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Wednesdayite's landslide vote
SHEFFIELD Wednesday's takeover saga has taken another step forward after fan group Wednesdayite agreed to an offer for their 10 per cent stake in the club by consortium frontman Geoff Sheard.
The group last night voted by a landslide to accept his bid.
Around 97 per cent of voters said yes to a rule change that removed a block on the group parting with their shares, and 92 per cent to the acceptance of Sheard's bid. The turnout was 77.7 per cent of the 1,000 members eligible to vote.
It does not mean the group will definitely be selling their shares to Sheard because there are conditions attached, including a requirement from him to provide legal proof of funds.
Nor does the ballot result seal a takeover.
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Sheard, a Lancashire businessman who is backed by a Switzerland-based trust, wants a 29.9 per cent in the club which would effectively give him control.
He has a deal lined up with former Owls chairman Dave Allen for his 10 per cent stake in the club, and has made offers for the 10 per cent blocks held by director Geoff Hulley and former board member Keith Addy, who agreed to sell in principle if Sheard provided legal proof of funds.
But Sheard may now switch his attention to Hulley and Addy, rather than pursue the Wednesdayite shares immediately.
Owls fan group prove point
Sources close to the consortium claim a deal with the duo is done, and that a takeover will be completed within the next few days.
But there are conflicting claims. Wednesday have yet to comment, and senior figures are understood to believe the issue of funding has yet to be cleared up.
There is a board meeting at Hillsborough today - but it is being stressed it is a routine pre-season one, with the Championship campaign kicking off on Saturday.
Brian Laws: The Owls are raring to go
As Sheard has not made an offer for the club, but has approached individual shareholders, the board will not be debating a formal offer to the Owls but it is believed the takeover issue will be informally discussed.
Wednesdayite's board had recommended members to vote yes to Sheard.
Chairman Darryl Keys said: "We are delighted that our members have voted in great numbers on such an important issue and emphatically supported our recommendation.
"I hope this sends a resounding message to the club, its directors and the fan base at large that Wednesdayite has never been a stumbling block to any investor and that we have always recognised that at the appropriate time our shareholding had to play its part in securing a better and more successful future for the club."
Wednesdayite will now formally write to Sheard advising him of the outcome of the ballot and to see if he still wishes to proceed with the acquisition of their shares.
Sheffield Wednesday: Preview for the season, including ins and outs and squad numbers. Don't miss Saturday's Green'Un newspaper
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Weather for Sheffield
Friday 10 February 2012
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