As the saga continues to rumble on with little sign of a conclusion, Sheard also said he would reveal the background of the backers – once he has their approval.

The Lancashire-based businessman told Wednesdayite, who own 10 per cent of the club's shares, that delays in the takeover have been partly due to the investors being busy with other deals.

But more than eight months after a deal was first mooted, patience is beginning to wear thin and Wednesdayite chairman Darryl Keys said: "We would urge him to do whatever is possible to conclude the deal urgently. Everyone can talk until the cows come home, but the bottom line is all about him delivering the money and doing the deal."

Sheard has previously said the funding is now in a London branch of HSBC, but he told Keys he couldn't provide proof until he was given legal authority to do so.

He also told Keys that London-based lawyers were now working on the final details of the deal though their identity remains unknown.

The would-be new Owls chairman reiterated to the Yorkshire Post funding was now in the UK and that he was in London "getting on with the deal" which he previously said hopes to be concluded this week.

Sheard initially provided proof of £80m funding from the Private Capital Bank in Dominica, but has since said the money was never in the Caribbean and was actually held in a Swiss trust.

Sheard added: "We are buying 29.9 per cent from three shareholders, we have an agreement with the football club going forward, the money has been proven to come from Switzerland and from the two investors – it has nothing to do with the Private Capital Bank."

Any takeover of Wednesday would involve negotiations with the Co-op Bank, which the club owes in excess of £20m.

Sheard has previously said talks with the bank would take place either this week or early next.

The bank declined to comment yesterday though club sources have said earlier meetings arranged with the bank have been cancelled.

Although Wednesdayite are one of the four key shareholders, Sheard is concentrating on buying the shares of former chairman Dave Allen, former director Keith Addy and current director Geoff Hulley.

All of them have agreed, in principle, to sell once funding is in place. Sheard would also have to repay a series of individual loans for the deal to go through, with a total investment of around £7m.