Consortium frontman Sheard was yesterday spotted leaving Owlerton stadium where ex-Owls chairman Allen has his office.

Allen admitted: "I have had a meeting with Geoff Sheard; beyond that I am not prepared to comment, except to say that I want the matter cleared up as quickly as possible.

"I want out of it, my loans out and my shares sold."

It seems obvious that the former Hillsborough chief's 10 per cent stake in the club was among issues discussed.

The meeting also provides further evidence that Sheard is ploughing ahead with his attempt to seal a deal on behalf of his backers, though the club recently widened their hunt for new investment by launching an official search for a buyer.

Wednesday authorised their financial advisers, Deloitte and Touche, to find and vet potential buyers, while also not ruling out Sheard. The Lancashire businessman remains entitled to talk to individual shareholders.

Allen, director Geoff Hulley and former board member Keith Addy each hold around 10 per cent of the club's shareholding.

It has always seemed clear that they want to sell, and the 30 per cent bloc held by them is the key to any takeover.

It is not clear whether yesterday's meeting resulted in a breakthrough in the takeover saga, which has been going on for five months.

But it is not thought that a major announcement from the club is imminent.

Until the ownership issue is resolved the Owls and manager Brian Laws are working within the existing budget, but their plans will change if the hoped-for large-scale investment arrives.

The club's last official statement said that they had yet to receive a takeover proposal that was sufficiently clear or developed.

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