Several bids launched in Sheffield Wednesday takeover race - Owls in 'very strong' position
Several parties have come forward with formal offers to acquire Sheffield Wednesday, administrators of the club have confirmed to The Star.
Interested parties were given a soft deadline of today, November 21, to register indicative offers to take into a next stage of negotiation and bidding that hopes to identify the new owner of the club in the first week of December - though any further bids received beyond the deadline will still be considered in line with administration regulations. It is expected that more offers to buy the club will be received in the coming days.
The identities of the groups or individuals to have launched bids is not yet known with all parties secured in non-disclosure arrangements. It has been confirmed that a dozen parties provided a £50m proof of funds to administrators and that several ‘sensible’ bids have been received. Administrators have said they will prioritise parties that have seen to act in a ‘promptly and professionally’ and that the bids received have placed the club in what is described as a ‘very strong position’.
“We are now entering the next phase where initial interest turns into formal bids,” joint administrator Kris Wigfield said in a statement. “There has been much discussion in the press around deadlines. To be clear: the deadline was set to drive momentum, ensure fairness and encourage bidders to move decisively — and many parties have respected that.
“We are grateful to those who have engaged the process and met the deadline. Some parties have also made it clear they will make offers but require a couple more days to do so and we are thankful for their communication lines.
“While the deadline is described as a ‘soft’ one, it is not without purpose. We will prioritise parties who have acted promptly and professionally, but — in line with our duties — if a substantial and credible bidder submits proof of funds after the deadline, we cannot ignore them. The key objective is to secure the best outcome for Sheffield Wednesday, and that requires both discipline and practicality.
“That said, we have received promising interest. Twelve parties who demonstrated proof of funds have already been granted access to the data room. Several parties have come forward with sensible offers or assured us they will be doing so over the next few days, this is a very strong position for the club and a clear indication of Sheffield Wednesday’s huge potential.
“We will review the offers at the start of next week in the hope that by 5th December we will be able to accept a deposit and grant exclusivity, allowing the EFL’s formal checks to begin.”