Kris Wigfield issues detailed Sheffield Wednesday takeover update and makes timeline point
The English Football League is continuing to oversee the process that will hopefully lead to Sheffield Wednesday getting new owners sooner rather than later.
Joint Sheffield Wednesday administrator Kris Wigfield has said it is “unlikely” the club will find itself under new ownership by the end of February - but has stressed the process remains on track.
Administrators Begbies Traynor granted ‘preferred bidder’ status to a consortium, understood to be being led by London-born, Las Vegas-based former poker player James Bord on Christmas Eve, and it is currently going through the relevant English Football League [EFL] vetting process.
Having entered administration back in October, some supporters are beginning to get itchy feet at the length of time the current process is taking. However, in administration terms, the process Bord’s group are currently going through and the length of time it is taking is nothing out of the ordinary.
With funding understood to be being provided from sources overseas, the EFL has got to carry out the relevant checks thoroughly. Issuing an update on the ongoing situation on Thursday evening, joint administrator Wigfield was unable to offer a target date for when the ongoing process could be finalised, but he offered a sense of reassurance that everything is still going according to plan.
Appearing on BBC Radio Sheffield’s Football Heaven, Wigfield said: "It's very difficult to say [when the process could be finalised]. I have not seen the questions that the IFR [Independent Football Regulator] submitted to the preferred bidder, but I have seen the questions that the EFL asked, and there is a lot of information that will need to be provided to answer those questions.
"Obviously, the IFR has got their information and the EFL, hopefully, will have their information by the weekend, and it will take them time to review.
"The frustrating part of all that is that the nature of this process is it is likely that some of the answers to those questions could result in further queries or questions.
"While I wouldn't like to definitively say when this will be concluded by, I do think it is unlikely a decision will be imminent, I.e, in February. Whether it will be in March or not, we will have to wait and see."
With the IFR coming into force in May, any prospective football club owners who have not completed purchases prior to that juncture, such as Bord’s consortium, will be subjected to being vetted by the new governance, meaning that risks delaying the completion of the takeover even further.
Issuing a comprehensive update on the current state of play, Wigfield continued: "As most fans are aware, the preferred bidder paid a substantial seven-figure sum on Christmas Eve and that gave them preferred bidder status until January 31.
"They then have got the option to effectively roll that preferred bidder status on on a rolling fortnightly basis by funding the budgeted cashflow losses for a two-week period.
"They took up that option at the end of January to extend the preferred bidder status until February 14. Last week, they made a further payment to extend the period of exclusivity until the end of February.
"The circumstance that we're in means that we're in a transitional period. We have got the Independent Football Regular coming in and they will start vetting new owners from the start of May. Up until that point, the EFL have got that duty.
Wigfield not concerned by ongoing process
"It's not really an ideal period to be going through this for either for ourselves, the preferred bidder or, to be fair, it is probably not ideal for the EFL or the IFR.
"Loads of information has been given by the preferred bidder to the IFR and the EFL during the course of January. Last week, both the IFR and the EFL went back to the preferred bidder with further questions and clarifications that they wanted.
"The IFR and the EFL are working independently, so this was two separate lists of question. Frustratingly, as far as fans are concerned, these are not the kind of queries that can simply be answered in writing; a lot of them will require third-party verifications.
"For example, from the likes of bankers, auditors, lawyers or co-investors within the preferred bidder's business interests. This takes time to put together.
"I understand the preferred bidder responded to the IFR yesterday (Wednesday) and it is their intention to respond to the EFL by the weekend. The information that they passed back is confidential, so I've not seen these submissions, but that takes us right up to today, basically, in terms of where we are in it."
On online rumours suggesting the takeover process has hit a snag, Wigfield added: "As far as we are aware, there are no issues. We touched base with the preferred bidder today (Thursday) through our lawyers and, again, they are not aware of any issues.
"We have also, today, received email correspondence from the EFL regarding the process and, again, no major concerns were communicated in that correspondence. I think, basically, it is just unfounded online rumours that we have seen during this process."