Sheffield MP Clive Betts calls for EFL compromise to save Sheffield Wednesday
A Sheffield MP and lifelong Owl has said he is relieved a takeover bid for the club ended sooner rather than later.
Clive Betts said he hoped it meant the administrators would choose another preferred bidder very quickly.
A consortium led by former professional poker player James Bord has pulled out of the deal, stating a new valuation of the club was “significantly lower” than the £30m they offered.
Mr Betts said there were two other groups who had tabled bids which weren’t as high “but you had to be realistic,” he added.
On Tuesday, a consortium led by American businessman David Storch stated it was still interested. Former Sports Direct boss Mike Ashley is also in the frame.
Mr Betts said the administrator’s job was to pick the bidder who would deliver for creditors. But that might not necessarily work for the club.
He also said the English Football League would have to compromise.
He added: “The EFL wants the bidder to pay 25 per cent of the debts of creditors or get a points deduction next season. But no one is going to buy the club on that basis.
“They should do the points deduction this season, because if the EFL digs in the club could end up in liquidation.”
Mr Betts also said the new owners would have to work out the cost of putting the ground into “proper shape.”
That could mean rebuilding the Leppings Lane end at a minimum, right up to a move to a new site.
Mr Betts said: “David Storch before Christmas had his own survey of the ground and has contacted the supporters’ trust to say he wants to work with them. That’s a really good place to start off.”
Sheffield Wednesday was relegated in the Steel City Derby on Sunday, losing 2-1 to Sheffield United at Bramall Lane.