Wednesdayite back takeover plan.

FAN group Wednesdayite today officially signalled their support for a plan that could ease a takeover of the Owls if a buyer comes forward.

Tuesday, 2nd October 2007, 12:39 pm
Updated Tuesday, 2nd October 2007, 2:19 pm

A ballot of members has resulted, as expected, in the go-ahead for the group's 10 per cent stake in the club to be added to a register of those who would be interested in selling the bulk of their holding to a new investor.

Nine out of every 10 members voted in favour of the move, Wednesdayite announced today

The register has been compiled by the Shareholders Association, who wrote to all shareholders to ask them to join in and, before today, had been backed by pledges representing a total of 15 per cent of the club's shares.

Sign up to our Sheffield Wednesday newsletter

The i newsletter cut through the noise

The Association always predicted that Wednesdayite would add their support to that.

What do you think? Post your comments below.

Now, when Wednesdayite's 10 per cent is added to the 15 per cent lodged with the Association, and the 32 per cent held by the board, it should remove the problem identified by chairman Dave Allen, where would-be buyers have been put off because a controlling bloc of 51 per cent or more has not been readily available.

Wednesdayite spokesman Graeme Cook said: "The Shareholders Association initiative hopefully now provides solutions to the critical factors previously identified by Mr Allen as being blocks to new investment.

"The challenge to the Sheffield Wednesday board is that they re-double their efforts to find an investor who is prepared to take the club forward."

Lodging shares on the register only represents an interest and does not commit Wednesdayite or anyone else to selling.

The fan group would hold another ballot over whether to accept an offer once the details were known.

Shareholders who have lodged shares on the register would expect to hear any investor's plans before committing themselves to sell.

READ MORE.

Sodje in line for recall

Grant cements No 1 spot