Sheffield Wednesday's administrators hoping for fresh bids on Friday, according to reports
Sheffield Wednesday's administrators are understood to be expecting fresh offers for the club on Friday after preferred bidder James Bord pulled out last week.
Bord's Short Circuit consortium was chosen by administrators Begbies Traynor to take over the 158-year-old club on Christmas Eve, but announced last week they had withdrawn an offer worth £47.8m.
That put pressure on the administrators to find a quick alternative and two of the businessmen who rivalled Bord for preferred bidder status, Mike Ashley and David Storch, are seen as the frontrunners.
The Owls want a new owner in time to plan for next season, which will be in League One. The squad requires an overhaul, and a decision on who should lead them.
The issue of whether creditors will be paid 25p in the pound on completion is also important, as failure to do so would result in a 15 -point penalty next season.
That commitment runs to around £30m, arguably more than the club is worth after chronic infrastructure under-investment in Dejphon Chansiri’s 10-year chairmanship and the asset-stripping following last year’s financial meltdown.
The revelation that ex-Sheffield United adviser Bord tried to renegotiate his bid down after a report on the condition of the stadium only strengthened that view.
There is also some resentment that settling 25 per cent of “non-football” debts as per Football League rules would hand Chansiri around £16m despite the huge responsibility he bears for the mess.
If a deal is not completed by May vetting would pass from the Football League to the new independent regulator, disrupting the process.
American Storch revealed he submitted a bid shortly before Bord's group was given the nod. Sports Direct owner Ashley is a former Newcastle United owner with a reputation for rescuing big brands in financial difficulty.
Wednesday’s problems led to the departure of manager Danny Rohl, the sale of key players and free transfers for others before the club and the company which owns its stadium went into administration.
Last month the Owls were relegated from the Championship. They stand on the verge of a host of unwanted records as one of the poorest-performing teams in English leaguehistory.