Sheffield Wednesday have been plunged into fresh uncertainty after a consortium led by poker player James Bord withdrew their bid to buy the club, just days after the team suffered the earliest relegation in EFL history. The group, granted preferred bidder status on Christmas Eve, pulled out after receiving an additional due diligence report from PricewaterhouseCoopers, concluding they had overvalued the club.
The consortium offered around £40m for Wednesday, significantly higher than the previously reported £32.5m, and had spent approximately £4m on a non-refundable deposit and running costs over the past two months. A spokesperson for the group said: “The figure we offered is significantly higher than that justified by the findings of a lengthy due diligence process.”
Wednesday entered administration on 24 October and now face an uncertain future, with the withdrawal likely to negatively impact the club’s value. While the club has sufficient cash flow to complete the season, thanks to EFL central funding and January player sales, medium-term prospects remain in doubt.
Administrators Begbies Traynors will resume the search for a buyer, though a cut-price sale to one of the previously interested parties is seen as the most palatable outcome. Any new bidders must pass the EFL’s owners and directors test, which Bord’s group had yet to clear, and the process may be complicated by the upcoming involvement of the Independent Football Regulator in May.
