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New Owls supremos chase £50 million investment
INVESTMENT being chased by new Wednesday chiefs Lee Strafford and Nick Parker could bring around £50m into the club over the next three to five years.
Today's appointment of Strafford as chairman and Parker as chief executive coincides with Owls progress towards a major deal with an unknown syndicate though there is still no certainty that it will happen.
It is understood that rather than the club being sold in a complete takeover, the board will pursue a large issue of new shares, which would be bought by the potential investors as a way of gaining control, and with the money going directly into the club.
The club could then seek the approval of shareholders at an extrraordinary general meeting of shareholders, perhaps as early as mid to late January.
It is possible that that would then pave the way for a second EGM by the end of March would rubber-stamp an investement deal, if indeed one is completed in the near future.
New money would be spread over the long term and it does not mean that Brian Laws - who has the full support of the new board - would get an immediate fortune to spend on players. It is not yet known how much he would get to spend or when exactly new money would arrive.
It looks likely that he will continue to explore the loan market for the time being.
The investment deal is complex because of the involvement of so many different parties: the club, their bank, a syndicate of investors, and club stakeholders and major shareholders.
Strafford and Parker are key men in the process, and various talks are believed to be on-going.
New duo take Owls top jobs: CLICK HERE FOR STORY
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Friday 10 February 2012
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