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THE £20 million sale of a controlling interest in Sheffield Wednesday could lead to an "auction" among competing American investors who could then cash in on their asset by selling the club in as little as five years.
That is one possibility aired today as Wednesday's management revealed they were "very confident" of pulling off a deal with cross-Atlantic sports magnates or institutions, some of whom are scrambling to get in pole position to buy.
READ MORE: Full interview and details only in The Star today, Tuesday, June 23, 2009. This is not available on line.
Speaking exclusively to The Star, Wednesday chief executive Nick Parker said it was vital that new funds could be used to grow the business until it could make a genuine bid for the Premier League.
Parker, who has worked on the possibility of a 450 million share issue, said the American market had been impressed that they were dealing with a Championship football club that did not lose any money.
Improvements to the way it was run - funded by the US package - would attract streams of revenue from fans, sponsors and business partners.
Speaking about the philosophy behind potential buyers, Parker said: "This is actually a 'growing the asset value' opportunity for them. They buy it for X million today and hope that in five to 10 years they can sell it for 5 X million."
And of the interest gleaned so far in America, he said: "It became apparent there was a degree of competition between the investors ... some said 'we would like to invest but not if our competitors down the road are investing'. Others said 'yes we'd like to invest but only if so and so is investing as well'.
"So there is a degree of bringing the syndicate together. The ideal investor would be a group of four or five either individuals or institutions all doing it as an arms-length financial proposition."
"We want the right sort of investor - not any old money. You want someone treating Sheffield Wednesday as a special thing. And growing it."
What do you think? Add your comment below.
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