Fans group Wednesdayite, the club's second biggest shareholder, are now set to ballot members on the sale of their 10 per cent stake to the Lancashire-based businessman, who represents a Swiss-based trust.

The group had originally delayed its decision due to concerns over the validity of the offer under UK law but, after talks yesterday between lawyers representing both parties, Wednesdayite will press ahead. The result is likely to be announced at the end of a meeting on Tuesday August 5.

Although Owls manager Brian Laws is desperate for a speedy conclusion to the takeover saga, Wednesdayite shareholders are entitled to 14 days to vote on the sale and ballot papers cannot be posted until this weekend.

If the sale – which is likely to be worth £1.5m to Wednesdayite – is approved, it will effectively guarantee Sheard control at Hillsborough.

Former chairman Dave Allen has already agreed to sell his 10 per cent stake and Sheard is in on-going talks with director Geoff Hulley and former director Keith Addy over buying their combined 20 per cent stake.

Even then, it could still take another month before the deal is rubberstamped – which does not help Laws immediately in the transfer market.

The Owls have debts of £27m and have been without a chairman since Allen resigned last November after failed takeovers involving Chinese businessman Carson Yeoung and former Everton director Paul Gregg.