The Owls have debts of £27m and narrowly avoided relegation to League One, but several parties are keen to invest and take the Championship club back to the Premier League.

Lancashire-based businessman Geoff Sheard and former Boston United chairman Jon Sotnick have led the chase in recent weeks, but both have failed to submit any kind of written proposal.

Now the Owls have instructed financial advisers Deloitte and Touche to widen the search for fresh investment – which puts pressure on Sheard and Sotnick to back up their promises with hard cash.

Walker, however, is stressing that the club are not relying on a change of ownership to survive next season and insists there is no pressure on manager Brian Laws to sell players.

"The long-term future of this club is secure," he said. "We are seeking a buyer capable of investing in the club – purely and simply to help build future success both on and off the pitch.

"We are under no time constraints to find a buyer. Business at the club will continue as normal and I, along with the rest of the executive and management, will work hard to make the club ready and competitive for next season, whether we have new investment or not.

"What I would like to make clear is that we are under no financial pressure to sell any player," he added. "And I, along with the board, will give the manager as much help as we can to make us ready for the start of the new season. Should any new investment be forthcoming, then of course our plans will change accordingly."

Former chairman Dave Allen, former director Keith Addy and director Geoff Hulley still control the biggest combined shareholding in the club, a 30 per cent stake, which is worth around £5m.

Sheard instructed accountants Grant Thornton to complete the purchase of these shares last week but, until a written offer has been submitted and accepted, they are going nowhere.

Both Sheard and Sotnick have also held meetings with representatives from the supporters' group, Wednesdayite, who own a 10 per cent stake in the club, and the Shareholders' Association, whose members control a 12 per cent stake.

The rest of the club's shareholding is widely spread among a large number of minority shareholders.

Commenting on the recent links with prospective buyers, Walker admitted: "The board and I have been in contact with potential investors and buyers since the New Year. At this stage, no formal offer has been made to buy the club.

"We hope these dialogues continue and will welcome any future offer," he added. "There is always the potential, however, that an offer will not be forthcoming and as a result, the board felt the time was right to open and make more transparent the process of seeking new investment."

The Owls' final game of the season against Norwich City on Sunday attracted 36,208 fans, the biggest Championship gate of the season, and the club's biggest home gate for seven years. One of the main reasons for this attendance was the club's decision to reduce ticket prices but, next season, prices have been increased.

Walker said: "We have some of the best fans in the country and are confident that next season many more supporters will share in the unique experience of match-day at Hillsborough. Just think what the club and city would be like if we were challenging for promotion."

Laws is due to sit down with Walker in the next few days to discuss the club's requirements for next season and make decisions on players whose contracts are about to expire.

Club captain Lee Bullen has already waved farewell, but decisions are expected on Ronnie Wallwork, Burton O'Brien, Sean McAllister, Rob Burch and Richard O'Donnell.

Bartosz Slusarski, Graham Kavanagh, Adam Bolder, Franck Songo'o and striker Ben Sahar have now completed loan deals at Hillsborough.

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