The Lancashire-based businessman fronts a Swiss-based trust which is on the verge of completing an £8m deal to rescue the cash-strapped Championship club.

Fans group Wednesdayite, who own a 10 per cent stake in the Owls, had offered to sell their shares to Sheard at a knock-down price – but only in exchange for a place on the new board.

That request has been snubbed by Sheard whose £1m offer for Wednesdayite's shares is set to be put to a vote just days before the start of the new season.

It has also emerged that former Home Secretary David Blunkett, a lifelong Wednesday supporter and Wednesdayite patron, is advising the group on whether to support Sheard's proposals.

If Wednesdayite do vote to reject Sheard's offer, it will jeopardise a takeover deal that has been in the pipeline for the last five months.

The Owls have debts of £27m and have been out of the Premier League for the last eight years.

Sheard has struck a deal to buy a 10 per cent stake owned by former chairman Dave Allen and is still in talks with former director Keith Addy and director Geoff Hulley to buy their 10 per cent holdings.

However, without the support of Wednesdayite – who have 1,200 members – Sheard's consortium may turn its back on the deal.

A letter obtained by the Yorkshire Post revealed Wednesdayite's request for a seat on the board along with 26 other questions relating to the proposed takeover.

Sheard declined to answer many of the questions and has also turned down an invitation to address the group's members on the night of the ballot.

Last night, Darryl Keys, Wednesdayite chairman, said: "None of our questions were pre-conditions or demands – we cannot insist on anything – we simply felt that the more information he was able to provide, the more likely he would be to achieve his objectives.

"It will be up to the members to decide whether the information he has provided is adequate or not. Getting a representative on the board is going to be a non-starter. We would have been more comfortable going down that route but we understand that – when you are making an investment of that size – you might not want that incumbence.

"We won't criticise anyone for that decision and we don't feel there was anything wrong in making the enquiry," he added.

"Some people would have been less demanding in their need for information because they may think anything is better than what we have already got at Hillsborough. Our members comprise a cross section of Wednesday fans, some pro-board, some anti-board.

"Everyone wants to know who is behind the bid, people are naturally suspicious," he said. "Mr Sheard has not shed any light on the identity of his backers apart from saying they are a Swiss-based trust.

"Our ballot will show whether members feel that is important or not. If he doesn't answer anything, he will find it more difficult to convince our members. Our only interest is the long-term future of SWFC – which we value greatly and where we have a responsibility to the next generation of Wednesday supporters to ensure they have a club in better health than it is now and which is maximising its potential."

Explaining Blunkett's role in the process, Keys said: "We have been seeking advice from a number of our patrons including David Blunkett. We have consulted him at length and he has taken a real interest and got his teeth into the issue.

"When you can call on someone with that level of experience in business and public life, you would be a fool to ignore it. We are serious about what we do and David Blunkett is a passionate Wednesdayite."

Although boxing promoter Dennis Hobson is also a Wednesdayite patron, Keys confirmed he had not been sounded out due to his previous involvement with a Jersyey-based consortium who made a failed takeover for the club prior to Allen's resignation as club chairman. "We have not included Dennis because of the conflict of interest." said Keys.

Sheard, meanwhile, would not comment specifically on Wednesdayite's questions last night but insisted that he had answered 'clearly and concisely where applicable.'

He added: "It is now up to Wednesdayite to vote on whether they want to sell their shares in the football club or not. They have been first class and all our discussions have been amicable.

"We want to acquire a football club and turn it around, we want to restore a club to its former glories. There is an immense amount of money involved and a £40m problem the moment we walk through the door."