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20 November 2008

Whilst everyone was waiting for Sheard bid to come through and the board were sat on their proverbials, Wednesdayite were pro-actively canvassing the more affluent business-owning Sheffield Wednesday fans to see if they were interested in helping out their team in an innovative way, claims Sheffield Wednesday blogger Kieron Adams.

More: OWLS BLOG: Wednesdayite canvassing affluent fans to buy players

14 November 2008

Former Sheffield Wednesday chairman Dave Allen has told the BBC that the takeover of the club by Geoff Sheard could still happen.

"The Sheard bid doesn't cease with me until such time as he says it's all off and he hasn't done that," Allen told the BBC.

More: Owls takeover is still on - Allen (external link)

13 November 2008

Amid recognition from all sides that takeover prospects are remote - the appointment of an interim chairman will be on the agenda at a strategically vital board meeting on Monday. The interim chairman will give the club the voice they have lacked since Dave Allen quit a year ago.

More: Wednesdayite in fan plan to buy players

31 October 2008

Appointing a new chairman and reviewing Brian Laws' position have moved to the top of Sheffield Wednesday's agenda now that a takeover is unlikely for the foreseeable future.

Owls directors are facing up to some harsh realities amid the collapse of Geoff Sheard's alleged bid for control, which became a saga and then a fiasco.

It is strongly believed other parties who agreed to sell to the maverick Lancashire businessman are ready - either privately or publicly - to follow Wednesdayite's lead in withdrawing an offer to deal with Sheard.

Alternative interest, not least from an American consortium, will continue to be courted but Wednesday's old guard are confronting the likelihood that they could remain in charge for some time.

More: Owls face big issues

29 October 2008

Sheffield Wednesday's board today made a statement to the London Stock Exchange.

It is a formal reaction to Wednesdayite's announcement yesterday that the fan group have withdrawn their offer to sell their 10 per cent stake in the club to Geoff Sheard.

The statement says: "The board of Sheffield Wednesday notes the statement made yesterday by Wednesdayite, withdrawing its offer to sell its shareholding to Mr Geoff Sheard's consortium.

"The board confirms that, at this time, no formal arrangements exist between any of the company's directors and Mr Sheard regarding their respective shareholdings in Sheffield Wednesday.

"The board wishes to make it clear that the process of seeking offerors for, or investment in, Sheffield Wednesday is ongoing.

"Whilst no acceptable proposal has been received to date, the board continues to be open to dialogue with any potential investors and to working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration. There is no certainty that such a party will be found at this time.

"The company will keep shareholders informed as to progress with this process as appropriate."

More: Owls board make statement to stock exchange

28 October 2008

Sources close to Owls fan group Wednesdayite suggest that they are close to withdrawing their offer to sell their 10 per cent holding in the club to the takeover frontman, Geoff Sheard.

There are understood to be concerns among the group's board members that the Sheard saga has dragged on since January and that there appears to be no sign of a deal being completed with Wednesdayite or other major shareholders.

More: Fans set to snub Sheard

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


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