Sheffield Wednesday set for 'meeting' with representative of ex-Newcastle United owner Mike Ashley
Sheffield Wednesday’s administrators are reportedly set to meet with a representative of ex-Newcastle United owner Mike Ashley.
In a major development, a consortium led by James Bord withdrew from the Owls takeover process yesterday (February 25).
The consortium had been selected as the preferred bidders on Christmas Eve, but have now said the club’s valuation is lower than the figure they initially tabled.
Their decision to cease pursuit of ownership has left fans frustrated, with anger having been exacerbated by confirmation of relegation to League One.
Wednesday’s administrators, Begbies Traynor, must now seek fresh ownership candidates with the Owls in dire need of a new era.
Mike Ashley latest
According to The Independent, former Magpies owner Ashley is again exploring a deal for the troubled South Yorkshire club.
Ashley was among those linked earlier in the process, although talk of a return to football for the British retail entrepreneur quietened when the Bord consortium emerged as frontrunners.
However, he now appears to be back in the race to buy Wednesday.
Sheffield Wednesday’s current position
In a statement, Wednesday’s administrators said: “The withdrawal of this bidder does not mean we are returning to the beginning of the process.
“We have already been contacted by other parties who previously participated and who have reiterated their interest in acquiring the club. We are therefore moving immediately to re-engage with those bidders under a new expedited timetable."
According to The Star, it is likely any successful bid will come under the figure required to satisfy the EFL’s 25p rule, meaning Wednesday are liable to receive a 15-point deduction next season.
Wednesday have stressed the club is still operational and will be funded for the remainder of the season.
A spokesperson for the adminstrators said: “The offer from the preferred bidder was valued at £47.8m and represented the highest and best proposal received during the structured sales process.
“It would have delivered a full exit from administration, enabling the club to commence the 2026/27 season without any points deduction, and the strongest available outcome for creditors, including many local businesses owed money by the club.
“The preferred bidder provided in excess of £4m to fund the trading of the club. Those funds were used to support operations and ensure staff and players were paid on time. In January the administrators took prudent steps to mitigate against the risk of delay or non-completion.
“As a result, the club has the necessary funding in place to trade through to the end of the current season.”