Hobson, a lifelong Owls supporter, previously led a failed takeover bid by a Jersey-based consortium and also offered to pay £250,000 for a seat on the board last season.

However, amid fears that the latest proposed takeover deal, involving Lancashire-based businessman Geoff Sheard, is not going to materialise, Hobson has put a stop to rumours suggesting he may be willing to step into the breach.

"I still love Sheffield Wednesday but if anyone thinks I am going to chuck money at the club, they can forget it. That's not going to happen now," he said. "We tried and tried but we were never encouraged. My money has gone into other projects."

Hobson's lack of appeal to former chairman Dave Allen was always regarded as one of the main stumbling blocks to his proposed investment in the Championship club.

Although Allen stepped down from the board one year ago, that has not changed Hobson's view on the situation.

Fans group Wednesdayite, who own a 10 per cent stake in the club, have expressed 'increasing concerns' about the delay in Sheard's takeover plans and are now in talks with four other parties who want to buy into Hillsborough.

Owls defender Tommy Spurr, meanwhile, is likely to be sidelined for a month after rupturing ankle ligaments in the club's weekend defeat at Plymouth Argyle.

Spurr will definitely miss the Steel City derby at Hillsborough on October 19 and a South Yorkshire derby at Barnsley two days later.

The Owls have games against Birmingham City, Plymouth and Crystal Palace before another local derby against Doncaster Rovers on November 8.

Manager Brian Laws said: "Thankfully, Tommy's ankle is not as bad as we first thought – but it is still a blow knowing that he will be out of action when we have a number of important games straight after the international break."

There was one piece of positive injury news for Laws last night as USA international Frank Simek played his first football after a 10-month injury lay-off.

The Owls right-back played the first 45 minutes for the reserves against Bradford last night after finally recovering from ankle ligament damage suffered at Crystal Palace in December 2007.