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Sheffield Wednesday investment deal latest
UNCERTAINTY over Wednesday's Championship status is putting a brake on the final stages of an investment deal, chairman Lee Strafford has revealed.
Potential backers Club 9 Sports are now in talks with the club's bank and major creditor, the Co-op, he told an open meeting of fans at Hillsborough last night.
The club have no control over those talks and must wait for the outcome.
Both the Chicago company and the bank want to be sure of which division the club will be in next season before they agree on the valuation of a takeover, said Strafford at a get-together organised by fan group Wednesdayite.
The bank are key players because they are the major creditors, owed around 22 million of the club's overall 25m debt.
READ OUR ALAN IRVINE EXCLUSIVE INTERVIEW: Keeping Sheffield Wednesday in this division is absolutely vital; Sheffield Wednesday can be as big as Everton; My view on Sheffield derbies
"It difficult at the moment; we think we have a good group there (Club 9), and we know that the Co-op are a very good and honourable bank," said Strafford. "The two good parties still have to agree a valuation. That's very difficult to do when you have two sets of numbers: 1. This is a Championship club. 2. This is a League One club.
"That means the piece has run slowly, and probably will continue to run slowly.
"I take comfort from the fact that we have done all we can. We have smartened the club up and put a professional plan in place."
He said he was proud of the changes made by the Owls over the last year and is heartened by the fact that Club 9 did not walk away after their name was leaked to the media.
The Owls chief said: "There have been lots of reasons for it not to get this far. But there are no guarantees. Getting resolution on what divisions we are in will be a big catalyst."
It is understood that Club 9 remain interested whatever the Owls' fate though the financial details would be affected if they go down because revenues would be lower in League One.
Stafford also ruled out any possibility of the club being forced into administration.
Loan signing Eddie Nolan is in contention for a debut at Reading tomorrow - a game that will have a bearing on the relegation fight.
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Saturday 04 February 2012
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