Sheffield Wednesday takeover latest: Administrators grant ‘preferred bidder’ status to consortium | Football News

Sheffield Wednesday’s directors have announced that they intend to grant preferred bidder status to a consortium ahead of taking over the club.

Sky Sports Previously revealed Begbies Traynor had hoped to appoint a ‘preferred bidder’ earlier this month, but despite extensive talks with several interested bidders, none have shied away from the competition going forward.

However, this process has now been announced as having concluded, with a consortium containing ‘existing football ownership expertise’ selected to move forward exclusively.

The agreement still requires the approval of the English Premier League, which includes passing an evaluation of the owners and directors of the governing body.

Sheffield Wednesday remain entrenched at the foot of the championship, holding a negative total of nine points after an 18-point deduction earlier in the season.

Sheffield Wednesday statement

“Sheffield Wednesday can confirm that the administrators, Bigbys Traynor, intend to grant preferred bidder status to the consortium following the completion of the initial bidding process.

“The decision to proceed with the preferred bidder was made following extensive financial, legal and forensic due diligence, supported by specialist advisors. This work has progressed significantly since the early stages of the process and has included a detailed assessment of funding sources, ownership structure and governance.

“The award of preferred bidder status does not mean the change of ownership is complete. Any proposed acquisition remains fully subject to approval of appropriate legal documentation and EFL approval, including owners and directors testing. The Administrators will not complete the sale unless and until these requirements are met.

“The Premier League has informed officials that this review will be comprehensive and will have no specific timetable. This is appropriate and expected, and we fully support this process.

“The consortium we intend to advance with has presented the strongest overall offer for the club

“The consortium also brings existing expertise in football ownership, including majority and minority interests in clubs operating within regulated league systems.”