Former Newcastle United owner Mike Ashley is preparing a £10m bid to take over Sheffield Wednesday, according to sources close to the process. The Championship club entered administration last month, with Begbies Traynor appointed as administrator by owner Dejphon Chansiri after repeated failures to pay players and staff on time.
Potential buyers were required to demonstrate access to £50m in proof of funds to be considered, but the sale is an open auction with the final price determined by bids. Ashley is understood to have provided sufficient proof to proceed with due diligence and access to the club’s accounts.
The 61-year-old has the advantage of being known to the English Football League, which could speed up approval of any deal. Ashley has not been directly involved in football since selling Newcastle in 2021, but he has a history of targeting distressed assets, having previously held talks with Derby and Reading.
Ashley faces competition for Wednesday, with Kris Wigfield of Begbies Traynor stating there are “four or five interested parties that look like the real deal”. These include American billionaire John McEvoy, who holds minority stakes in Nashville Predators and Colorado Rockies, as well as at least one British and one other American group.
Under EFL rules, Wednesday must remain on the market for at least 28 days after entering administration on 24 October. Begbies Traynor is aiming for a quick sale, with Wigfield suggesting a buyer could be known by the end of November. The club has already been docked 12 points and faces further sanctions for wage payment failures.
