Sponsored by
Proof of funds promised when backers give green light
GEOFF SHEARD, the front man for a proposed takeover of Sheffield Wednesday, has promised to provide proof of funding in the UK – when the deal's backers give him the authority do so.
As the saga continues to rumble on with little sign of a conclusion, Sheard also said he would reveal the background of the backers – once he has their approval.
The Lancashire-based businessman told Wednesdayite, who own 10 per cent of the club's shares, that delays in the takeover have been partly due to the investors being busy with other deals.
But more than eight months after a deal was first mooted, patience is beginning to wear thin and Wednesdayite chairman Darryl Keys said: "We would urge him to do whatever is possible to conclude the deal urgently. Everyone can talk until the cows come home, but the bottom line is all about him delivering the money and doing the deal."
Sheard has previously said the funding is now in a London branch of HSBC, but he told Keys he couldn't provide proof until he was given legal authority to do so.
He also told Keys that London-based lawyers were now working on the final details of the deal though their identity remains unknown.
The would-be new Owls chairman reiterated to the Yorkshire Post funding was now in the UK and that he was in London "getting on with the deal" which he previously said hopes to be concluded this week.
Sheard initially provided proof of 80m funding from the Private Capital Bank in Dominica, but has since said the money was never in the Caribbean and was actually held in a Swiss trust.
Sheard added: "We are buying 29.9 per cent from three shareholders, we have an agreement with the football club going forward, the money has been proven to come from Switzerland and from the two investors – it has nothing to do with the Private Capital Bank."
Any takeover of Wednesday would involve negotiations with the Co-op Bank, which the club owes in excess of 20m.
Sheard has previously said talks with the bank would take place either this week or early next.
The bank declined to comment yesterday though club sources have said earlier meetings arranged with the bank have been cancelled.
Although Wednesdayite are one of the four key shareholders, Sheard is concentrating on buying the shares of former chairman Dave Allen, former director Keith Addy and current director Geoff Hulley.
All of them have agreed, in principle, to sell once funding is in place. Sheard would also have to repay a series of individual loans for the deal to go through, with a total investment of around 7m.
Email to a friend
Print this page- Three-inch blanket of snow heading our way today
- Alan Shearer in list of favourites for Leeds and England jobs: Latest odds
- Barnsley’s Keith Hill invokes Fawlty Towers over link with Leeds job
- McCormack feels United search can be narrowed down
- Redfearn throws down gauntlet as queue builds at Elland Road
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Yorkshire
Saturday 11 February 2012
Today
Cloudy
Temperature: -1 C to 1 C
Wind Speed: 9 mph
Wind direction: South east
Tomorrow
Light rain
Temperature: 1 C to 6 C
Wind Speed: 8 mph
Wind direction: North west
