Sheffield Wednesday takeover clockwatch 24/06/09

LATEST on the Sheffield Wednesday takeover saga at Hillsborough.

June 24, 2009

Two US sports franchises are competing to invest in Sheffield Wednesday, Owls chief executive Nick Parker has told the Star.

The competitors have said one does not want to invest in the club if the other lot is investing.

Parker told the Star that potential investors in the club include "institutions that invest in sports or wealthy individuals who have in the past got together to buy US sporting franchises and are interested in buying English ones".

He said he did not want to put a timescale on the takeover but stated:

"The next window to buy players is January. If you were an investor and part of your investment was to put an extra million in (manager) Brian Laws' kitty, you'd want to do it before then"

More: We put Sheffield Wednesday boss Nick Parker in the question hot seat

June 23, 2009

THE 20 million sale of a controlling interest in Sheffield Wednesday could lead to an "auction" among competing American investors who could then cash in on their asset by selling the club in as little as five years, The Star writes today.

More: Start the bidding for Sheffield Wednesday

June 3, 2009:

WEDNESDAY'S takeover plan would bring a 20 million injection from new investors in return for them taking a controlling chunk of the club.

READ MORE: 20m cost of taking over at Hillsborough

June 2, 2009:

SHEFFIELD Wednesday chairman Lee Strafford said today that the club had landed a "huge" coup by the appointment of New York bank Inner Circle Sports as advisers on the Owls' bid to seal a US investment deal.

More:Strafford: 'If this doesn't deliver, Wednesday will never get major investment'

29 May 2009

WEDNESDAY have moved to ease any fears among fans that the Dave Allen saga could affect the club's fortunes.

More: In the clear

28 May 2009

Former Owls' chairman Dave Allen is to inject 6m – 2m more than previously envisaged – into League Two club Chesterfield, the Yorkshire Post writes today.

The deal has received Football League approval which allows Allen to maintain his financial interests, including loans, in Wednesday.

Allen has confirmed he has received the go-ahead to complete his takeover at Chesterfield.

He also warned Wednesday would be facing "D-Day" on repayment of his and other loans in the club next May.

He said: "My loans still stand in Sheffield Wednesday and I'm waiting for them to be repaid. I'm continually reading about extra money for players and it concerns me that they don't appear to be addressing the debt. Sometime judgement day is going to come.

"All the loan note holders are due for repayment next May – that's D-Day and the matter will have to be addressed then."

More: Owls agree pay-off and Allen cleared for Chesterfield takeover (Yorkshire Post)

14 May 2009

The club's business plan sets out the aim of becoming "more attractive to investors" by making the team "more competitive" and the club "demonstrating its fanbase through season ticket sales."

Wednesday say the club is "as secure as it can be" through a strong relationship with the Co-op bank and the work of longer-serving directors - and that there is confidence of finding investment as a "catalyst" for accelerated progress.

13 May 2009

effield Wednesday today made it clear that no Roman Abramovich-style figure would wipe out their 26 million debts.

While the timing of any investment windfall seems as difficult to determine as ever it was, Wednesday insist "parties from three continents" remain interested in a deal.

The club is looking for a "hands-off" investor" who would want the club run by a "good local management."

More: No Abramovich figure coming to Owls' rescue

06 May 2009

Lee Strafford has been in San Francisco talking to possible suitors who may want to invest at Hillsborough.

He told BBC Radio Sheffield: "We've been meeting people, but are a long way off finalising anything at this point."

More: Wednesday seek investment in US (BBC)

27 April 2009

Former Owls Howard Wilkinson says a proposed 30million investment in Sheffield Wednesday has collapsed, The Mirror writes today.

Wliko the investors pulled out because Football Leage rules would not allow them investing anywhere else.

More: 30million Sheffield Wednesday investment deal has collapsed (Mirror.co.uk)

10 April 2009

The takeover saga has been pushed to one side, writes Alan Biggs. He continues:

In truth, the investment issue has become more a case of "if" than "when." It was said to be in place earlier in the year; not yet apparently.

More: Tudgay happy to back Laws' recruitment drive

01 April 2009

Former Owls chairman Dave Allen is set to inject around 4m into Chesterfield Football Club, the Yorkshire Post writes today.

To comply with Football League rules on holding financial interests in two clubs at the same time, Allen has transferred around 275,000 of his five million shares in Sheffield Wednesday to former director at Hillsborough, Ashley Carson. The transfer takes his overall shareholding down to around 9.9 per cent of the total – the cut off figure according to League rules.

More: Allen poised to join Spireites (Yorkshire Post)

13 March 2009

Chairman Lee Strafford and chief executive Nick Parker intend to make a fresh approach to the Co-operative bank - owed 21m of a 25m debt - once they have formulated a revised strategy.

In a comment about the takeover Sheffield Telegraph sports reporter Alan Biggs writes: "The reality is that it (the takeover) will take more weeks and quite possibly months."

More: Owls buy-out plan hits new cash barrier

COMMENT: Long-suffering fans must keep faith

11 March 2009

Chairman Lee Strafford is confident that Wednesday can deliver a long-term investment deal, though the club have had to drop their target deadline of March 31.

Strafford said: "We may not have been able to reach agreement within our deadline but we are confident that the right investment will arrive in due course."

More: Chairman remains confident of investment (The Star)

10 March 2009 at 2pm

Wednesday has dropped their target deadline of March 31 for an investment deal to be completed.

An official statement released by the Owls made no direct mention of former chairman Dave Allen but said that not all parties involved are

currently prepared to accept compromises necessary for a deal with potential investors to go through within the hoped-for time scale.

Wednesday also say that the club remain in discussions with "credible potential investors.

More: Owls drop investment deadline

10 March 2009 at 8am

Dave Allen has told the Yorkshire Post he will only accept a full repayment of his loans in the club. He told the paper:

"There is no way they have done a deal with me. As far as I'm concerned there is no deal being done. They are wanting everybody to take a hit on the loans. As far as I'm concerned it's a debt that has got to be honoured in full."

More: Former chairman Allen wants full value of Sheffield Wednesday loans (Yorkshire Post)

09 March 2009

Former Sheffield Wednesday chairman Dave Allen has told the BBC he believes the proposed takeover of the club will not happen. He questioned whether major funding for Hillsborough has been

secured.

Allen also has said he wants full repayment of the 2m-plus owed to him by the club and that he has been asked to take a cut of around a third.

A club spokesman declined to comment on Allen's viewpoint but added: "The board are focussing on delivering the new investment that can give the club a brighter future and will update all shareholders and stakeholders when the time is right."

More: Owls 'no comment' on Dave Allen broadside

Owls takeover is unlikely - Allen (BBC)

06 March 2009

Strafford is continuing to explore trans-Atlantic links as a further clue that the buy-out could be heavily funded by investment from the United States. The Hillsborough chief, who has probed a potential partnership with a Major League Soccer outfit on trips to America, remains confident about bringing his plans to fruition.

More: Strafford's message to fans in Owls takeover countdown

02 March 2009

Sheffield Wednesday shareholders will be asked to OK a 50million buy-out by a syndicate from the USA, Britain and the Far East. It is belived the club will be in new hands by the end of the month.

More: Wednesday 50million buyout (external link)

27 February 2009

Sheffield Wednesday are planning to call an extraordinary general meeting inside the next fortnight in a bid to meet the March 31st takeover target.

More: Takeover on target

13 February 2009

WEDNESDAY this afternoon annouced a major new step in their bid to bring investment into Hillsborough. A deal has been agreed with the Co-op bank over money they are owed, and talks with other major creditors and certain key shareholders are at an advanced stage.

More: Owls announce bank deal

10 February 2009

SHEFFIELD Wednesday have turned their backs on a lucrative shirt sponsorship deal - choosing instead to promote the city's Children's Hospital charity for free.

More: Sheffield Wednesday's hospital shirt deal

23 January 2009

With a new chairman and new chief executive in place things are looking brighter at Hillsborough.

In a comment Alan Biggs writes: "Whatever the financial complexities to come - no Hillsborough takeover could ever be straightforward - Strafford is rapidly emerging as the right man at the right time."

More: When a 'little' means such a lot

16 January 2009

Chairman Lee Strafford claims to be on track to secure new investment for Wednesday.

More: Owls' chief 'on track' to secure new investment

09 Janaury 2009

Howard Wilkinson has been recruited by new Sheffield Wednesday chairman Lee Strafford to help spearhead the club's drive for fresh funding.

Investors from around the world, identified but as yet unnamed beyond known links with America and Asia, are set to be invited to buy up newly created shares.

More: Wilkinson's back

07 January 2009

New Wednesday chiefs Lee Strafford and Nick Parker could bring around 50m into the club over the next three to five years. It is understood that rather than the club being sold in a complete takeover, the board will pursue a large issue of new shares, which would be bought by the potential investors as a way of gaining control, and with the money going directly into the club.

More: New Owls supremos chase 50 million investment

02 January 2009

Two fresh directors are fronting a global takeover enterprise on behalf of Wednesday, shirt sponsor Lee Strafford and financial expert Nick Parker.

Four individuals or groups spanning three continents have been enlisted as potential investors for a Hillsborough buy-out due to be completed by March 31.

More: Change of regime in the air at Owls after Walker goes

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Letters

19 December 2008

Wednesday have gone global in their bid for new investment. The four undisclosed parties mentioned by finance director Bob Grierson at the annual general meeting are understood to be spread across three continents.

It appears that the latest initiative has taken the takeover issue on to a new, higher plane and that major change really could be on the

way.

More: Owls money bid set to go global

11 December 2008

More than 300,000 put up by financiers to help fund a proposed takeover of Sheffield Wednesday is on the verge of finally being repaid, the Yorkshire Post reveals today.

More: Owls' takeover cash is set to be returned (extrernal link)

02 December 2008

Wednesday chief executive Kaven Walker has told the BBC he believes a takeover by Geoff Sheard is off.

"I don't think he (Sheard] has spoken to anybody recently, so you can draw your own conclusions to that," Walker told BBC Radio Sheffield.

"Personally, I think it's dead. That is my view."

Walker also told BBC that the club is taking to other interested parties.

Owls takeover dead, says Walker

27 November 2008

Brian Laws is satisfied Sheffield Wednesday can progress with or without a takeover after agreeing a new deal to the summer of 2011.

At the same time a loan debt owed to former chairman Dave Allen threatens to dent improved financial figures - and, barring a takeover, it might only be resolved by the sale of a key player.

More: Laws aiming high

Allen repayment looms over Owls

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

NEXT PAGE FOR MORE >>>

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

22 May 2008

Silence is still golden from Hillsborough regarding the takeover. In a poll on the Vital Sheffield Wednesday website fans were asked how optimistic they are that a takeover of the club would happen.

61 per cent answered the believe a takeover will never happen, while

only 23 per cent belived a deal could be sealed before the start of the season.

Read more about the poll on www.vitalfootball.co.uk

16 May 2008

No real news on the takeover, but Wednesday hope their appointment of financial experts Deloitte to handle takeover approaches will filter out any frivolous interest and protect the club from being exploited through the media.

The Owls also aim to be more competitive in the Championship next season with or without a takeover. The club say Brian Laws has been handed an increased budget for wages and the figures preclude the need for any player sales.

More: Budget bonus for Laws as he targets midfield duo

08 May 2008

A Canadian group which has been linked with Sheffield Wednesday have ruled themselves out of the running for a Hillsborough takeover.

Top officials from Maple Leaf Sports and Entertainment met the Owls, Southampton and Reading on a recent trip to England.

They also watched matches at Spurs and Chelsea and attended a football business convention.

It started a wave of speculation in England and Canada that Maple Leaf, who own Toronto FC, could be launching a bid for an English club. But the company, said from the outset that their trip was a fact-finding mission and it was premature to link them with an English takeover.

It is understood that they have now decided that English football is not for them.

More: Canadian no to Owls bid

08 May 2008

Wednesdayite have welcomed the club's official announcement about a search for a buyer. Chairman Darryl Keys sees it as way of possibly stimulating interest - though the consortia led by Geoff Sheard and Jon Sotnick remain in the hunt.

Keys revealed that he has been in touch again with both men this week.

"We welcome anything that is going to stimulate meaningful investment in the club," said Keys, who is on a business trip in America.

"I've been in contact with both consortia in the last few days and they were reasonably satisfied with their progress.

"If the club's statement stimulates the negotiations with the two consortia and a formal offer is made, or if it brings someone new to the table, then that can only be a good thing.

"We have to think about the club."

Keys said he had no reason to suggest that the Sheard and Sotnick groups would not firm up their proposals.

Sheard told The Star: "We are in the middle of a takeover bid for Sheffield Wednesday and, because I am bound by Takeover Panel rules, I cannot comment further."

More: Owls stir it up - fans hope club announcement will spark takeover

08 May 2008

After appointing financial services giants Deloitte Touche to "actively seek" a buyer a club statement from Wednesday read:

"The board continues to be open to dialogue with any bona fide offeror and to working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration.

"While certain discussions are still ongoing, there can be no certainty that a formal offer to shareholders will be forthcoming.

"As a result, the board have now requested that its financial adviser, Deloitte & Touche LLP actively seek a buyer that shares the board's vision for the long-term success of the club."

The statement added: "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: Wednesday look for buyer

07 May 2008

Sheffield Wednesday today widened the search for a buyer of the club.

They told the Stock Exchange that "certain discussions" on a takeover are continuing but aren't certain to result in a bid.

So the Owls have appointed financial advisors Deloitte and Touche - one of the biggest consultancy firms in the world - to seek fresh investment.

Rival consortium leaders Geoff Sheard and Jon Sotnick have already been talking to the club.

Chief executive Kaven Walker said he hoped dialogue with potential investors would continue and the club would welcome any future offer.

"There is always the potential, however, that an offer will not be forthcoming and as result the board felt the time was right to open and make more transparent the process of seeking new investment," said Walker in a statement on the club's website.

"We are delighted to have secured our place in the Championship.

"Deloitte will now work with us to actively seek buyers, which we believe is the right strategy in order to help the club look up the league, not down."

Walker said that if a buyer was not found the club's future remained secure.

"We are seeking new investment purely to help build future success both on and off the pitch," he said. "We are under no time constraints to find an investor. Business at the club will continue as normal"

He said that he would be meeting manager Brian Laws this week to discuss the summer transfer window. "Today's news does not change the way we view the market," he stressed

"We are under no financial pressure to sell any player."

More: Owls step up bid for buyer

02 May 2008

Former chairman Dave Allen insists that no deal has been struck with the Geoff Sheard consortium.

Wednesday have been visited by a delegation of high-powered sporting entrepreneurs from Toronto whose designs on buying an English club could widen the race for power.

The company - which owns top ice hockey, basketball and football franchises across the Atlantic - dispatched its leading executives to Hillsborough within the last month.

Sheard remains in pole position but the Owls - who are exercising caution after February's false dawn - have the safety net of other interest and are ready to entertain it.

Sources close to Hillsborough have confirmed a meeting took place with MLSE which was hosted by chief executive Kaven Walker.

The delegation, which included chief financial officer Ian Clarke, kept their intentions close to their chest. But the word from Hillsborough is that Wednesday would see an organisation of MLSE's stature - worth nearly two billion dollars - as a preferred bidder if an interest was pursued.

The club are committed to acting on concrete approaches but will keep their options open. Although MLSE appear not to be as wealthy as Sheard's backers have been said to be - rumours of Russian, as well as European, involvement are still circulating - the source of the money would be out in the open.

That said, Sheard will have a clear edge if and when the exact identity of his financiers can be revealed and the considerable obstacle of the shares can be resolved.

Allen is understood to have spoken out to show that he and the club - who can't comment under takeover rules - are as keen as supporters to do a deal, and to correct any suspicions that they are blocking it.

More: Takeover turmoil

01 May 2008

Sheffield Wednesday this afternoon appeared to cast doubt on the Geoff Sheard takeover by announcing they had not yet received a "sufficiently clear or developed" proposal from any party.

It follows claims from sources close to the Sheard camp yesterday that a deal for the shares held by Dave Allen, Keith Addy and Geoff Hulley had been agreed.

The Owls today made a statement to the Stock Exchange and published it on their website.

It is the club's first official comment on the saga since they told the City in February that they had received interest that may or may not lead to a takeover.

Today the Owls also made it clear that they remain open to offers.

Their statement says: "The board of Sheffield Wednesday announced on February 29 that it had received an indicative non-binding expression of interest which may or may not lead to an offer being made for some or all of the shares in the company.

"The board notes recent press comment relating to the imminence of an offer for Sheffield Wednesday and to certain shareholders in the company having agreed to sell their shares to Mr Geoff Sheard, one of the parties referred to in the recent press as a potential offeror for the company.

"The board wishes to confirm that it has not at this time received any offer proposal from any party that is sufficiently clear or developed with regard to, inter alia, terms, source of finance, timetable or the process by which any offer for the company is to be implemented.

"The board continues to be open to dialogue with any bone fide offeror and to working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration.

However, the board does not currently have the required evidence to suggest that the posting of any offer document to shareholders is imminent.

"The board also wishes to confirm that none of the company's directors including Mr Geoff Hulley, has entered into any arrangement with any party regarding the sale of their own respective shareholdings in Sheffield Wednesday.

"Further, the board has received written confirmations from Mr David Allen, former chairman of the company and Mr Keith Addy, a former director of the company that they too have not entered into any such arrangements at this time.

"The board will keep shareholders informed of any further material developments."

Two consortia are known to be aiming to take over the Owls: one led by Sheard, a Lancashire businessman, and another fronted by Jon Sotnik, former chief executive of Darlington.

More: No Sheard bid, says board

NEXT PAGE FOR MORE >>>>>>>>30 April 2008

Progress is being made in the takeover of Sheffield Wednesday by businessman Geoff Sheard.

A bid of around 5m by Sheard to buy the shares held by Dave Allen, Geoff Hulley and Keith Addy is believed to have been accepted.

A timescale for a takeover is unknown - with the Owls currently focusing on Sunday's match against Norwich and ensuring Championship safety.

But Sheard appears to be ahead of former Darlington and Boston chief Jon Sotnick in the 40m takeover battle.

Sheard has appointed the country's fifth biggest firm of accountants, Grant Thornton, who handled a takeover at West Brom, to administer the purchase of shares. If that goes through then Sheard's full takeover will be on course.

26 April 2008

Jon Sotnick's consortium are "extremely close" to making a bid for the Owls, says the former Darlington chief executive.

Sotnick says that he is working with UK investors who have substantial funds.

He sees himself as potentially an executive chairman of the Owls.

Money - thought to be up to 50m - is currently lodged offshore, and a bid to Hillsborough is planned when the funds have been switched to a British or European bank, said Sotnick.

"My understanding is that we are extremely close to making the offer, but I am not willing to take an offer to the board until we can show that the funds are onshore."

Sotnick said he has "three or four" backers and they are "substantial individuals."

He also said: "I would not have entertained starting a consortium unless the consortium could satisfy me that it will - A. Solve the club's financial crisis and alleviate the debt, and B: Put enough money into the pot for transfers."

Sotnick is also targeting promotion - "from whatever league we are in" - and says that his group's bid is not dependent on Wednesday staying in the Championship.

"What interests me in the history, heritage and size of the club, and the fan base," he added.

"I know what I am doing. I have contacts in the League. I did a good job at other clubs, and Wednesday would be my biggest challenge.

"I want the team to be successful and the fans to enjoy that success.

"I want see Hillsborough as a stadium that is back at the forefront of British football, and for fans to enjoy the facilities."

Sotnick's consortium are rivalling a group led by Lancashire businessman Geoff Sheard.

More: Owls takeover bid 'extremely close'

25 April 2008

Former Darlington chief executive and Boston United chairman Jon Sotnick is understood to be the man rivalling Geoff Sheard in the battle for control of Sheffield Wednesday.

Sheard is well known as the front man of a consortium trying to take over the club.

The identity of a second, rival group putting together a multi-million pound package has been a mystery - until now.

Sotnick moved into Boston in 2004 and left two years later after what the then team manager Steve Evans called a "magnificent job." He switched to Darlington where he worked under millionaire owner George Houghton and left last December.

As with the Sheard group, the exact identity of his backers and extent of funding has yet to emerge - though it has been reported that Sheard is offering 40m.

The takeover saga has been going on for months and it is not yet clear why the affair has been so protracted, with a deal yet to be struck between any consortium and Wednesday's four main shareholders: Wednesdayite, Dave Allen, Geoff Hulley and Keith Addy.

Wednesdayite, who have yet to receive an offer for their 10 per cent stake, have confirmed that they and the Shareholders Association met Sheard at a Leeds hotel on Monday.

Chairman Darryl Keys has spoken within the last 24 hours to Sheard and to the rival consortium.

Though not commenting on the identity of the second bidder, Keys said: "Geoff Sheard seemed relaxed and happy. The other party have told me they are making good progress. Because of what I have been told, I am convinced that ultimately some sort of deal can be done."

He feels that the issue may have been complex, partly because of the spread of the Wednesday shares.

Keys added: "I think everybody wants to see investment in the club. All we can do is to is to encourage any parties who are interested.

"I think this all has to come to head fairly soon, because discussions have been taking place for some time."

The club and any bidders have yet to comment on the takeover as they are restricted by Stock Exchange rules.

23 April 2008

Leading officials of fan groups Wednesdayite and the Shareholders Association, and consortium front man Geoff Sheard are understood to have met at a Leeds hotel this week - which is seen another step in the attempted takeover of the Owls by the Sheard group.

More: Owls takeover latest

18 April 2008

There remains a huge divergence between the noises coming out of Hillsborough and the word from the Geoff Sheard group.

In such circumstances - where neither party can speak openly - it's not copping out to say that the truth is impossible to pin down. And the same applies to the rival London-based consortium which appears to be gaining ground.

It's worth noting that it was the same club sources who gave the Sheard deal the thumbs-up at the outset - and was the basis of a Telegraph story proclaiming it. What has changed? The untimely rise in season ticket prices for next season, understandably controversial, might suggest the club are digging in for another difficult year.

Certainly, the signals being sent out by the two parties can't both be right. It's a question of who people believe.

More: Sheffield Wednesday boss looks for boost from walking wounded

10 April 2008

Sources close to Hillsborough have confirmed that a formal offer has yet to be received from the Geoff Sheard group who had at one stage convinced the club a takeover was imminent.

Nor, it seems, is an acceptable bid anticipated.

The reason for the delay is unclear but it has intensified doubts that the deal will happen, whether or not Wednesday stay in the Championship.

It is understood that the London-based group who have been interested in the club are emerging as a more viable option, though this potential bid remains at the formative stage.

More: Still no formal offer for Wednesday takeover

04 April 2008

No news could be good news on the takeover front. At least it is keeping attention fully focused where it should be right now - on the field.

More: We'll win it for the boss, says upbeat Grant

20 March 2008

Sheffield Wednesday are understood to have had no contact with takeover middle-man Geoff Sheard for over a month.

This has sparked fears within Hillsborough that the deal could be dumped amid conflicting versions of a delay that has left the ball in Sheard's court.

Reports believed to have emanated from the Lancashire businessman have referred to an unexplained "hitch" rather than a total breakdown. Fan group Wednesdayite's optimism does not seem to be shared by the club at this stage, as it was a month ago. But, though the Owls won't want to be left dangling, while ever there is hope of a resolution Wednesday won't do anything to jeopardise the earlier negotiations.

One theory is that the timetable for the Russian-backed venture has shifted to the end of the season. If so, the need to stay in the Championship becomes even more pressing.

More: No word on Sheffield Wednesday takeover

18 March 2008

Sheffield Wednesday appear to be inching closer to a takeover deal - with hopes rising that it could be clinched within the next few weeks.

There has been no sign of a firm offer for shares yet, almost three weeks since the Owls confirmed interest, in a statement to the Stock Exchange. But Sheard has confirmed to Darryl Keys, chairman of fan group Wednesdayite, that the takeover bid is on track.

Wednesdayite were promised three weeks ago that an offer for their 10 per cent stake in the club was imminent. The Sheard group are also likely to have been in close contact with the club.

It is understood that the consortium could make offers within the next week for the shares of the Owls directors, including the 10 per cent stake held by Geoff Hulley, and for the 20 per cent shared by former directors Dave Allen and Keith Addy..

Once 30 per cent was secured, this would effectively give a buyer control of the club and, under City rules, trigger a bid for all the other shares, including Wednesdayite's stake.

Wednesdayite are set to ballot their members to change the group's rule that says shares cannot be sold. Then the group would hold a second ballot on any definite offer.

More: Owls takeover 'still on track'

07 March 2008

Sheffield Wednesday's takeover trail may have cooled and is currently shrouded in confusion - but one factor that remains constant is the link with Russian billionaire Vladimir Yevtushenkov.

The Telegraph was first to float the name of a mystery backer and a week later the connection with the Moscow-based telecommunications tycoon has not been severed.

A 60m deal apparently backed by Yevtushenkov and brokered by Lancashire businessman Geoff Sheard seemed on the brink of completion last Friday when Wednesday informed the stock exchange of the approach and the possibility of a bid.

Now there is a lull in the proceedings and the Telegraph understands that no formal offer has been received.

More: Russian tycoon still in the frame

29 February 2008

Wednesday today officially told the London Stock Exchange that they have had an approach that may lead to a takeover.

The statement says: "The board of Sheffield Wednesday has received an indicative non-binding expression of interest which may or may not lead to an offer being made for some or all of the shares in the company.

"A further announcement will be made when appropriate."

It also confirms that a definite offer has not been received.

A spokeman for the Stock Exchange said: "Companies have to apply the Takeover Panel rules on disclosure; they have to issue information to the market so that shareholders have the information they need."

More: Owls inform stock exchange of takeover approach

28 February 2008

A RUSSIAN billionaire is understood to be at the centre of the Sheffield Wednesday takeover mystery.

Wednesday are being promised colossal funding of up to 250m as the club move to close a revolutionising deal in the Hillsborough ownership race.

Overseas backers leading the frontrunning bid are believed to be from Russia. They are ready to transform Wednesday's profile and prospects under the terms of a transaction that was nearing completion this week. Another group, believed to be London-based, are pursuing a rival enterprise.

Identities have yet to emerge but the Telegraph believes that one Russian billionaire - and possibly two - could be financing the first venture.

More: Owls promised colossal funding

26 February 2008

THE man fronting an attempted takeover of Sheffield Wednesday has told fan group Wednesdayite that everything is going to plan.

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.

More: Owls takeover 'on course', says fans group

15 February 2008

Former Sheffield Wednesday suitor Paul Gregg's apparent advance on Southampton has added a new - and old - ingredient to the Hillsborough takeover teaser.

The ex-Everton director was pressing a bid for control of the Owls when former chairman Dave Allen revealed a solicitor's letter in which Gregg expressed unease about Wednesdayite's 10% shareholding.

Agreement from two former directors - Allen and Keith Addy - plus fellow 10% stakeholder Geoff Hulley, and the fan group, will all be required when the identity of bidders emerges. Gregg, I understand, has found a more viable route into Southampton and negotiations are verging on a deal.

More: Gregg adds to Owls takeover teaser

11 January 2008

Hillsborough insiders insist Sheffield Wednesday are likely to be in new hands by the end of the month as manager Brian Laws battles to keep body and soul together on the football side of the business.

More: Laws fights on as takeover looms

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