James Bord and the Sheffield Wednesday takeover: Current situation & timeline | OneFootball

James Bord has been selected as the preferred bidder for Sheffield Wednesday, but it may be some time before a takeover is completed.

After James Bord was selected as the preferred bidder for Sheffield Wednesday, the wait to find out whether he will be given approval by the EFL continues.

Wednesday have been on the market since former owner Dejphon Chansiri put the club and the company through which he owned the stadium into administration in October, bringing his turbulent decade-long tenure at Hillsborough to an end.

After the interested parties were narrowed down, former Newcastle United owner Mike Ashley and American businessman David Storch were believed to be two of the final candidates in the frame to take over the Owls, but a consortium led by Bord was chosen as the preferred bidder on Christmas Eve.

Bord, who is the founder of sports analytics business Short Circuit Science, currently holds stakes in Scottish side Dunfermline Athletic, Spanish club Córdoba and Bulgarian outfit Septemvri Sofia, and his group also includes German-born entrepreneur Felix Roemer and a member of Jordanian Royal Family, Alsharif Faisal Bin Jamil.

The decision to grant Bord's consortium preferred bidder status was a big step forward in the takeover process, but it is still far from guaranteed that the EFL will give the green light to the deal.

James Bord's consortium break silence on Sheffield Wednesday plans

It is fair to say that the selection of Bord as preferred bidder was not without controversy, particularly after his ill-fated stint as a recruitment advisor to Wednesday's Steel City rivals Sheffield United during their disastrous summer transfer window.

The Owls' administrators were also criticised for the lack of information shared with supporters about the club's prospective owners, most notably by local MP Clive Betts, but Bord's consortium broke their silence last week as they outlined their plans for the South Yorkshire outfit.

In a media release, Bord's group revealed that they were looking to bring "long-term, responsible investment" to the club, with "an emphasis on stable governance, operational discipline and data-informed decision-making", while they also stressed that they are committed to "preserving and enhancing its legacy" and helping Wednesday "regain its position at the pinnacle of the game".

The Owls' joint-administrator Kris Wigfield also spoke out last week, insisting that "extensive due diligence" had been done on Bord's consortium before choosing them as the preferred bidder, and adding that he did not wish to "jeopardise" the takeover process by "disclosing details prematurely before regulatory approval has been completed".

EFL approval timeline revealed as James Bord, Sheffield Wednesday delay continues

It was revealed by journalist Alan Nixon earlier this month that it could potentially take a number of weeks for the EFL to complete the relevant checks on Bord's consortium as their finances are closely examined.

In response to Wigfield's update, the EFL released a statement of their own on Friday night in which they stated that they "only received formal written notification of the preferred bidder earlier this week", and with due diligence now underway, they will need to seek further information from Wednesday's administrators and Bord's group.

While the EFL claimed that there is "no set timescale for this to be concluded", they stressed that this is "only the start of the process", which would suggest that a lengthy wait could be ahead before it is known whether Bord's consortium will be given approval to take over the Owls.

Wednesday's administrators have made it clear throughout the takeover process that finding a new owner who will pass the EFL's tests has been one of their main priorities, but it seems there are still a few question marks lingering over Bord's group.

With the club still in administration, Wednesday's ability to do business in the transfer market remains severely restricted, but they will be allowed to make a few loan signings in January to bolster their threadbare squad, and as FLW exclusively revealed on Tuesday, they are closing in on a deal for Manchester City midfielder Jaden Heskey.

However, with new ownership not yet in place, the Owls are in need of funds to see them through until the end of the season, which means they may be forced to sell some of their stars this month.

A number of Wednesday players are currently attracting interest from elsewhere, with French side Strasbourg making a bid for goalkeeper Pierce Charles, while Hibernian have had an offer rejected for striker Bailey Cadamarteri, who is also on the radar of Blackburn Rovers.

With some big decisions to make on the transfer front, Bord's consortium are believed to be meeting with the club's administrators this week to discuss potential incomings and outgoings, as well as the wider takeover situation, so while they are not yet officially the owners of the club, it seems they may have a role to play in shaping the January strategy.