EFL vetting of Sheffield Wednesday's would-be owners only started this week as transfer deadline looms
The Football League (EFL) has confirmed the process of putting Sheffield Wednesday's prospective new owners through their "owners and director's test" only began this week, despite a candidate being selected on Christmas Eve.
Both the league and the Owls are pointing to their legal obligations and steadfastly refusing to name who the preferred bidder is, despite James Bord identifying himself this week.
The reason for their caution is that despite making what the administrators see as the best bid for the stricken Championship club, it cannot proceed unless Bord and his Short Circuit consortium – which he revealed includes partners Felix Roemer and Alsharif Faisal Bin Jamil – wins approval from the league.
There is no set timescale for the process but the bigger the consortium and the more financial commitments its members has, the lengthier it is sure to be.
A statement looking to clarify the situation on Friday evening said: "The League only received formal written notification of the preferred bidder earlier this week and has subsequently been sent initial documentation in respect of the proposed sale. This information is being reviewed and has allowed the EFL to commence its due diligence.
“This, however, is only the start of the process and it is important that all those associated with the club understand that the League is required to follow its comprehensive procedures, which will include seeking further detail from both the administrators and preferred bidder. There is no set timescale for this to be concluded.
“In addition, it is also important to state that the EFL regulations do not prohibit the identity of a preferred bidder being revealed. They do however prohibit parties from announcing that a deal has been concluded subject to EFL approval.”
The consortium has paid a non-refundable deposit, believed to be £1m, to cover the costs of running the club, but the pressing element of the timescale is the winter transfer window, which is open until February 2.
Until that time, the Owls can sell players, and whilst it is the administrators' responsibility to recover as much money as possible for creditors if they receive bids they feel are of fair market value, new owners can look at it from a different perspective if they so wish.
Strasbourg, now under the management of former Middlesbrough midfielder Gary O'Neil, are said to be interested in Pierce Charles and Charlie McNeill, and there have been reports of interest from Hibernian in Bailey Cadamarteri. Youngsters Yisa Alao and Will Grainger are also thought to have their suitors.
According to manager Henrik Pedersen, the league are currently only allowing the Owls to loan two players to cover a seriously depleted squad. A new owner would most likely change this equation too.
But the league will be acutely aware of the need to get it right, with the embarrassment of Dejphon Chansiri's mismanagement – having passed their then less stringent test in 2015 – still fresh, and the football regulator's own "fit and proper person's test" now online for existing owners who attract their attention.
Bord is also the chairman of Dunfermline Athletic, where Bin Jamil is a director, and has stakes in Spanish club Cordoba and Bulgarian side Septemvri Sofia.