New update dropped on when Sheffield Wednesday could name a preferred bidder | OneFootball

Sheffield Wednesday's takeover process has been delayed, but a fresh update has emerged on when a preferred bidder could be named.

Sheffield Wednesday's administrators could potentially name a preferred bidder for the club next week as the takeover process continues.

According to The Star, Wednesday's administrators may be in a position to move towards a preferred bidder stage at the back end of next week as they continue to whittle down the interested parties.

The race to buy the Owls began in October when former owner Dejphon Chansiri put the club and the company through which he owned the stadium into administration, bringing his turbulent decade-long tenure at Hillsborough to an end.

Wednesday were hit with a 12-point deduction after entering administration, and they were given a further six-point penalty earlier this month as a punishment for multiple late wage payments in the final months of the Chansiri era, meaning relegation to League One is certainty this season, but despite that, there has been no shortage of interest in the club.

Former Newcastle United owner Mike Ashley is believed to have had an initial bid of around £20 million for the Owls rejected earlier this month, while it has also been reported that US billionaire John McEvoy has joined forces with the Storch family in an attempt to secure a deal for the club, and there are thought to be a number of other candidates in the running.

Wednesday's administrators were originally hoping to name a preferred bidder for the club by 5th December, but the process has been delayed a little in recent weeks, meaning that date has had to be pushed back.

In a statement released on Friday, joint-administrator Kris Wigfield insisted that there was no need for panic over the delay, revealing that the initial deadline was only designed to "create momentum", which it successfully achieved, and he confirmed that there are "a number of strong, credible offers" on the table.

Wigfield also stressed that this "critical" stage of the process cannot be rushed, and he explained that the two main priorities of the administrators are to "maximise returns to creditors" and "secure the right long-term owner for Sheffield Wednesday".

It seems that negotiations are continuing behind the scenes, and The Star report that the number of five or six bidders that were previously believed to be in the race has now been reduced, while they also claim that Ashley is considering making a fresh offer for the club after his opening bid was knocked back.

The same publication has revealed that the Owls' administrators could be able to move towards confirming a preferred bidder for the club towards the end of next week, but even if that were to happen, a takeover may not be ratified until the early stages of next year due to the various EFL tests that will need to be completed.

Sheffield Wednesday supporters should be optimistic as potential takeover timeline revealed

Of course, any delays in the takeover process will naturally cause some anxiety among the Wednesday fanbase, but it seems there is no reason for them to worry about the current situation.

Given the mess that Chansiri left behind at Hillsborough, it is understandable that interested parties may want some more time to study the club's accounts before making a final offer, while some are also believed to be unhappy about having to pay the £15 million that is owed to the Thai businessman.

However, it is clear that there is still strong interest in buying the Owls, and after the nightmare the club experienced under Chansiri, it is important that the necessary time is taken and due diligence is done to ensure that the right buyer is chosen.