The protracted battle for control of Sheffield Wednesday is reaching a critical juncture, with the field of potential buyers now narrowing to a two-horse race. A preferred bidder is expected to be selected imminently, potentially as soon as this Friday, as administrators seek a swift resolution for the troubled Championship club.
The Frontrunners Emerge
According to sources close to the process, the contest is now primarily between former Newcastle United owner Mike Ashley and a consortium of American investors comprising John McEvoy and the Storch family from Chicago. This follows concerns over a third party's bid, led by James Bord, whose offer is understood to be the highest at more than £30 million.
However, there are significant doubts within the process about whether that group's funding structure could satisfy the stringent EFL Owners and Directors Test. With time of the essence to secure the club's future, this perceived risk is thought to have pushed that bid to the background for now.
Weighing Up the Bids
The American consortium, featuring McEvoy who holds stakes in several sports franchises, is believed to have tabled the second-highest offer. While Mike Ashley's bid is currently considered the lowest financially, his proposition carries considerable weight due to his proven wealth and clear source of funding.
Ashley, worth an estimated £3.12 billion according to the Sunday Times Rich List, is seen as a safe pair of hands who would almost certainly pass the EFL's tests without raising red flags. His vast retail empire, Frasers Group, provides a solid financial foundation.
A Crucial Deadline Approaches
Administrators Begbies Traynor are driving the sale and have highlighted Friday afternoon as a potential cut-off point for selecting a bidder to enter a period of exclusivity, though Monday may prove more realistic. A meeting with John McEvoy was scheduled for today as the final stages of negotiation take place.
The urgency stems from Sheffield Wednesday's dire situation. The historic club entered administration in October following the tumultuous reign of Thai businessman Dejphon Chansiri, which saw repeated late wage payments and various EFL sanctions. After a summer of drastic cost-cutting, the team is now certain for relegation to League One, sitting on minus nine points following 18 points-worth of deductions.
Despite the current turmoil, the level of serious interest underscores the club's vast potential. With one of the largest fanbases in the country, many regard Sheffield Wednesday as the biggest club outside the Premier League, making its revival a prized project for any new owner.
