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Sheffield Wednesday administrators have announced plans to grant preferred bidder status to a consortium ahead of the club’s takeover.
Aerial sports previously revealed that Begbies Traynor had hoped to appoint a “preferred bidder” earlier this month, but despite extensive discussions with several interested bidders, none escaped competition to proceed.
However, it was announced that this process had been completed, and that a consortium with “existing football ownership experience” had been selected to move forward on an exclusive basis.
The deal still requires clearance from the EFL, which involves passing assessment from the governing body’s owners and directors.
Sheffield Wednesday remain rooted to the foot of the Championship, sitting on a 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 grant preferred bidder status to a consortium following the conclusion of the initial tender process.
“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.
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“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 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.
“The consortium we intend to progress with has submitted the strongest overall proposal for the club
“The consortium also brings experience in football ownership, including majority and minority stakes in clubs operating within regulated league systems.”
