Alan Biggs: No point trying to put a value on Sheffield Wednesday just yet

Owls Stevie May denied an equaliser by Referee Graham Scott who ruled his header out for offside
Owls Stevie May denied an equaliser by Referee Graham Scott who ruled his header out for offside
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Never mind once bitten, twice shy. More like 99 times bitten and 100 times shy where Sheffield Wednesday and takeovers are concerned. It’s why I’m watching the current drama through binoculars.

Some well-placed sources tell me they think it’s likelier to happen than not. I wouldn’t like to say either way.

But one thing I do know – to pin a price on a buy-out (£30m is the figure quoted) is far too simplistic.

It is reasoned that, to encourage a sale, Milan Mandaric has dropped his price from the reported £40m of the Hafiz Mammadov fiasco last summer.

I’m not so sure. I believe there is no fixed figure and that it will take a similar form to a transfer deal with instalments and add-ons for certain eventualities.

You can also reckon that the value will reflect Wednesday’s position in the table - and that it will be bobbing up and down like a share price.

A little might have been chipped off by the home defeat to Bolton, attended by the potential Thai investors.

But it can be quickly regained under this sliding scale and, with the play-offs still there to be shot at, you can be sure that Mandaric will have ring-fenced a future figure should the team actually win promotion to the Premier League.

As owner, Mandaric has to protect himself here. A club that is priced at, say £40m, now can be worth considerably more in only a few months. Just one of the complexities of a takeover and another reason why it would be rash to do much more than watch from a safe distance.

You can only imagine Mandaric’s frustration at the refereeing mistake(s) that took some of the gloss off his brochure last Saturday. My You Are The Ref colleague Mark Halsey reckons the offending linesman must have been “ball watching” in failing to see that Stevie May netted from an onside position as he reacted first to Atdhe Nuhiu’s shot crashing down off the bar.

Halsey also thinks the Owls should have been awarded a penalty after that for a challenge on Chris Maguire. Check out The Ref Show – with Blades legend Brian Deane – at