Mandaric leading race for Black Friday takeover at troubled Hillsborough club

The Owls are nearly 30m in debt and are due back in the High Court next week over a second unpaid tax winding-up order.

Several groups have shown interest in investing at Hillsborough, but Mandaric is understood to be in pole position to complete a deal.

It is believed the Co-operative Bank, who are major players in any deal as they are owed 23m, want a deal agreed with the most attractive investor by tomorrow.

They want to avoid any repeat of the 11th hour rush to the High Court like last week, when Wednesday were given 28 days to come up with 1m in unpaid tax. Next Wednesday's hearing is for 400,000 oustanding VAT.

Mandaric, who has shown proof of funds to the club, failed to agree a takeover package last week, with Dave Allen, the former Hillsborough chairman owed 2.4m, rejecting a 250,000 offer for his debt as "derisory".

Now the former Portsmouth and Leicester City owner has returned to the negotiating table and unless a late bidder gatecrashes talks, the Yorkshire Post understands Mandaric's offer will be accepted tomorrow and legal talks commence to conclude a deal early next week.

"I've made no secret of my desire to help the club – I hope I'm not too far from the line," said Mandaric. "I have given my representatives the green light to see if they can close the deal.

"Things are in the hands of the (Co-operative) bank now but they're being very helpful. I hope they'll get back to us in the next day or two and we'll be able to do some serious business."

Owls chairman Howard Wilkinson and chief executive Nick Parker have been working hard to find investment, to avoid putting the club into administration.

Other groups who have shown interest in coming to the Owls' rescue include former director Mick Wright, South Yorkshire businessman Spencer Fearn and fans group One Wednesday.

Wilkinson said on Tuesday talks were still ongoing with interested parties and hoped a deal could be thrashed out by the weekend.

"I think it's fair to say we have made progress on all fronts since last Friday" admitted Wilkinson. "Nick and I have held constructive talks with the bank and loan note holders with a view to ensuring a satisfactory deal can be delivered to a potential investor.

"All sides are looking to be in a position by which some clarity can be brought to this process by the weekend, such that an understanding can be reached with one of the interested parties that will give comfort to Nick and me that this fantastic club will not enter adminstration."

Owls fans have become cynical at false takeover dawns dating back several years, but with tomorrow being Black Friday, the day after Thanksgiving in America when all shops launch massive sales, maybe Mandaric will grab himself a bargain.