Feb 24: Sheard is named as the consortium frontman. It is said that a deal could be done within days. Reports say that he is a Lancashire businessman who has as worked in the kit manufacturing business and on the commercial sides at Preston and Stoke City; has clinched a major business deal in Spain and got together a team of backers. The cash available is claimed to be around ; rumours mention a bank in the Bahamas, a group of Asian businessmen based in Britain, and financial sources in Italy and Russia.

Feb 26: Sheard tells Wednesdayite chairman Darryl Keys that the fan group will get an offer for their shares "today or at the latest tomorrow" - none is made.

Feb 29: Russian money is claimed to be behind Sheard - there are claims of £250m over five years, and speculation mentions telecom tycoon Vladimir Yevtushenkov. Wednesday announce to the Stock Exchange they have received interest that "may or may not lead to an offer being made for some or all of the shares".

Mar 18: Darryl Keys says that Sheard has told him the takeover is still on course.

April 12: The Sheard takeover is not dependent on Championship survival.

April 23: It emerges that leading figures from Wednesdayite and the Shareholders Association have met Sheard at a Leeds hotel.

April 30: Sheard is said to have agreed a £5m deal with Dave Allen, Keith Addy and Geoff Hulley, and to have appointed accountants Grant Thornton, to administer the purchase of shares; the company refuse to comment. Sources close to the consortium say the offer is 30p a share.

May 1: Wednesday tell the Stock Market that no offer has been received from any party which is sufficiently clear or developed; Allen, Addy and Hulley have not "entered into any arrangement" to sell their shares, and the club are open to dialogue with any would-be investor.

May 2: Dave Allen says he told Sheard two weeks earlier that he believed the latter's problem was that money to buy the club was in an offshore bank, and until the funds were in a High Street Bank "he would find it difficult to deal with his own lawyers or our lawyers".
Reports say that Sheard is backed by German, London and Swiss money.

May 3: Dennis Hobson casts doubt on the takeover, offers to provide financial backing for Brian Laws and calls for talks with the board.

May 7: Wednesday widen their search for a buyer by appointing their financial advisors Deloitte and Touche to identify and vet would-be investors, Wednesday have stayed up, so can be marketed as a Championship club.

June 12: Allen confirms that he has agreed in principle to sell to Sheard. Sources close to the consortium say that Sheard wants Alan Shearer as manager.

June 17: Shearer tells the BBC that he knows nothing.

July 1: Completion of the deal for Dave Allen's shares - thought to be for 20p a share - is due but is postponed because Sheard wants the Wednesdayite issue to be settled - and he makes a written offer for the group's shares. Wednesdayite say the offer must be legally cleared before they can ballot their members.


July 5: Sheard's tactics in approaching individual shareholders rather than putting an all-encompassing solution to Deloitte are causing surprise in the business world. An insider says: "It seems that the best route for Mr Sheard would be to appoint a financial adviser and reach a solution that is the best for Sheffield Wednesday."

July 15: Sheard says he has had offers accepted by Dave Allen and Wednesdayite and is just waiting for Keith Addy and Geoff Hulley, hoping that their responses can be resolved within days. He says his backers are a Swiss-based trust, confirms there is a possibility he would be chairman.

July 16: Wednesdayite say there is no agreement yet with Sheard over their shares. Legal verification of his bid is still awaited, and they would have to ballot their members on the offer. Keith Addy says there is no indication in Sheard's letter to him about the sort of investment or plans that he has for the club, and Addy suggests in a letter to Sheard that any future communication be addressed to Deloitte and Touche.

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