Sheffield Wednesday takeover: James Bord-led consortium withdraw from process in fresh Owls bombshell
The consortium led by James Bord have withdrawn from the Sheffield Wednesday takeover process in a hammer blow for the crisis-stricken club.
Wednesday entered administration in October and sparked links to an array of potential investors.
Speculation was rampant in the build-up to the festive period and on Christmas Eve, the Bord-led consortium were selected as the preferred bidders.
However, in yet another setback for the League One-bound club, the group have ceased their pursuit of ownership.
Open letter shared
In an open letter shared by BBC Radio Sheffield’s Rob Staton, consortium members James Bord, Felix Romer and Abdullah Faisal Bin Jamil said: “To all the long-suffering fans of this great club, it is with the greatest regret that we have decided not to pursue our bid to become your new custodians.
“We have fondly watched Wednesday from afar for many years. It is a club whose glory has been diminished over the years by poor owners who forgot or intentionally disregarded your passion, your history, and your value. You deserved, and deserve, better.
“When the opportunity came about to be part of your next chapter, we jumped at the chance and in good faith began the process of purchase. We have always engaged professionally, transparently and constructively with the administrator, EFL and IFR via an exceptional team of advisers.
“Tragically, the historic mishandling of the club and pattern of catastrophic under investment means our sizeable binding bid can no longer be justified. The detailed due diligence our advisers have done over the last two months meant that the sizeable binding bid we made can no longer be justified.
“As widely reported, we have spent over £4m to help run the club over the last two months and, after much consideration, have decided that we can no longer continue to do so as the exclusivity agreement we signed means only a small amount could be removed from our offer – regardless of the outcome of our analysis work.
“We know this will be a bitter disappointment to many – who hoped that the ownership saga would soon be over – and for this we can only apologise wholeheartedly. It is a decision that we have come to after much consideration.
Fans saluted
“We want to make one final point. We are lifelong football supporters who have been privileged to travel around the world watching the sport we love. Never in all our lives have we seen such a passionate fanbase as those who follow Sheffield Wednesday.
“We hope whoever picks up this baton appreciates you as we would have. We hope they understand the need to invest in your team, your stadium and your community. Just one part of that trio of expectation is not enough.
“We know the rest of your season is going to be challenging, as will the next, but you will rise again to your former glory and when you do, we will be cheering your success. With best wishes, James, Felix and Faisal.”