Fresh Sheffield Wednesday takeover twist - December 17th deadline set | OneFootball

The Owls could soon be in the hands of their latest chairman amid a long-standing takeover saga

A major timescale update has emerged regarding the long-standing takeover saga involving the Championship's bottom club, Sheffield Wednesday.

According to local publication, the Sheffield Star, current administrators, Begbies Traynor, are expected to have received all concrete best and final bids from those looking to acquire permanent ownership of the Owls by Wednesday evening, and the remaining aspects of the takeover process could swiftly be completed afterward.

Such developments will come as a major relief to all associated with the Steel City club, as players, management, general staff and the supporters have been left in limbo for many weeks and months, dating back to when initial rumblings of discontent came to light under controversial former owner, Dejphon Chansiri.

Chansiri was Wednesday owner for just north of 10 years having purchased the South Yorkshire outfit for a reported £30m from Milan Mandaric in January 2015 - a period which saw plenty of chaos ensue at Hillsborough, including failed Championship play-off campaigns, a points deduction, relegation back to League One and, as has been well-documented, a mass exodus of senior players and former boss, Danny Rohl, over the course of the previous summer window due to several instances of delayed wage payments and further non-payments.

The Thailand-born businessman then placed Wednesday into administration on Friday, October 24th, with the club hit with an automatic 12-point deduction as a result, before they were docked six further points on December 1st due to the aforementioned delayed wage payments and non-payments.

With Henrik Pedersen and his threadbare squad effectively seeing relegation to League One all but confirmed as a result, attention has firmly turned to whom the club's next owner(s) will be, and that decision could soon be reached.

Ex-Newcastle United owner Mike Ashley namedropped in major Sheffield Wednesday takeover update

As previously mentioned, this is a takeover saga which has lasted for many weeks now, although a swift conclusion could be on the horizon for Wednesday.

Begbies Traynor had previously set a deadline of Friday, December 5th, by which they hoped to grant exclusivity to their preferred bidder, before it was claimed that such developments could occur in the latter stages of the current week.

The Star now report that the administrators expect to receive the best and final offers by the evening of Wednesday, December 17th, and that the asking price set by Begbies Traynor is between £30m and £35m, as a bid of such figures would cover the cost of paying creditors 25 pence in the pound on the funds owed to them by the currently cash-strapped club, as well as it including a non-refundable exclusivity fee.

After being docked 18 points so far this season, ensuring the creditors are paid in such a manner would see the Owls avoid a 15-point sanction at the beginning of next season.

As has been widely reported, the three bidding parties in question are that of ex-Newcastle United owner, Mike Ashley, who, according to the Athletic, has submitted a £27m bid, which includes £15m that would be paid to former owner, Chansiri. The 61-year-old is currently rivalling a joint bid from John McEvoy and the Storch Family, as well as an offer placed by James Bord, who has advised Steel City rivals, Sheffield United's American owners, COH Sports, when it comes to AI-modelled recruitment at Bramall Lane.

The report continues by revealing that due diligence from the prospective owners on the club has been conducted, with Begbies Traynor undergoing a similar process in order to ensure the club is in safe hands moving forward.

It has been stated that preferred bidder status could be granted by the end of the week, and if not, potentially before Christmas, although the highest bid in terms of upfront cash may not satisfy the administrators due to potential fears that they may not satisfy the EFL, who will subsequently conduct their Owners and Directors Test.

Sheffield Wednesday supporters will hope takeover saga can end as soon as possible

Such developments will be extremely welcome news to supporters at Hillsborough, who are hoping for a brighter future after years of chaos and decline.

As previously mentioned, the fee which Begbies Traynor hope to secure will have a major impact on what could be achieved next season, as Henrik Pedersen will hope to mould a squad instantly capable of achieving a first-time promotion.

The Owls have been unable to conduct mass amounts of transfer business due to an array of embargoes and restrictions, meaning that an imminent takeover will also impact potential activity in January as the Dane and his coaching staff look to plan ahead, as they are currently 29 points from safety with 25 league games remaining.