How much money Begbies Traynor are expected to receive from Sheffield Wednesday takeover | OneFootball

Begbies Traynor have overseen Sheffield Wednesday's time in administration

Begbies Traynor were appointed as Sheffield Wednesday administrators back in October of last year.

Previous owner Dejphon Chansiri oversaw the financial mismanagement of the Owls, which led to the company being brought on board to seek a new owner.

The Thai businessman was a massively unpopular figure among supporters at Hillsborough, and they will now be hoping for a takeover to be completed swiftly in order for the club to move onto their next chapter.

However, a preferred bidder was named on 24 December, and the EFL have not yet ratified the deal, leaving the Yorkshire outfit in limbo.

Meanwhile, Begbies Traynor continues to oversee the day-to-day activity of Sheffield Wednesday, as they look for the best solution forward.

Begbies Traynor £2 million pay day

Begbies Traynor remain in charge as we await confirmation of James Bord’s takeover of the Championship side.

According to The Times, the administrator will receive around £2 million for their work in overseeing the transition between owners.

However, the final figure will reportedly depend on the amount of time it takes to complete the takeover of the Owls, which will bring the club out of administration.

It’s understood that the full amount “will ultimately be subject to creditor approval.”

There is no immediate timeline for when the EFL may make a decision on the bid led by Bord, which also involves Felix Roemer and Alsharif Faisal Bin Jamil.

It’s been reported that the Owners and Directors’ Test is proving a hold up in the ratification process.

If failed, it will extend Begbies Traynor’s time in charge of Sheffield Wednesday, which has the potential to incur extra costs that will be owed to the administrators.

However, there is no immediate evidence one way or the other that this test will be passed or failed by the prospective owners of the Championship club.

Begbies Traynor’s involvement in Sheffield Wednesday’s transfer business

Sheffield Wednesday have been placed under a transfer embargo by the EFL during this period.

However, the club have been able to add free agents and loan signings to Henrik Pedersen’s first team squad, provided they receive approval from the league.

The Owls were able to complete the signings of Tayo Adaramola and Joel Ndala on loan from Crystal Palace and Manchester City, respectively.

Marvelous Nakamba also joined on a contract until the end of the campaign after his Luton Town deal was terminated.

But the sale of Bailey Cadamarteri to Wrexham proved a frustrating note to end the winter market on for supporters.

The promising forward was sold for a reported seven-figure sum of around £1 million.

Kris Wigfield has been the face of Begbies Traynor throughout this administration process, and he released a statement explaining their decision to cash in on the 20-year-old.

He clarified that the day-to-day running requires planning for all eventual outcomes, and that an injection of cash was needed to ensure the Owls still have money as they await ratification of the Bord-led bid to buy the club.

“Insolvency law requires Administrators to plan for all reasonable outcomes,” wrote Wigfield, via the club’s official website.

“We must ensure the Club has the finances available to continue to trade under any scenario.”