Sotnick, who was unmasked by The Star yesterday, says that he is working with UK investors who have substantial funds.

He sees himself as potentially an executive chairman of the Owls.
Sotnick, also a former chairman of Boston United, is 41 and comes from Portsmouth, though he currently lives in North Yorkshire.

His business background is in sales and marketing of global brands, and he is a member of the Football League attendance committee.

"I am backed by significant UK investors," he told The Star.

Money - thought to be up to £50m - is currently lodged offshore, and a bid to Hillsborough is planned when the funds have been switched to a British or European bank, said Sotnick.

"I would prefer not to have been publicly named for another week, when we can show that the funds are onshore," he added.

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"My understanding is that we are extremely close to making the offer, but I am not willing to take an offer to the board until we can show that the funds are onshore."

Sotnick said he has "three or four" backers and they are "substantial individuals."

He also said: "I would not have entertained starting a consortium unless the consortium could satisfy me that it will - A. Solve the club's financial crisis and alleviate the debt, and B: Put enough money into the pot for transfers."

Sotnick is also targeting promotion - "from whatever league we are in" - and says that his group's bid is not dependent on Wednesday staying in the Championship.

"What interests me in the history, heritage and size of the club, and the fan base," he added.

"I know what I am doing. I have contacts in the League. I did a good job at other clubs, and Wednesday would be my biggest challenge.

"I want the team to be successful and the fans to enjoy that success.
"I want see Hillsborough as a stadium that is back at the forefront of British football, and for fans to enjoy the facilities."

Sotnick's consortium are rivalling a group led by Lancashire businessman Geoff Sheard.

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