Journalist names ‘preferred bidder’ as Sheffield Wednesday move forward with takeover process
Sheffield Wednesday have found their ‘preferred bidder’ and are finally moving forward with their takeover process, according to reports.
Sheffield Wednesday confirm ‘preferred bidder’ status
Just in time for Christmas, Sheffield Wednesday fans are set to get their wish following the announcement that administrators intend to decide on their preferred bidder.
They released a statement saying: “Sheffield Wednesday can confirm that administrators, Begbies Traynor, intend to grant preferred bidder status to a consortium following the conclusion of the initial tender process.
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A possible blow for the Owls.
“We recognize that any change of ownership is destabilizing and that fans will have questions. This is completely understandable, especially given the Club’s recent history.
“The decision to move forward with a preferred bidder was made following extensive financial, legal and forensic due diligence, supported by specialist advisors. This work has progressed significantly since the early stages of the process and has included a detailed assessment of funding sources, ownership structure and governance.
“It’s important to be clear about the process from this point on.
“The grant of preferred bidder status does not mean that a change of ownership is complete. Any proposed acquisition remains entirely subject to the agreement of the appropriate legal documents and approval of the EFL, including the owners and directors test. The directors will not finalize a sale until these requirements are met.
“The EFL has informed the trustees that this review will be thorough and will not have a fixed timetable. This is appropriate and expected, and we fully support this process.”
It’s taken a while for those in Hillsborough, who are finally on track to welcoming a new era. The big question fans will be asking on Wednesday will be exactly who their preferred bidders are after the club reportedly lowered its asking price.
According to BBC Sport’s Rob Staton, the preferred bidder to buy Sheffield Wednesday is a consortium led by James Bord.
James Edge emerges as ‘preferred bidder’ for Sheffield Wednesday
A British entrepreneur, Bord also co-owns Scottish club Dunfermline Athletic and has made much of his money through his AI company Short Circuit Science.
The preferred bidder also reportedly won $4 million as a poker player and Sheffield Wednesday fans are hoping they have secured a royal flush after their latest buyout update.
However, as administrators emphasized, the process is far from over. Edge must pass the EFL owners’ test before finalizing a takeover and after the disaster of Dejphon Chansiri’s tenure, thorough checks are simply essential.
Speaking about the offer from their preferred bidder, the directors said: “From a financial point of view, the financial offer proposed by the preferred bidder provides certainty to the Club.
“The consortium we intend to progress with has submitted the strongest overall proposal for the Club. This includes:
• A fully funded offer;
• Clear financial guarantees to meet the Club’s commercial needs; And
• A structure which allows all creditors’ obligations to be dealt with in accordance with EFL rules, meaning that no further sporting sanctions are anticipated as part of the transaction.
