Mike Ashley set to take new Sheffield Wednesday action to try seal Owls takeover | OneFootball

Mike Ashley is still in the mix to take over Sheffield Wednesday

Mike Ashley is considering an improved offer to buy Sheffield Wednesday amid the final round of negotiations with administrators Begbies Traynor.

According to The Star, the former Newcastle United owner is still weighing up his options as the deadline for naming a preferred bidder approaches.

It was initially hoped that exclusive takeover talks could begin with the chosen party by 5 December, but that has since been delayed, with a number of parties still in the fray.

Sheffield Wednesday went into administration on 24 October, which led to them being handed an automatic 12 point deduction penalty from the EFL.

Previous owner Dejphon Chansiri oversaw significant financial issues, which included the failure to pay players and staff on time across multiple months in 2025.

Mike Ashley considers improved Sheffield Wednesday takeover offer

Ashley is reportedly considering an improved second offer to buy Sheffield Wednesday as the new deadline for a preferred bidder being named draws nearer.

It’s believed that the English businessman’s initial bid is in excess of £20 million, but it is unlikely this will earn him the ownership of the Championship club.

An unknown party is also understood to be a part of the takeover process, but that there are no longer five or six interested investors seeking a takeover.

Bids worth greater than £30 million have been submitted to the administrators, which is a figure that will prevent a 15 point deduction penalty for next season.

Henrik Pedersen’s side are likely to be competing in League One in the next campaign, with the team sitting bottom of the second division table on a total of minus 10 points due to a second six point penalty that was also applied along with the initial 12 that were docked.

It is hoped that a preferred bidder could be named as early as the end of next week, with Ashley still in contention to purchase the Owls.

Mike Ashley will need to improve Sheffield Wednesday offer or walk away

If Ashley still hasn’t offered at least £30 million for Sheffield Wednesday, then it’s difficult to see him becoming the club’s next owner.

John McEvoy has reportedly joined forces with the Storch family to form a consortium that is interested in the club, and that will be a compelling bidder for Begbies Traynor given the finances they’ll have.

While Ashley may want to stay by himself, and he certainly has the finances to do so, if he doesn’t make an improved offer then he may as well pull out of the race to buy the Owls at this stage.

It is a rare opportunity to potentially buy a historic club at a reasonable price, so it’s not surprising that Ashley is interested, but the associated costs with restoring the team back to a loftier position may be giving him some pause, with reports earlier this week also suggesting the £15 million or so owed to Chansiri is slowing the process down.