Reporter names “preferred bidder” as Sheffield Wednesday advance takeover process

Sheffield Wednesday have found their “preferred bidder” and are advancing their takeover process at long last, according to reports.

Sheffield Wednesday confirm “preferred bidder” status

Just in time for Christmas, Sheffield Wednesday fans are set to get their wish following news that the administrators intend to decide their preferred bidder.

They released a statement, saying: “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.

“We recognise that any change of ownership is unsettling , and that supporters will have questions. That is entirely understandable, particularly given the recent history of the Club.

“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.

“It is important to be clear on the process from this point.

“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.”

It’s been a long-time coming for those at Hillsborough, who are finally on course to welcome a new era. The big question that Wednesday fans will have will regard just who their preferred bidders are after the club reportedly dropped their asking price.

According to BBC Sport’s Rob Staton, the preferred bidder to buy Sheffield Wednesday is a consortium led by James Bord.

James Bord emerges as “preferred bidder” for Sheffield Wednesday

A British entrapreneur, Bord is also the co-owner of Scottish side Dunfermline Athletic and made a large part of his money through his AI company Short Circuit Science.

The reported preferred bidder also reportedly made an eye-watering $4m as a poker player and Sheffield Wednesday fans will be hoping that they’ve hit a royal flush following their latest takeover update.

As the administrators noted, however, the process is far from complete. Bord must pass the EFL’s owners test before completing a takeover and after the disaster of Dejphon Chansiri’s tenure, extensive checks are simply a must.

Speaking about the offer from their preferred bidder, administrators said: “From a financial perspective, the proposed financial offer from the preferred bidder provides certainty for the Club.

“The consortium we intend to progress with has submitted the strongest overall proposal for the Club. This includes:

• A fully funded offer;

• Clear financial assurances to support the Club’s trading requirements; and

• A structure that allows all creditor obligations to be dealt with in accordance with EFL rules, meaning no further sporting sanctions are anticipated as part of the transaction.”