Although consortia led by Lancashire-based businessman Geoff Sheard and former Boston United chairman Jon Sotnick have held talks with club directors, the Owls are now widening their search for new investors.

The statement says: "Further to the announcement made on 1 May 2008, the board of Sheffield Wednesday confirms that it has still not received any offer proposal from any party that is sufficiently clear or developed with regard to, inter alia, terms, sources 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 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 Boards' vision for the long term success of the club.

If a buyer is found and its terms are acceptable to the board then that party would be required to make an offer to all shareholders subject to the City Code on Takeovers and Mergers for the entire issued share capital of the company.

"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."

Full story and reaction in Thursday's Yorkshire Post