Sheffield Wednesday takeover latest: Kris Wigfield provides detailed update and addresses 'online rumours'
Sheffield Wednesday administrator Kris Wigfield has provided an update on the protracted takeover process at Hillsborough.
Wigfield, of Begbies Traynor, is among the figures to have been tasked with overseeing an ownership transition in S6.
However, months on from Dejphon Chansiri’s ousting, the Owls have not yet ushered in a new era.
A preferred bidder, widely understood to be former poker player James Bord, was selected on Christmas Eve, but a deal has not yet been completed.
Speculation addressed
The lengthy nature of the process has sparked fears of a snag, although Wigfield has moved to quell speculation.
He told BBC Radio Sheffield: “As far as we are aware, there are no issues. We touched base with the preferred bidder today (Thursday) through our lawyers and, again, they are not aware of any issues.
“We have also, today, received email correspondence from the EFL regarding the process and, again, no major concerns were communicated in that correspondence. I think, basically, it is just unfounded online rumours that we have seen during this process."
Vetting process
Wigfield also detailed how the preferred bidder is supplying information to both the EFL and the independent football regulator as part of the vetting process.
He said: "It's very difficult to say [when the process could be finalised]. I have not seen the questions that the IFR submitted to the preferred bidder, but I have seen the questions that the EFL asked, and there is a lot of information that will need to be provided to answer those questions.
“Obviously, the IFR has got their information and the EFL, hopefully, will have their information by the weekend, and it will take them time to review.
"The frustrating part of all that is that the nature of this process is it is likely that some of the answers to those questions could result in further queries or questions.
"While I wouldn't like to definitively say when this will be concluded by, I do think it is unlikely a decision will be imminent, I.e, in February. Whether it will be in March or not, we will have to wait and see.
“The circumstance that we're in means that we're in a transitional period. We have got the Independent Football Regular coming in and they will start vetting new owners from the start of May. Up until that point, the EFL have got that duty.
"It's not really an ideal period to be going through this for either for ourselves, the preferred bidder or, to be fair, it is probably not ideal for the EFL or the IFR.
"Loads of information has been given by the preferred bidder to the IFR and the EFL during the course of January. Last week, both the IFR and the EFL went back to the preferred bidder with further questions and clarifications that they wanted.
“The IFR and the EFL are working independently, so this was two separate lists of questions. Frustratingly, as far as fans are concerned, these are not the kind of queries that can simply be answered in writing; a lot of them will require third-party verifications.
"For example, from the likes of bankers, auditors, lawyers or co-investors within the preferred bidder's business interests. This takes time to put together.
"I understand the preferred bidder responded to the IFR yesterday (Wednesday) and it is their intention to respond to the EFL by the weekend. The information that they passed back is confidential, so I've not seen these submissions, but that takes us right up to today, basically, in terms of where we are in it."
Exclusivity period extended
The preferred bidder has made a payment to extend their period of exclusivity in the process until the end of February, Wigfield also confirmed.
He said: "As most fans are aware, the preferred bidder paid a substantial seven-figure sum on Christmas Eve and that gave them preferred bidder status until January 31.
"They then have got the option to effectively roll that preferred bidder status on on a rolling fortnightly basis by funding the budgeted cashflow losses for a two-week period.
"They took up that option at the end of January to extend the preferred bidder status until February 14. Last week, they made a further payment to extend the period of exclusivity until the end of February.”