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Casino boss in owls buyout talks
EXCLUSIVE By Martin Smith
SHEFFIELD Wednesday are to open takeover talks with a mystery multi-millionaire casino owner.
Owls chairman Dave Allen will begin negotiations later this month when the unnamed foreign businessman will be offered the chance to buy the club.
In an exclusive interview with The Star Allen revealed he and club finance director Bob Grierson have been talking to potential investors about pumping cash into Wednesday - which still has overall debts of 26million.
"We are not looking for small-time people, we are looking for a mega-rich businessman like Roman Abramovich at Chelsea who wants to buy a football club for a hobby," said Dave Allen.
"Bob and I have been talking to interested parties and I shall be speaking again to someone from overseas in the third week of January," said the owner of Sheffield's Bonaparte's and Napoleon's casinos and Owlerton Stadium.
"This man has made money from casinos overseas and has vast wealth. At the moment things are at a very sensitive stage but someone like that on board would really help the club."
Allen and fellow directors Geoff Hulley and Keith Addy own around 30 per cent of the club between them. The Owls chairman insists investors will need 25million to buy control and any planned talks will again open up the issue of share ownership.
The club's scattered share spread has proved to be a stumbling block to proposed takeovers and a potential new owner would find it difficult to obtain a controlling 51 per cent stake.
The fans group Wednesdayite owns 10 per cent of shares and has so far resisted Allen's attempts to buy them back - including a recent offer of 500,000 which would then be converted into transfer cash.
"In my experience investors want a return on their money," said Allen. "They would want control of the club for that kind of investment.
"There are one or two people interested in investing in the club but we have to have 51 per cent of the shares to be able to sell it on. I have been buying up shares and I will continue to do so. We need to reach that 51 per cent."
Dave Allen also confirmed the club is still negotiating with Sheffield City Council over its 10 million plans to build homes on the Middlewood training ground.
"I spoke to Sir Bob Kerslake just before Christmas on the planning issue and we are trying to progress it," he said. "There is no time frame on it but we are doing our best."
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Saturday 26 May 2012
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