Fans group Wednesdayite, which owns a 10 per cent stake in the club, said supporters' confidence in the takeover was beginning to drain away and issued a fresh plea for alternative investors to come forward.

But businessman Geoff Sheard last night again insisted he was fully committed to taking control of the club and hoped to arrange a meeting between the three leading shareholders next Wednesday to thrash out a final solution.

Click here to read about the delay to the deal.

Click here to read about Geoff Sheard's background.

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

Wednesdayite chairman Darryl Keys said: "The club can't stay in limbo forever. We've had lots of assurances but no clarity or verifiable evidence that he can conclude the deal.

"The longer it goes on, the more and more people feel it's unlikely to happen. There's a definite change in attitude among fans and the mood is now one of concern."

Keys also urged any other potential investors to come forward and underlined Wednesdayite's willingness to help bring fresh money into the club.

Sheard had said bank guarantees would be provided to shareholders this week but last night said the best way forward was a meeting to thrash out a deal.

He said: "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."

Sheard hopes to buy a 29.9 per cent controlling stake in the club by acquiring the shareholdings of former chairman Dave Allen, former director Keith Addy and current director Geoff Hulley. The deal would cost around £8m, including the paying off of directors' loans. Allen said a meeting next week had also been suggested to him though he declined to comment further.

He also reiterated the funds for the deal are unconnected to an offshore bank in Dominica despite a letter from the Private Capital Bank (PCB) being used as proof of funding in January.

He said the investors' money is based in Switzerland and that the major shareholders had been told they could be paid through recognised banks in either Berne, Zurich or London.

The PCB has told the Yorkshire Post it doesn't know who Sheard is, that the letter has nothing to do with them and that it was disappointed the club had not been in contact to verify its claims.

The club said it could not comment because of confidentiality rules surrounding its announcement to the Stock Exchange that it had received a takeover bid.

But a source has revealed that Wednesday had immediately asked for the name of a lawyer to verify funding which was never forthcoming. The club remains unaware of which lawyer is working for Sheard.

The Lancashire-based businessman has declined to say which lawyers are working on the deal. Although he has been in regular contact with the club, Sheard's approach has changed from wanting to buy out the entire shareholding to trying to buy three individual blocks of shares.