Owls chairman Milan Mandaric has issued a fresh statement effectively ending Hafiz Mammadov’s takeover attempt of the club.
Mandaric has revealed the Azerbaijani businessman has been unable to meet obligations agreed to in May for both the purchase of the club and the ‘Land of Fire’ sponsorship agreement.
The Owls chairman said he could not allow the speculation over the proposed buyout to continue and wants nothing to distract from the strong start to the season.
And he has also instructed his lawyers to begin legal action against Mammadov should they consider it necessary.
Mandaric said: “Unfortunately despite working hard with both Mr Mammadov and his representatives since the agreement was signed, he has not been able to meet the obligations set out in the contract for either the purchase of the shares or the sponsorship arrangements.
“As supporters will have seen, we have fully committed to the sponsorship agreement, we are proudly wearing our new shirts with the ‘Azerbaijan Land of Fire’ logo and this alongside the other advertising inventory will give worldwide coverage to the country.
“Whilst I hope that Mr Mammadov will very quickly overcome his difficulties in Azerbaijan, I cannot allow this continued speculation to continue and have asked my legal advisors to take such legal action as they consider necessary.”
Mandaric is confident Wednesday is still a club that will attract investment and will explore all possibilities.
And he has reaffirmed his intent to fund the club while he remains in ownership.