The administrators of Sheffield Wednesday have announced that they intend to give preferred bidder status to a consortium ahead of a takeover of the club.
Sky Sports previously revealed that Begbies Traynor had hoped to name a “preferred bidder” earlier this month, but despite wholesale talks with several interested bidders, none had broken free of the competition to proceed.
However, it has now been announced that this process has ended, with a consortium containing “existing football ownership experience” being selected to proceed with exclusivity.
The deal still requires approval from EFL, which includes passing the assessment of the governing body’s owners and directors.
Sheffield Wednesday remain rooted to the foot of the Championship, with a total of negative nine points after an 18 point deduction earlier in the campaign.
Sheffield Wednesday statement
“Sheffield Wednesday can confirm that the administrators, Begbies Traynor, intend to award preferred bidder status to a consortium following the completion of the initial tender process.
“The decision to proceed with a preferred bidder has been made following extensive financial, legal and forensic due diligence, supported by specialist advisers. That work has progressed significantly since early stages of the process and has included a detailed assessment of funding sources, ownership structure and management.
“Awarding preferred bid status does not mean that a change of ownership is complete. Any proposed acquisition remains fully subject to the agreement of appropriate legal documentation and EFL approval, including the owners’ and directors’ test. The administrators will not complete a sale unless and until these requirements are met.
“The EFL has advised the administrators that this review will be thorough and will not have a set timetable. It is appropriate and expected and we fully support that process.
“The consortium we intend to proceed with has submitted the strongest overall proposal to the club
“The consortium also brings existing football ownership experience, including majority and minority interests in clubs operating within regulated league systems.”