Back in January, the club and its main shareholders were presented with a copy of a letter purporting to be from the Private Capital Bank in Dominica, titled "Acquisition of controlling shares in English League Football Club."

The letter was addressed to Lancashire-based businessman Geoff Sheard and used by him as an initial proof of funding from his anonymous backers.

Click here to read about the mounting pressure on the takeover.

Click here to read about Geoff Sheard's background.

Click here to read about the Owls' fall from grace.

The Yorkshire Post has now obtained a copy, on Private Capital Bank (PCB) headed paper, pictured right, which says that its client and account holder had "in excess of 100m Euros in cleared funds with full valid provenance" available, "a portion of which we are permitted to use to consummate this share purchase." The share price, at that time, was identified as being 30p.

The letter – written in the name of an underwriter called Richard Francis but unsigned – kick-started a chain of events which included the football club making an announcement to the Stock Exchange about a potential takeover bid and fans group Wednesdayite organising a ballot of its members which agreed, in principle, to sell its 10 per cent stake in the club to Sheard.

However, it transpires that although the bank exists and has had a licence since last year, it has never actually operated. It has no money in it, no account holders and no clients with 100m Euros.

When Sheard was first asked about why he had used the letter he said it was a method of "getting a foot in the door" to begin negotiations. Insisting the money to buy control of the club was never in the Caribbean, he added that the bank's owner was a friend.

But Sheard has since said he doesn't know Bobby Wahi, the bank's owner and chairman – and the bank says Wahi doesn't know Sheard.

The bank's director, Dominica's former attorney general, David Bruney, is less than happy about the use of the bank's name.

He said: "It has nothing to do with us. Our position is that anyone could have taken this off our website and given it to them.

"Bobby's position is that he doesn't know anything about this. He's never heard of him and doesn't know him.

"We're pretty upset that Sheffield Wednesday would have entertained an unsigned letter. Why couldn't they have asked 'does this letter originate from your bank?' It's absolutely ridiculous. It has nothing to do with the bank.

"I would have told Sheffield Wednesday it's impossible. There are no bank accounts, we haven't started our operation yet."

Sheard now refuses to discuss the involvement of the PCB, insisting the finance for the deal is completely separate and involves money coming from Switzerland.

Then there's the issue of legal representation. Despite the saga now running for over eight months, the only known lawyer appointed to act for Sheard is Dr Hans Ulrich Sutter, based in Geneva.

He said he met Sheard three times in Switzerland and initially said he knew very little detail about the bid. Dr Sutter later expanded on his role and said it had centred on a plan to move money from the UK to Switzerland where it was thought it might be a financially advantageous location from which to invest in Wednesday. When it was quickly decided, in July, that it was too complicated, Dr Sutter said the money was moved back to the UK where as far as he knew it remained.

He could not say whose money it was or the full amount involved although he did initially say around 6mEuros (£5m) was in the UK to begin the buyout process.

Dr Sutter also said he understood the money was provided by individual investors based in the UK and was not held in a trust.

Despite this, at least one of Wednesday's main four shareholders received another letter purported to be from the PCB in March saying funding had been deposited in a trust in Switzerland.

Another key issue is the involvement of the Co-op bank who Wednesday owe £23m. Sheard's bid involves taking an initial 29.9per cent stake in the club, just short of the 30 per cent which would automatically trigger an offer for the entire shareholding. But club officials believe any deal to take control of the club would have to involve negotiating with the bank which has a series of agreements in place to manage the debt.

A club source has previously revealed two previous meetings arranged with the Co-op were cancelled by Sheard.

Three weeks ago, Sheard insisted he had engaged the services of a US financial expert for an imminent meeting with the bank. No meeting has yet taken place.

Sheard also told fans group Wednesdayite last month that the money was now in a branch of the HSBC bank in London. He promised to provide Wednesdayite with proof but then said he needed authorisation to do so.

That issue then seemingly dissolved when Sheard said he was now going to deliver bank guarantees to the three main shareholders he has agreed, in principle, to buy shares off – former chairman Dave Allen, former director Keith Addy and current director Geoff Hulley. The price agreed earlier in the summer is 20p a share, with Sheard also agreeing to pay off directors' loans as part of a package costing around £8m.

But that notion also seems to have morphed into another proposal, this time for all the parties to meet next week for a summit aimed at sorting out a deal once and for all.

The only clarity surrounding the entire situation is that Sheffield Wednesday desperately needs new investment but whether the Sheard option is really the best way forward must now be open to doubt.