More than eight months after first launching a bid for the Owls, Geoff Sheard said the funding was now in place to buy a 29.9 per cent stake in the club with money from two investors – one British and one German.

The latest optimistic bulletin from Sheard follows a series of let-downs when previous dates for completion have slipped by. But he told the Yorkshire Post: "It's a matter of days away – I'm hoping we're done this week."

Former Owls chairman Dave Allen said he had also been told his 10 per cent stake in the club should be bought by Sheard in the next few days.

Allen said: "He phoned me to say the funds were in place – which I'm pleased about – and it was hoped to do the deal by the end of the week."

Fans of the debt-ridden club are desperately hoping for fresh investment at Hillsborough, but Sheard was coy about how much money would be available after between £7.5m and £8m was spent on buying shares and paying off loans.

Wednesday owe the Co-op Bank in excess of £20m and the bank would be unlikely to sanction any significant spending on the team without money also going towards reducing the debt.

Sheard said he had had two telephone conversations with the club's bank which he described as "very receptive", but although he added the aim was to make Wednesday "debt-free" he would not be drawn on how this would be achieved.

The prospective new Owls chairman said he had also spoken to the club yesterday and added: "We have an agreement in place with the club to co-opt me on to the board. Everything is ready to go."

The identity of the investors remains unknown, but the Lancashire-based businessman did reveal one was British, the other German and neither had previous involvement with football. He said both had spoken to club officials.

"We want to stabilise the club first and then get it back to its former glories. There's no fixed timescale, but we don't want to see the club fumbling round the bottom of the Championship and we have to get the building blocks in place to make sure that doesn't happen."

A change of control now would come too late to buy players after the closure of the transfer window, but Sheard said funds for quality loan players could be available.

The club have declined to comment until any deal to buy control of Wednesday is formalised. Sheard is planning to buy just under the 30 per cent stake which would trigger an automatic offer for the remaining shareholding.

As well as Allen, he also has agreements, in principle, to buy shares off former director Keith Addy and current board member Geoff Hulley. It is understood Sheard has spoken to both Addy and Hulley this week to reassure them funding is now in place.