The Owls issued a statement yesterday confirming they are still 'open to dialogue' as no offers have been put on the table.

However, as previously reported, Sheard is close to finalising a £5m deal for a 30 cent stake in the club owned by former chairman Dave Allen, director Geoff Hulley, and former director Keith Addy.

Sheard, backed by Swiss and German investors, has also appointed accountancy firm Grant Thornton to complete due diligence and the purchase of the shares.

Former Boston United chairman Sotnick, meanwhile, also wants to buy the Owls and is meeting with his backers today to discuss their next move.

In a statement, the Owls said: "The board wishes to confirm that it has not at this time received any offer proposal from any party that is sufficiently clear or developed with regard to, inter alia, terms, source of finance, timetable or the process by which any offer for the company is to be implemented.

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"The board continues to be open to dialogue with any bone fide offeror and to working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration.

"However, the board does not currently have the required evidence to suggest that the posting of any offer document to shareholders is imminent.

"The board also wishes to confirm that none of the company's directors including Mr Geoff Hulley, has entered into any arrangement with any party regarding the sale of their own respective shareholdings in Sheffield Wednesday.

"Further, the board has received written confirmations from Mr David Allen, former chairman of the company and Mr Keith Addy, a former director of the company that they too have not entered into any such arrangements at this time. The board will keep shareholders informed of any further material developments."

Both Sheard and Sotnick have held meetings with supporters group Wednesdayite and the Shareholders Association with a view to acquiring further shares in the club.

Wednesdayite were gifted a 10 per cent stake in the club seven years ago while members of the Shareholders Association make up a 12 per cent stake.

The Owls, meanwhile, have been warned to expect no favours from Norwich City when they meet in the final game of the season at Hillsborough this weekend.

Although Norwich are not involved in the relegation scrap or the promotion race, manager Glenn Roeder is vowing that his side will go all out for victory.

The Owls could be relegated if they lose but a win would guarantee their survival.

Roeder said: "I know we're safe but we owe it to ourselves to create a winning culture. It's also important to the other managers involved in the relegation struggle that we put on a proper performance. I would hate to think the other managers would look at our performance and say we didn't do our best."

Owls manager Brian Laws has warned his players that relegation can be a painful experience.

As a player, Laws was relegated with Brian Clough's Nottingham Forest 15 years ago, and says the feeling it generates takes a long time to shrug off.

"Just because you are good players that does not necessarily guarantee you safety," he said. "I experienced relegation with Nottingham Forest when everyone was saying we were too good to down.

"Relegation leaves a horrible taste that does not away all summer. There is no pill you can take to ease the pain. Its the longest illness you can have because you can only wait for the start of next season to forget it. I don't want my players or the supporters to go through that."