With a defiant stand taken by former chairman Dave Allen, the difficult and delicate challenge facing the new board is to readjust their plans without a return to a battlefield scenario.

In this, they appear to be succeeding - but they are also working to preserve the faith of fans that a buy-out is for real.

A degree of cynicism is inevitable from supporters as long-suffering as these and there is always the danger that the process will be seen by some - albeit a minority - as tantamount to an electioneering promise.

But the intentions have been good from the start - and it should not be forgotten that Howard Wilkinson has signed up to them.

Above all, Wednesday needed new blood and fresh ideas. These have been provided.

Keeping personality politics out of it is another priority as directors attempt to resolve what threatens to become a major impasse.

Wednesday's intention to call an egm to back a takeover is now on hold well beyond the target date of March 31st. That's no real surprise because of the complexity of agreeing deals with major shareholders who have loans in the club.

The main parties are collectively owed more than £4m, about half of it to Allen. Considering three of the parties have shares amounting to 30% of the club, they have to be compliant with a buy-out in order for the new board's proposals to succeed in a vote by shareholders.

It has been revealed that other creditors - Geoff Hulley, Keith Addy, Bob Grierson, Ken Cooke and Mick Wright - are prepared to accept a reduced deal in line with the terms agreed with the bank.

There are two opposing arguments surrounding the Allen scenario. Both are readily understandable. One is that an individual who backed the club with his own money wishes to be treated differently to an institution like the Co-operative bank.

Considering share value is being slashed, it would not appear unreasonable for an erstwhile backer to seek to redeem his loans in full.

The club's stance is also a very valid argument. It is that if the bank have agreed to write off a proportion of the £21m they are owed - as they have (and as much as half, it has been claimed) - then there is a conditional obligation on loan-note holders to do likewise. This is evidently a stipulation by the bank.

It's a tricky one and no-one can pretend otherwise because there is no right or wrong here, only shades of grey. But all parties have strong reasons for wanting to find a solution; all are looking in that direction. Keeping personal issues low-key is paramount to Wednesday's change of image and approach, which explains the club's refusal to rise to Allen casting doubt on whether investors are in place.

That, in the end, is the bottom line question. But so much goodwill to and from the club has been generated in recent times that Wednesday fans have strong cause to keep the faith.

They will be united in the hope that the blockage can be removed and the promised investment delivered.

What do you think? Add your comments below.

Buy the Sheffield Telegraph and the Property Guide every Friday. To subcribe CLICK HERE


MORE:
Local News
Local Sport
Arts Guide
Community News
Listings Guide
Restaurant Guide
Letters