Read more: Owls on the brink of a new era

Wednesdayite chairman Darryl Keys has revealed that he has met Geoff Sheard once and spoken to him many times on the phone.

"I have been told in no uncertain terms that everything is going to plan," said Keys, awaiting a formal offer from Sheard's consortium for Wednesdayite's 10 per cent in the club.

"He seems a really decent, genuine guy, a nice bloke; he's prepared to listen. He's enthusiastic about the prospects at Sheffield Wednesday, and very ambitious. He is also pragmatic about the commercial needs of the club.

"He wants everybody pulling together and is great believer in communication.

"He thinks that Wednesday are a big club just waiting to happen."

An official offer for Wednesdayite's shares would trigger a ballot of members which would take 14 days, but Keys said this need not present a significant hold-up to a takeover if a buyer of the club could secure the 30 per cent held by the other big shareholders - Geoff Hulley, Dave Allen and Keith Addy - and was prepared to proceed on that basis, before taking over stakes held by Wednesdayite and other shareholders.

Wednesdayite are almost certain to accept a realistic offer.

The Owls could be set to make an announcement within the next week.

Keys said today: "Geoff Sheard has given me his lawyer's number and asked me to get in touch over a small matter to cross 'i's and dot 't's; Geoff told me that an offer should be with us today or at the latest tomorrow. "

Keys said he had heard speculation about an offer of between £1 million and £1.5m for Wednesda
yite's share.

Shareholders Association chairman David Coupe said: "If any shareholder refuses to sell shares and as a result a deal does not happen, I believes the next step would be administration."