Exclusive:Sheffield Wednesday takeover process narrows - ex-Newcastle United owner Mike Ashley considering next move
The takeover process at Sheffield Wednesday is continuing through a negotiation period, with discussions and due diligence ongoing ahead of a final bid stage.
A target date of December 5 was originally spoken about with regard to a preferred bidder being identified out of the administration process. Joint administrator Kris Wigfield explained via a statement late last week that the process had been gone beyond that target for ‘various reasons’, with discussions around ‘strong, credible offers’ remaining ‘active, detailed and constructive.’
In previous interviews, administrators have said that five or six bidders were in the race to buy the club. The Star has reason to believe that that number has reduced with some parties having been eliminated through the nature of the process. Administrators have confirmed that competing bids in excess of £30m are in the race, a figure that would ensure Wednesday are able to satisfy EFL administration rules to the extent that they avoid a 15-point penalty heading into next season.
It was reported by Sky Sports earlier this week that the final bids of some interested parties had been delayed. The Star has learned via multiple sources that former Newcastle United owner Mike Ashley, whose wealth stands at £3.12 billion as of the 2025 Sunday Times Rich List, is considering an improved offer to buy the club amid long-standing interest. It is understood his current offer level is in excess of the £20m reported in the national media late last month. Another party or parties are believed to remain in the process but are unknown as things stand.
Reports in the national media last week outlined that a merger of two interested parties had taken place, namely a bid led by US businessman John McEvoy and a US-based private equity firm backed by the Storch family. Both parties are reported to be of billionaire wealth. The Star reported over the weekend that the Storch-led group’s interest in acquiring Wednesday stretches back some months and that they led a short-lived effort to buy the club from Dejphon Chansiri back in August.
As discussions continue behind the scenes, it is believed to be possible that a move towards a preferred bidder stage could be outlined towards the end of next week. It has been previously explained that a precedent in these circumstances is that should negotiations slow, the process could be moved to a ‘sealed bid’ system whereby interested parties are invited to make a final ‘blind’ bid to buy the club, with the party offering the best realisation for creditors then put forward for an exclusivity period.
Due diligence processes in that period includes a vetting of potential buyers to ensure they pass the requisite EFL tests on ownership. The expectation is that the EFL will expediate this process given Wednesday’s position in administration, though it will still take several weeks depending on the identity of the preferred bidder. It looks likely at this stage that the full ratification of any takeover will take place on the other side of the new year.