Sheffield Wednesday administrator Kris Wigfield issues buyers update as 'real progress' made
Sheffield Wednesday administrator Kris Wigfield has issued an update regarding interest in buying the Owls.
Wigfield, alongside fellow administrators Paul Stanley and Julian Pitts, has been tasked with setting Wednesday up for a stable future after Dejphon Chansiri’s removal.
Speculation regarding interested parties has been rife, with an array of names having been circulated as potential investors.
Ahead of a Bonfire Night battle with Norwich City, Wigfield has provided supporters with a comprehensive update on Wednesday’s current position.
He has insisted estimates regarding specific financials are “guesswork”, although has assured fans “real progress” is being made.
Statement issued
Wigfield said: “Ahead of the Norwich game, we wanted to give a brief update as best we can to keep fans informed. Whilst we are bound by confidentiality for much of this process, it is worth saying that the fantastic support of the fans through attending matches and buying merchandise from the club shop has been vital to running the club and the ground day-to-day - this includes paying the wages of employees and players.
“This also has a secondary effect of clearly demonstrating to prospective buyers the huge potential of this historic club. On this point, we are aware of speculation in the media regarding price and bidders and cannot comment on individuals. Any potential bidders need to provide proof of funding to cover £50m liquid assets before access is granted to a data room.
“At this early stage in the process, no bidders will have had a chance to fully review the complete picture of the business, assets or profits and losses, and so any estimates on specific financials is simply premature guesswork.
“The market will decide what the club is worth, in due course, when we are able to qualify all bidders and they have reviewed the financials and made their formal offers.
‘Real progress’
“EFL rules state we have to market the club for 28 days from the point of entering administration, so there is still some time to go before getting close to the preferred bidder stage of the process.
“Any purchaser will then need to pass the EFL 'Owners' and Directors' Test' to prove they are both ‘fit and proper’ and also that they have the financial substance to fund the club for a minimum of two years after purchase.
“Yet, even at this early stage of proceedings we can be positive about the initial interest in the club. There is real progress being made in the efforts to find a suitably qualified buyer and owner that can help Sheffield Wednesday move forward.”