Exclusive: Sheffield Wednesday's £15m takeover still on course insists Turner

Turner, who has finally confirmed his involvement in the bid to save the cash-strapped Owls, insisted that the deal will soon be completed.

He also acknowledged that it was 'imperative' to get a Football League transfer embargo lifted – enabling manager Alan Irvine to strengthen his squad.

The clock is rapidly ticking towards possible administration for the Owls who announced, seven days ago, that an 'unnamed' investor had agreed to inject 2m into the club.

That money would allow the Owls to pay off a 600,000 tax bill and fight off a winding-up order, their second of the season, at the High Court on November 17.

But last night, as whispers grew over a possible hitch in the deal, club chairman Howard Wilkinson issued a statement re-iterating his faith in those involved. Turner – who represents the investors – also told the Yorkshire Post that things were still firmly on track.

"It is taking time because there is a need for due diligence and a need to ensure that the product the investors are investing is correct for everyone," said Turner.

"I can fully understand why some people might get panicky – because they have been let down so many times in the past," he added. "But no-one involved with this deal has been shouting from the rooftops saying 'we are going to do this or that'."

Although the idenities of the investors have yet to be confirmed, it is believed that they have links to the oil industry.

Significantly, when Turner quit as Hartlepool United's director of football in August, it followed the collapse of a takeover deal that involved a Norwegian oilfield company.

"These people are doing everything carefully and in a professional manner," Turner added. "They are not just going to dive into a situation but I am led to believe that everything is still on course and will be settled in the very near future."

The Football League's transfer embargo will only be lifted when the Owls have paid the tax bill but, in the meantime, manager Irvine is desperate to sign a new defender after losing Mark Beevers for two months with an ankle injury. As revealed yesterday, Nigerian international defender Sam Sodje is training at the club with a view to securing a permanent deal.

Turner, who has watched the club's last two homes games from the directors' box, agrees that it is 'imperative' to get the embargo lifted.

The Owls are currently fifth in the League One table ahead of tomorrow's trip to Yeovil – and a victory could yet propel the club back into the automatic promotion spots.

Wilkinson, who was initially appointed chairman on an 'interim basis' at the end of last season, has been heavily involved in the takeover negotiations along with chief executive Nick Parker.

Last night, in a statement, Wilkinson said: "This week, I have held a meeting in London with the most senior official associated with the group who have agreed to advance 2m to Sheffield Wednesday. I have also met with the group's legal advisors who have been dealing with this issue since their first serious approach to the club. The meeting was very productive and I left convinced about both the desire and capability of the group to finalise the deal.

"The investors are part of a multi-national company who clearly have the ability to finance the investment, in both the short and longer term," he added. "In particular, the most senior investor within the group has personally given me written and verbal undertakings as to both the advance payment and his intention to complete the full investment into Sheffield Wednesday.

"As he reminded me, it would do his and the company's credibility no good, either in the football or wider business communities, if the deal was not now finalised and on that basis as Chairman of Sheffield Wednesday, I am placing my trust in him."

Responding to questions why the 2m was not in the club's bank account yet, Wilkinson said: "I appreciate that the recent history of this club might naturally lead many to suspect the worst and I can understand that.

"But what I do want to reiterate is that, having spent time with the key person involved and his legal team, I remain convinced about the group's intentions.

"In terms of the money, the matter is now being co-ordinated amongst the various lawyers," he said.

"However, any business agreement ultimately depends on the integrity of people involved and, on that basis, I can only reiterate my trust in their intentions," he added.