07 October 2008

Wednesdayite last night said they have yet to be fully satisfied with the Geoff Sheard bid to take control of the club.

The fans trust spoke of "increasing concerns" about the prospective change of hands...prompting fresh speculation it could fall through.

Wednesdayite also confirmed that have entered into talks with four other interested parties about a takeover.

Wednesdayite said in a statement: "At this time, the conditions of our
acceptance of (the Sheard) bid remain unsatisfied in all respects and we
have no further verification of the source, quantum and nature of
funding than we had at the time of the member ballot on August 6.

"We remain in dialogue with Mr Sheard and have outlined our increasing
concerns to him about the delay.

"We have also advised him that we have simultaneously begun to actively
pursue other potential investor leads.

"This does not preclude Mr Sheard from completing a deal, but the most
important thing is that the club attracts fresh investment from one
source or another and we have to keep our options completely open.

"In this connection, we have instigated meetings with four interested
parties last week although we would stress these are at a very early
stage."

More: New riddle in Sheffield Wednesday takeover


03 October 2008

Fan group Wednesdayite have called time on the Geoff Sheard affair as the focus switches to the Owls' undreamt of climb to fifth in the Championship.

Wednesdayite chairman Darryl Keys said:

"We've got nothing against Geoff . . . I fear he's been hung out to dry by the people behind him," said Keys.

Simultaneously Wednesday have barred Sheard from the directors box, telling him he will no longer be accommodated without proof of funding. Sheard applied for his customary seat for the midweek game with Nottingham Forest but was refused for the first time.

The Asian trio pictured at Hillsborough on Tuesday can be discounted from the takeover equation. They are understood to be business consultants who are dealing with the club on another matter.

Talk of American interest has led to rumours about a bid involving John Harkes, the former Wednesday and United States international, but these have not been corroborated.

More: Wednesdayite make a stand over takeover: Time's up for Sheard

01 October 2008

WEDNESDAY'S takeover saga has taken yet another new twist with three mystery businessmen - thought to be Indian - taking places in the directors' box last night.

The trio are now at the centre of fresh speculation about takeover talks.

Wednesday have remained open to offers for a buy-out of the club throughout the last few months. Sheard - apparently not in the directors' area last night - has never made a bid for the whole club, preferring to try to buy the shares of individual major shareholders as a way of gaining control.

The club's financial advisers Deloitte and Touche have been co-ordinating the hunt for an overall buyer.

More: Fresh faces bring new twist to Owls takeover talks

Wednesday Preparing For Indian Takeover Bid?


26 September 2008

Sheffield Wednesday insiders are adamant there is no "end game" in sight on the takeover issue - only a move to terminate the Geoff Sheard saga.

Though financial advisors Deloitte are in talks with at least one new party, these are tentative at this stage and no backer is on the immediate horizon.

More: Wednesday facing up to reality over Sheard

23 September 2008

Fans group Wednesdayite say they have put Geoff Sheard in touch with financiers to help "speed up" his Sheffield Wednesday takeover process.

Darryl Keys, Wednesdayite chairman, had a meeting with Sheard at Saturday's game with Ipswich. He said today that he would be "extremely surprised" if the takeover deal was not sorted in two weeks.

"He understands he needs to speed up the process but there are no guarantees; it is all extremely complicated," said Keys.

"This is the start of the end-game. There are other people who have expressed some interest and I would say there are options if the Sheard bid should fall through.," he added.

"But we are now moving towards the conclusion whatever that may be. I would be extremely surprised if it is not sorted in two weeks.

More: End-game as Sheard talks to financiers

19 September 2008

Sheffield Wednesday director Geoff Hulley today broke the boardroom silence as doubts multiplied over Geoff Sheard's hopes of buying the club.

Geoff Sheard had talked last weekend of getting the parties together, but Hulley told the Telegraph there had been "no contact" from Sheard. He said: "I don't know about the others but I've not heard anything from him."

In answer to a question about whether he expected the deal to go through, Hulley added: "I've got to express reservations. It's gone on so long and statements have been made that have not been fulfilled.


18 September 2008

The Wednesday takeover was not on the agenda at yesterday's meeting between Wednesdayite top officials and Ashley Carson, Ken Cooke, Geoff Hulley and club chief executive Kaven Walker.

The meeting marked the start of cooperation between club and the fans organisation.

After the meeting Wednesdayite chairman Darryl Keys repeated his plea to Geoff Sheard to move the takeover deal on:

"Geoff knows that the ball is in his court and while it drags on there will be criticism and doubt. The only way to get the monkey off his back is to get the deal done."

"People are ready to sell but is he ready to buy? If he can't do the deal - and I don't say this aggressively - then we have to move on," said Keys.

More: It's peace in Owls time - fans group and board end cold war
17 September 2008

Fans' group Wednesdayite have been invited down by the club today, and it is likely that the club's other major shareholders, director Geoff Hulley, former director Keith Addy and ex-chairman Dave Allen, will be involved in discussions over the next stage.

Geoff Sheard, the Lancashire-based businessman who has been fronting the takeover bid will not be at the meeting.

There is speculation that today's meeting will aim to look at prompting some real and definite progress with the takeover, possibly looking at giving the Sheard camp a deadline to conclude matters.

More: Owls fans join in takeover talks

12 September 2008

Private Capital Bank, the offshore bank in Dominica that Geoff Sheard in January presented a letter from to the owners and main shareholders of Wednesday as proof of funding, has never actually operated, has no money in it, no account holders, and no clients with 100m Euros, the Yorkshire Post writes today.

The letter was written in the name of an underwriter called Richard Francis but unsigned. When first asked Sheard said the bank's owner was a friend, and that he had used the letter he said it was a method of "getting a foot in the door" to begin negotiations. But he has later admitted that he does not know the bank's owner.

The Yorkshire Post also write today that Geoff Sheard is hoping to arrange a meeting between the three leading shareholders next Wednesday to thrash out a final solution.

Sheard told the paper:

"We want this meeting to happen next week, to get all the respective parties in the same room, with their legal people. I think it will happen on Wednesday."

More: Confusion and delay leave Sheffield Wednesday bid open to question

Pressure mounts on Sheard to finalise his Wednesday takeover


04 September 2008

The Owls are still awaiting developments in the takeover saga.

Playing down a suggestion that a breakthrough could be sealed by the end of this week, consortium front man Geoff Sheard told The Star:

"The ball is in our court but I won't drawn on a timescale, despite what has been printed elsewhere."

The Yorkshire Post on the other hand quote Sheard on saying:

"We have an agreement in place with the club to co-opt me on to the board. Everything is ready to go."

According to the paper the business man claims to finally have the funding in place to buy the 29.9 per cent stake in the club. The two investors are still unknown, but one is British and the one German and "neither have previous involvement with football", writes Yorkshire Post.

More: Small on way back - but Sheard won't be drawn on Owls takeover timescale

Sheard optimistic Wednesday takeover will be completed by the weekend

02 September 2008

Prospective Owls owner Geoff Sheard today told the BBC he does not have a time scale of when the take over will happen, but insisted he is confident of concluding the deal.

"There's not an issue with proof of funding. It's all being done through the UK legal system," he told the BBC.

"I don't want to put timescales on anything. I've done that before and tripped over."

A month ago, on August 7, Sheard claimed the takeover was only days away.

"This is a significant stage. We are now just days away," he said then.

In today's BBC interview the Lancashire businessman also denied any decision of investing in St Louis rather than the Owls.

More: No timescale to buy Owls - Sheard

29 August 2008

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".

More: Wednesday 'in no hurry to find new backer'

22 August 2008

Sheffield Wednesday's release of emergency funds for a loan defender suggests the club aren't counting on a takeover anytime soon.

Sheard' s funding is still under examination a fortnight after the Lancashire businessman suggested his takeover would be completed "in days".

Club officials are trying to fix a meeting with his mystery backers after a promised approach from Sheard' s financiers was made last weekend.

Wednesday received a phone call from someone saying he was Sheard' s investor. The club asked for a face-to-face meeting at any time and venue the caller wished to suggest.

A response was still being awaited as the Telegraph went to press, which – according to some sources – can hardly be interpreted as an indicator of urgency to seal the transaction agreed with all major shareholders.

More: Time for Sheard to show Sheffield Wednesday the takeover money

15 August 2008

Geoff Sheard intends to become Sheffield Wednesday's new chairman under the terms of a takeover - but the identity of his backers could remain a mystery for some time.

Sources close to the Lancashire businessman have told the Telegraph that the financiers of the bid want to stay in the background even after the transaction is completed - and for as long as possible afterwards.

Sheard, fronting a transaction that will cost over £7m including full loan repayments, has acquired a letter from the club guaranteeing that he will be co-opted on to the board once the legalities are completed.

Discussions with Wednesday's bank, the Co-op, on a possible reduction of the club's debt - which will drop to £23m with the settling of loans - are said to have started yesterday.

The Sheard camp also confirms today that the money for the deal has now been transferred from a Swiss account to a UK bank.

However, according to sources close to the club itself, proof of funding is still awaited. Whether Wednesday's lawyers recommend full disclosure of who is behind the bid remains to be seen.

More: Sheard ready to be new Owls chairman

08 August 2008

The Shareholders Association and Wednesdayite both believe that a deal can be done with major shareholders quickly if Sheard comes up with the legal verification of funds for which he has been asked.

Shareholders Association chairman David Coupe said: "Clearly everyone is willing to sell. It's now up to Geoff Sheard to turn up with the goods and get the deal done as soon as possible. We don't want this hanging on any longer. We want it finished quickly to remove any uncertainty and get Sheffield Wednes-day moving forward.

"A path has also been cleared for any other potential investor."

Wednesdayite chairman Darryl Keys said: "The real crux of the matter for us is verification of funds, and I guess there are others who feel the same way. If that evidence is provided then the deal is there to be done. He has a perfect opportunity to conclude this."

Wednesdayite's proceeds from a sale would amount to just over £1 million and would, under their own code, be donated to the club or community-linked causes. The group have said that the proceeds would be around three times the original offer made to them by Dave Allen in 2006 but the Owls former chairman has pointed out that he made a subsequent offer of £500,000.

More: Wednesday waiting on Sheard

07 August 2008

Wednesdayite has agreed to the offer for their 10 per cent stake in the club by consortium frontman Geoff Sheard.

The group last night voted by a landslide to accept his bid.

Around 97 per cent of voters said yes to a rule change that removed a block on the group parting with their shares, and 92 per cent to the acceptance of Sheard's bid. The turnout was 77.7 per cent of the 1,000 members eligible to vote.

The outcome of the vote does not mean the group will definitely be selling their shares to Sheard because there are conditions attached, including a requirement from him to provide legal proof of funds.

Sheard today told BBC Radio Sheffield it could be just a matter of days before he is in full control of the club.

"This is a significant stage. We are now just days away," he said.

Sheard continued:

"It's great that their members have voted to sell and I thank them for that but as everyone is aware we are also talking to the other parties."

There is a board meeting at Hillsborough today - but as Sheard has not made an offer for the club, but has approached individual shareholders, the board will not be debating a formal offer to the Owls but it is believed the takeover issue will be informally discussed.

More: Wednesdayite's landslide vote

Wednesday fans support takeover

Owls takeover days away - Sheard

06 August 2008

The poll of Wednesdayite members on Geoff Sheard's offer for the group's 10 per cent stake in the club closes tonight.

Members have already been voting by post and on line. but does who haven't are being urged not to miss their chance of influencing a ballot that could help to decide the Owls' future.

Any yet to vote have a last chance today, either on line or at the a special meeting of members at the Niagara Club, Wadsley Bridge (7.30pm).

On-line voting will be open until midnight.

Wednesdayite officials will be up until the early hours of the morning, checking returns and preparing an announcement about the result. Around 1,000 fans are eligible to vote.

The organisation's board are recommending that the 20p-a-share offer from takeover front man Sheard be accepted, with the proviso that he meets four conditions, including legal proof of funds.

There are actually two resolutions in the ballot.

As Wednesdayite's own rules bar a sale of their 5,037,017 shares, members are having to vote first on whether or not to amend this rule so that it says members can decide to part to with the shares in principle. For the rule to be changed, 75 per cent of voters have to say yes.

The other issue is a verdict purely on Sheard's offer, and this requires a simple majority.

The Wednesdayite board want members to vote yes in each case.

More: Last plea to Owls fans as share poll nears deadline

31 July 2008

Phil Buckle, former would-be Owls chairman is backing Joe Ashton's call for Wednesdayite members to vote against the sale of the group's shares to Geoff Sheard.

Buckle, a retired managing director who made an unsuccessful challenge to join the Hillsborough board eight years ago, believes that information about Sheard and his backers is too incomplete.

But Wednesdayite chairman Darryl Keys says that he believes the group's board have made the right decision in recommending a vote to sell, because there are conditions that provide safeguards.

Buckle, a Wednesdayite member, said: "To the best of my knowledge, Mr Sheard has not made enough details of his business activities available for us to be able to form an opinion about his abilities and achievements.

"He has not agreed to meet the Wednesdayite membership so we won't get the chance to ask him.

"Money is not everything; it's how you spend it. He won't allow his offer letter to be published in full.

"We know little or nothing about his investors and why they wish to buy into the club. There is no guarantee as to how much "new money" he will bring in.

"The alternative is to wait for an offer where we are better able to judge whether it will be in the long-term interests of the club.

"This will require patience because clearly all is not well at Hillsborough. But we only get one shot at this and we are in serious danger of jumping out of the frying pan and into the fire."

Wednesdayite's board decided that, despite a perceived shortage of information, they did not want to stand in the way of a possible fresh start for the club.

The Wednesdayite board recommended that members vote to accept Sheard's 20p-a-share offer, so long as:

The shares are sold only in conjunction with the 10 per cent of Dave Allen, and at least one other 10 per cent bloc, from Geoff Hulley or Keith Addy, so that Sheard can reach his "stated aim" of acquiring 29.9 per cent. Sheard has agreed to this in writing.

Their shares will not be re-sold to any former director.

25 July 2008


Olws director Geoff Hulley and former director Keith Addy are demanding legal prood of funding before they sell the 10 per cent stakes in the club to Geoff Sheard, the Star reports today.

A further meeting is, according to the paper, to be held within a week where confirmation of the sale could happen, subject to legal scrutiny.

More: Owls pair demand 'legal proof' from Sheard

24 July 2008

Former Sheffield Wednesday director and ex-MP, Joe Ashton, is urging Wednesdayite not to sell their shares to the Geoff Sheard consortium, The Star reports today.

Ashton has called for a no vote, according to the paper.

"If the fans vote for this they are giving away all the rights they currently have," said Ashton.

"There is no guarantee that a rights issue would not be made after the sale which would wipe out any fans interest and make our shares worthless."

The poll result will be declared after a meeting at the Niagara Sports Club, Wadsley Bridge.

More: DON'T DO IT: Ex-Owls director's Wednesdayite share plea

18 July 2008

Geoff Sheard has warned for the first time that the six-month takeover saga cannot run on indefinitely.

He told the Sheffield Telegraph:

"Everyone has been very patient and it's been a very difficult transaction. But I feel we're at a stage where everybody has to agree to go forward - or the club isn't going to go forward, simple as that."

Sheard also said he desperately want to be in before the start of the season and feels he can "put our plans into action."

At the same time Dave Allen has told Wednesdayite, Geoff Hulley and Keith Add to "get on with it".

"It's time for the talking to stop and the doing to start," said Allen, who also claims that Hulley and Addy want a higher price for their shares.

"I've accepted 20 pence, which I think is a fair price. I understand that they want 30 pence," Allen told the Sheffield Telegraph.


More: Sheard drops a timely warning

"Get it sorted out"

17 July 2008

Wednesdayite are to vote on whether to sell their shares in the football club to the Geoff Sheard led consortium, writes the Star.

The paper suggests the result of the ballot can be expected in early August.

More: Sell your Owls shares? You decide

16 July 2008

Geoff Sheard yesterday told BBC Sheffield:

"We've made a formal bid for the shares of Mr Allen, Mr Addy and Mr Hulley and also made a formal approach to Wednesdayite.

"We've had a conclusion with Dave Allen, who's agreed to sell to us, I'm waiting to hear back from Mr Addy and Mr Hulley has contacted us, but I believe he's now away on holiday.

"When he returns I don't know, but he has queried the price of the offer, which I clearly need to speak to him about when he returns.

"The offer has been accepted by two of the four parties and we're waiting to hear back from the other two.

"Mr Allen has accepted and we have an agreement with Wednesdayite which is subject to legal due diligence."

According to the BBC interview Sheard is hoping to resolve the issues stalling the takeover of Sheffield Wednesday "within days".

More: Wednesday takeover 'days away' (Sheffield Telegraph cannot take responsibility for the content of external links)

04 July 2008

Former Sheffield Wednesday chairman Dave Allen today throws his weight behind takeover frontman Geoff Sheard with an all-party plea to get the deal "done and dusted."

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.

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.

More: Allen plea for 'done and dusted' takeover

03 July 2008

Geoff Sheard will have to show official proof that he has the necessary funding before fan group Wednesdayite launch a ballot on his offer for their shares, The Star writes today. The takeover frontman has satisfied a similar demand from Dave Allen in lining up a deal for the former chairman's stake.

"This is something that Geoff Sheard now has to do. As soon as we hear from our lawyers that the funding is in place - and hopefully this process can be completed very quickly - we will immediately organise a ballot," said Wednesdayite chairman Darryl Keys.

More: 'Show us the money' Owls fans tell Sheard
02 July 2008

Fan group Wednesdayite have received a written offer from takeover front man Geoff Sheard for their 10 per stake in the Owls, The Star writes today.

It is set to lead to a ballot of Wednesdayite members. It is understood that the offer is 20p a share - the same amount agreed by Dave Allen in a deal already lined up.

Wednesdayite chairman Darryl Keys said: "First we have sought advice from our lawyers to ensure that we adhere to legal procedures and subject to that we are happy to ballot our members and hopefully get the go-ahead for a sale.

"Obviously It would have to be part of an overall deal that gives control to another party; if someone was just acquiring our shares and nobody else's then we would just be shuffling deckchairs."

More: Sheard offer for Owls fans' shares

01 July 2008

The Star today writes that Geoff Sheard is looking for reassurance that he has the backing of fans as he eyes the next step in his bid for power. It is understood the Lanca-shire businessman will await the result of a ballot of Wednesdayite members on whether or not the organisation will part with their 10 per cent stake.

Wednesdayite have confirmed that they have received a "preliminary communication" about their stake and have referred it to their professional advisers.

The group's procedure would be to ballot members if a formal offer is received.

More: Sheard waits on Owls fans' share verdict

The Owls are also mentioned on the itv.com website today under the headline: Wednesday nearing takeover

The website writes: "Sheffield Wednesday could be in the hands of new owners before the end of this week. A consortium fronted by Lancashire businessman Geoff Sheard will today make a formal offer for the shares of supporters trust Wednesdayite, who hold a 10% stake in the club."

More: Wednesday nearing takeover


27 June 2008

Sheffield Wednesday's takeover saga has reached end-game – with the Geoff Sheard group moving to take control in the coming week. Sheard and his backers have now shown proof of funding to acquire 29.9 per cent of the club, the Telegraph understands.

The £5m initial deal, taking out three of the club's four main stakeholders, is due for completion in just four days – next Tuesday – under a July 1 timetable set by the Lancashire businessman. And it spells a make-or-break week for the club's hopes of fresh investment.

Sheard's first objective of buying out former chairman Dave Allen depended on him verifying the necessary funds. It's believed Allen has now been assured that a transfer will be made from a Swiss bank account in Zurich to purchase his 10 per cent holding and pay off his loans of just over £2m.

Moves to buy out director Geoff Hulley and former board member Keith Addy – thought now to be in progress – will give the overseas consortium almost a third of the club.

Sheard's backers – yet to emerge but believed to involve Middle East investors – appear to have been working on the basis that the takeover was a matter of when not if – to the extent that ambitious plans have already been formulated.

These include the open secret of a possible bid to lure Alan Shearer, though the option of backing Brian Laws is gaining ground amid a rising groundswell of support for the Owls boss.

But the more immediate intrigue concerns how the venture would proceed with 29.9 per cent in the bag. That precise figure – the total shares of Allen, Hulley and Addy – is highly significant. At 30 per cent or over, an individual or group would be expected to make an offer to all shareholders.

This again leaves Wednesdayite's 10 per cent in the spotlight. The fan group have indicated a willingness to sell to Sheard but have yet to ballot their members. It is reasonable to expect that any shares sale would see the proceeds – a little under £1m – being injected into the transfer kitty.

More: Takeover saga could be nearing end at last as Sheard shows his hand

19 June 2008

The Sheffield Wednesday takeover bid is said to be still on track.
However, as the saga continues to drag on, there are suggestions that it may finally be close to a conclusion.

Lancashire businessman Geoff Sheard gave the takeover talk extra impetus with his meeting last week with former Owls chairman Dave Allen.

He agreed, in principle, to the sale of his 10 per cent shareholding.
but demanded proof of funds before doing so.

Matters remain at a delicate stage but sources close to Sheard insist that things are progressing and that "everything is on track."

There are also suggestions from across the Pennines that things could be reaching a conclusion quite soon.

More: Owls takeover 'still on track'
17 June 2008

Alan Shearer has played down suggestions that he could be part of Sheffield Wednesday's new look.

Shearer - working in Austria as part of the BBC's Euro 2008 coverage - has told the BBC that he knows nothing about any interest from any consortium.

Only last week, the former England skipper said he had turned down the opportunity to be on the shortlist for the managerial vacancy at his old club Blackburn, citing other commitments including his TV work.

Sheard met former Owls chairman Dave Allen last week to discuss the prospect of buying Allen's stake in the club and is believed to be aiming to speak again.

More: Shearer KOs move to Owls

13 June 2008

Sheffield Wednesday's takeover saga could finally be nearing an end as Geoff Sheard steps up his bid to end the stalemate and buy the club.
And if he's successful he may well make a move to bring in former England star Alan Shearer as manager.

A source close to the Lancashire businessman's consortium said: "We will have effective control in time to make a difference before the start of the new season."

The claim amounts to a firm pledge. It is backed up by news today that Sheard has now thrashed out a deal to purchase the shares of former chairman Dave Allen.

If Sheard does take control then a whirlwind of activity is on the cards, as suggested by his determination to be at the helm well before the August kick-off. That would inevitably spark fresh speculation of a move to install Shearer as manager - amid the possibility of him being joined by an experienced overseer in the shape of his one-time Blackburn manager Kenny Dalglish

More: Shearer manager link to Sheffield Wednesday takeover

12 June 2008

Consortium frontman Sheard was yesterday spotted leaving Owlerton stadium where ex-Owls chairman Allen has his office.

Allen admitted: "I have had a meeting with Geoff Sheard; beyond that I am not prepared to comment, except to say that I want the matter cleared up as quickly as possible.

"I want out of it, my loans out and my shares sold."

It seems obvious that the former Hillsborough chief's 10 per cent stake in the club was among issues discussed.

The meeting also provides further evidence that Sheard is ploughing ahead with his attempt to seal a deal on behalf of his backers, though the club recently widened their hunt for new investment by launching an official search for a buyer.

Allen, director Geoff Hulley and former board member Keith Addy each hold around 10 per cent of the club's shareholding.

It has always seemed clear that they want to sell, and the 30 per cent bloc held by them is the key to any takeover.

It is not clear whether yesterday's meeting resulted in a breakthrough in the takeover saga, which has been going on for five months.

But it is not thought that a major announcement from the club is imminent.

More: Fresh twist in Owls takeover

06 June 2008

There have been more than 30 expressions of interest from around the globe since Sheffield Wednesday were put on the market through financial experts Deloitte.

However, the status of Lancashire businessman Geoff Sheard's potential bid remains unclear.

Wednesday moved yesterday to scotch suggestions that a deal is close. A spokesman said: "We can confirm we do not expect any news for some weeks. Deloitte are still sifting expressions of interest and verifying the parties involved."

This is the strongest indication yet that the club could move into a new season without a buyer to inject fresh funding.

More: 30 interested in Sheffield Wednesday takeover

03 June 2008

Businessman Geoff Sheard has told the Yorkshire Post he is still committed to a takeover deal at Sheffield Wednesday.

Sheard last night told the paper:

"We are still 100 per cent committed to getting this deal done as soon as possible.

"We have also appointed (accountants) Grant Thornton to complete due diligence and the purchase of the shares."

Takeover rules restrict Sheard from going into detail, but the Yorkshire Post writes:

"It is understood that his lawyers are trying to remove one final stumbling block. If that can be successfully overcome, a deal may even be resolved in the next two weeks."

Read more in the Yorkshire Post: Wednesday takeover still on, insists Sheard


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