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Sheffield Wednesday choose 'preferred bidder' after Mike Ashley interest as relegation looms

The future of Sheffield Wednesday has been uncertain, but after Mike Ashley expressed an interest in purchasing the club, a statement has been released over a preferred bidder being chosen

[A general view during the Sky Bet Championship match between Sheffield Wednesday and Queens Park Rangers at Hillsborough on December 16, 2023 in Sheffield, England]

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There has been an update on Sheffield Wednesday's future(Image: 2023 Getty Images)

The administrators overseeing the sale of Sheffield Wednesday "intend to grant preferred bidder status" to a consortium, the club has confirmed. The relegation bound Owls are stuck on -9 points, after automatically being docked 12-points for entering administration and then deducted a further six by the EFL in December.

The club entered administration in October which brought an end to the disastrous ownership of Dejphon Chansiri. Former Newcastle United owner Mike Ashley was understood to be one of the frontrunners to takeover the club, alongside a consortium led by Americans John McEvoy and the Storch family.

However, joint administrator Paul Stanley has revealed in a statement released on the club's website they intend on granting a consortium "preferred bidder status" now the initial bidding process has come to an end.

Stanley wrote: "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."

Stanley made it clear the granting of preferred bidding status does not mean the change of ownership process is complete. The statement added: "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."

[Sheffield Wednesday owner Dejphon Chansiri prior to the the Sky Bet Championship match between Sheffield Wednesday and Preston North End at Hillsborough Stadium on December 22, 2018 in Sheffield, England]

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Chansiri's ownership proved to be a disaster for the club(Image: 2018 Getty Images)

The statement stops short of confirming what party has been granted the status. It does state the interested party has submitted "a fully funded offer," provided "clear financial assurances" and also laid out a structure which allows "all creditor obligations" to be carried out within EFL rules, meaning there will be no further sporting sanctions.

This will come as a relief to Wednesday's exhausted fan-base, who have already seen their side be penalised 18 points this season. They are rock bottom of the Championship, 31 points away from safety.

In the final period of Chansiri's doomed ownership, players and staff were not paid on time in five of his last seven months in charge. Moreover, the club also owed transfer payments to other teams and even missed tax payments.

[Owner of Sports Direct and Newcastle United, Mike Ashley arrives at the High Court in central London on July 3, 2017, to defend himself against a lawsuit filed by a former business associate]

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Mike Ashley has not been involved in football since he sold Newcastle United to the Saudi Arabian Public Investment Fund consortium(Image: CHRIS J RATCLIFFE/AFP via Getty Images)

In response, supporters boycotted the club shop, food and drinks kiosks and home cup ties in a bid to force him to sell. He placed them into administration in October after 10 years of owning the club.

Ashley was believed to be one of the interested parties, having not been involved in football since he sold Newcastle. However, Storch also made it clear to BBC Radio Sheffield how keen he is to own the club, by setting out some pledges.

The American said: "We have a desire to do things right, that means setting the tone at the top. Having excellence in everything we do and a quality product at the stadium, the training ground and academy. We'll bring in the right CEO (chief executive officer). We want to make sure we bring in the right sporting director."

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