Allen also states his belief that Sheard has the funding for a Hillsborough buy-out that must clear one final hurdle in order to proceed.

However, it now seems probable rather than possible that the takeover will not be completed before the start of the new season.

The complex transaction is on hold until fan group Wednesdayite join Allen, director Geoff Hulley and former board member Keith Addy in ratifying their willingness to sell.

The trio's 30% collective holding has yet to change hands three days after Sheard's planned completion target of Tuesday, July 1st.
But Allen has taken to the Lancashire businessman's corner in appealing for a swift end to the uncertainty now that Wednesdayite have been made a formal offer for their 10% holding.

Allen told the Telegraph: "I am satisfied that Mr Sheard has the necessary funds to buy my shares and repay my loans. I'm anxious to get this affair done and dusted.

"In the interests of Sheffield Wednesday, I feel others should do likewise so that this can be dealt with before the new season - in fairness to the manager and players who need to know where they stand."

As reported here last week, Sheard's lawyers have shown proof of funding via a transfer from an account in Zurich. It is sufficient to take out three of the four main stakeholders for around £5m. Club takeover brokers Deloitte are also involved in the deal with Hulley and Addy both said to be ready to accept a similar offer to Allen's of 20 pence a share.

Though Wednesdayite are taking the same stance, a ballot of their members is likely to occupy at least the next three weeks - with a week required to send out the paperwork and a fortnight set aside for voting. The group have also sent a set of searching questions to Sheard about his plans for the club.

The Lancashire businessman's arrangement to acquire the 29.9% of Allen, Hulley and Addy was believed to be unconditional on what happened to Wednesdayite's holding. None of the three men have made it an issue - Allen is in the mood to sell regardless of whether anyone else does - but Sheard now wants to be certain of acquiring the extra slice before proceeding.

Allen, for one, understands his point of view and any doubts about the prospective frontman's commitment have been cast aside. Sheard's backers are believed to feel there is no point in taking a little under a third of the club if they could not go on to obtain a majority stake.

That leaves the focus back on Wednesdayite. However, the atmosphere is more harmonious than last summer when they were accused of being the stumbling block to a bid by former Everton director Paul Gregg, who referred to their holding of an effective balance of power in a letter of withdrawal.

A bitter war of words ensued which proved to be one of several factors leading to the disillusioned Allen's resignation. However, Allen is not directly involved this time and wants out quickly.

Further, Sheard sources have told the Telegraph that they want to close the divisions in the club, end the infighting and create a new mood of togetherness. This has been favourably received by Wednesdayite in talks and meetings with the middle man.

Therefore, Sheard is unlikely to get involved in any public altercations, having made a point of settling the climate as his first priority. In his further favour, he has been determined without being pushy and has yet to apply any public pressure.

But, besides the questions he has been asked to address, he will also need some answers soon. Some might say the meetings should already have answered the key points. On the other hand, it can be argued that Wednesdayite have a moral responsibility to help safeguard the club's future and are exercising it as fans of the club. Perhaps one question, above all, needs to be answered: The identity of the mystery backers.
Yet another angle to the debate is that Sheard, in the words of his sources, could actually take "effective control" with just 30%.

What appears beyond doubt is that the affair still has several weeks to run and may not be resolved by the time Brian Laws leads the Owls into the curtain-raiser of Burnley's visit on August 9th.

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