The administrators of Sheffield Wednesday have announced they intend to grant preferred bidder status to a consortium ahead of a takeover of the club.
Your Site previously revealed Begbies Traynor had hoped to appoint a "preferred bidder" earlier this month, but despite wholesale talks with multiple interested bidders, none had broken clear of the competition to proceed.
However, it has now been announced that this process has concluded, with a consortium that contains "existing experience in football ownership," having been selected to move forward with exclusivity.
The agreement still requires clearance from the EFL, which includes passing the governing body’s owners’ and directors’ assessment.
Sheffield Wednesday remain rooted to the foot of the Championship, carrying a total of nine negative points after an 18-point deduction earlier in the campaign.
"Sheffield Wednesday can confirm that the administrators, Begbies Traynor, intend to grant preferred bidder status to a consortium following the conclusion of the initial bidding process.
"The decision to move forward with a preferred bidder has been taken following extensive financial, legal and forensic due diligence, supported by specialist advisors. That work has progressed significantly since early stages of the process and has included a detailed assessment of funding sources, ownership structure and governance.
"Granting preferred bidder status does not mean a change of ownership is complete. Any proposed acquisition remains fully subject to the agreement of appropriate legal documentation and EFL approval, including the owners’ and directors’ test. The administrators will not complete a sale unless and until those requirements are satisfied.
"The EFL has advised the administrators that this review will be thorough and will not have a set timescale. That is appropriate and expected, and we fully support that process.
"The consortium we intend to progress with has submitted the strongest overall proposal for the club
"The consortium also brings existing experience in football ownership, including majority and minority interests in clubs operating within regulated league systems."
