6 within recent weeks, with his name initially brought to the table by local journalist, Alan Biggs.

Such developments have remained the case as Wednesday currently find themselves in administration, circumstances which all involved with the club have decided to embrace as Chansiri's hold on the club was effectively ended in the process despite being hit with an automatic 12-point deduction.

It has been claimed that Begbies Traynor have been informed by the EFL not to sell the club straight away, instead leaving it on the open market for at least 28 days, meaning the earliest date a takeover could be formalised falls on November 21st.

The administrators have recently stated that proof of at least £50m in funds has to be showcased by any bidder joining the queue which, according to recent updates, is in double-figures, with three parties able to do exactly that ahead of the recent goalless draw with West Bromwich Albion.

It has now been reported ahead of what is being dubbed as 'Blue and White night' against Norwich City on Wednesday, that Ashley is preparing a £10m bid in order to strike a quick deal.

The former Newcastle owner is said to be one of the parties able to demonstrate the aforementioned proof of funds, with another advantage being that his presence is already known by the EFL, who are said to have no worries over the source or sufficiency of where said funds have been generated from.

The report states that Ashley has now been able to conduct due diligence on the club, meaning he has clearly learned from his mishaps when acquiring Newcastle for £134m in 2007, with it being revealed that such measures hadn't been taken and that he was unaware of the debts still left in the club's accounts at the time.

The Owls aren't the only second tier side Ashley has looked to rescue, having missed out on the opportunity to do so with Derby County in 2022 before lifelong supporter and owner, David Clowes, stepped in.

Ashley was, of course, unpopular with supporters in the North East for several reasons, but he is walking into a new set of circumstances at Hillsborough, and one in which supporters are likely to accept a much steadier rebuild after years of false dawns and uncertainty.