Investment brokers Deloitte – who remain central to a buy-out despite being largely bypassed by the Geoff Sheard bid – believe there are no urgent time pressures for Wednesday to find a backer.

In another indication that the episode could stretch on indefinitely, a source close to the talks told the Telegraph: "The process of finding investment isn't over. The club isn't about to hit financial trouble or go to the wall, so the process can continue and everyone is relaxed about that.

"There is no end date to finding investors. Numerous clubs have had these issues and Sheffield Wednesday are not alone. It's open-ended."

But the source echoed Sheard's admission that the "ball is in his court", adding: "The ideal scenario is for the club to find a buyer. If that is Geoff Sheard, great."

It is no secret, though, that in exploring other avenues, Deloitte are preparing a safety net – as financial experts on the club's payroll – in case the bid fails.

Their reservations would be about how Sheard proceeds if he and his mystery backers finally push through the purchase of 29.9 per cent of the club through agreements with the four main shareholders.

"Deloitte are representing the board and as such they are seeking a solution for the whole club," said the source. "Mr. Sheard can deal with 10 per cent shareholders and wouldn't have to go through Deloitte up to 29.9 per cent.

"The problem is after that. He would not be allowed to do anything above that without making a bid for the whole share capital of the company, which is a plc. He would then need a UK registered financial adviser."

There is believed to be doubt as to whether Sheard has appointed such a party based on Deloitte's soundings.

Sources say Sheard made early contact with Deloitte after they were appointed in May but "nothing has happened since and he has not presented a plan for taking over the football club".

A timesale of "days" has turned into weeks regarding the initial planned acquisition of 29.9 per cent However, Sheard remains publicly committed to seeing through his seven-month campaign and no deadline seems to have been set on either side despite much consternation over the delay.

He also carries the goodwill vote in that a delivery of his plan will be widely welcomed. If doubts over funding persist, it is largely because of confusion surrounding the source of the money.

One possibility to be considered by those blaming Sheard is that the delay may not necessarily be his fault if promises haven't been delivered.

As the middle man he is in a precarious position in that he is acting on trust and – evidently – is not at liberty to name his backers. However, it is clear that the search for investment is continuing – an indication that an imminent solution is not expected.



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