Despite repeated attempts to discover the identity of who wants to buy control of Sheffield Wednesday, the club's fans trust – which has received an offer for its 10 per cent shareholding – has drawn a blank and says it has "a particular concern... about the level of transparency" shown during negotiations.

The concerns of fans' group Wednesdayite are detailed in a confidential communication sent out to its 1,200 members, along with ballot papers, which nevertheless recommend sale of its shares to the Swiss trust, fronted by Lancashire-based businessman Geoff Sheard.

The acquisition of Wednesdayite's shares is integral to a bid for overall control of the club which has also seen offers put to the three other largest shareholders.

The fans' group is currently balloting its members on an offer to buy the shares and says the malaise surrounding the debt-ridden club means, despite reservations, it is recommending selling its 10 per cent.

Wednesdayite is also putting caveats on any sale, including obtaining "satisfactory legal verification as to the source of funds".

The group's concerns about the Sheard bid are laid bare in the background papers sent out to members which reveal difficulties in contacting the bidder's lawyer and confirming his status.

The papers, which have been leaked on a fans' website, say:

"As it stands currently, despite all reasonable efforts, our legal advisors have been unable to confirm the standing or status of any necessary funds and have not been able to ascertain any details
about the members of the consortium or, indeed, the standing or status of the bidder's lawyer."

The papers also say Sheard declined to say anything about the identity of the Swiss trust, how much was to be invested in the club or any financial forecasts for the next five years.

They add: "We have a particular concern about not knowing who is ultimately behind the Swiss trust and the level of transparency being demonstrated – this is a major risk."

But the fans' group board concludes that the willingness of the Sheard bid to pay at least £6m to take control of the club means "it is difficult to envisage any hidden untoward motives."

Wednesdayite chairman Darryl Keys told the Yorkshire Post that conditions on the sale provided enough comfort to recommend sale while Sheard declined to comment.