'Genuine progress' - Kris Wigfield issues important Sheffield Wednesday takeover update
The process to identity a preferred bidder to complete a takeover to buy Sheffield Wednesday is still ongoing.
Joint Sheffield Wednesday administrator Kris Wigfield has said “genuine progress” is being made with the ongoing takeover process.
After originally setting a deadline of December 5 to name a preferred bidder, it was confirmed a fortnight ago the original target date would arrive too soon for a final decision to be made amid the level of interest that had been expressed in buying the club.
It was understood, as of the beginning of this week, three parties were still in the running to secure control of the club. They were former Newcastle United owner Mike Ashley, US businessman John McEvoy, who has teamed up with the Storch family, and James Bord, who has previously served as a consultant to Sheffield United’s ownership group, COH Sports.
Best and final offers were expected to be submitted to administrators on Wednesday, but it later emerged the process had been extended to today (Friday). Despite reports from elsewhere claiming McEvoy and Storch had dropped out of the running, leaving Ashley as the leading contender, Wigfield has confirmed the process is still ongoing.
Issuing a statement on the club’s website on Friday afternoon, he said: “We recognise that this season has tested the patience of our supporters. Transparency remains our priority, and we hope that drawing a clear line under these matters enables everyone to concentrate on supporting the team.
Wigfield: ‘Genuine progress is being made’
“I also want to update you on the sales process. We understand the frustration caused by limited communication at this stage, but periods of confidentiality are essential to protect the integrity of the process. Work continues behind the scenes as we work toward identifying a preferred bidder and genuine progress is being made. Once that stage is reached, the EFL will need to complete its regulatory checks.
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“We will provide updates as soon as we are able to do so without jeopardising the process.”
Additionally, Wigfield has welcomed the decision from the Club Financial Review Panel (CFRP) that Wednesday will not receive any further points deductions this season. Wednesday were docked 12 points in October for going into administration, before a further six points were deducted from their tally at the beginning of December for their failure to fulfil financial obligations earlier this year.