Wednesday remain coy over £2m 'takeover deposit' or loan

The Owls announced a 2m injection of funds from an unnamed investor on Friday evening but the club are unwilling to disclose their identity or what strings are attached.

A spokesman was also unwilling to confirm when the money will arrive.

Chairman Howard Wilkinson has described the payment as a loan but another club source indicated it is a "deposit" ahead of a full takeover. The club intend to use the money to pay off unpaid tax bills, which have prompted a second winding-up petition, and ease pressure on cash flow.

A club spokesman declined to give any further details last night. He said: "I am sure Wednesdayites will appreciate that a lot of work is taking place to complete the longer term investment. During this time it is only right and fair to all parties to keep details of the process private. When possible we shall divulge more information to all our stakeholders."

Former player and manager Chris Turner has been associated with the approach which is believed to be linked to an oilfield company that made a previous investment approach to Hartlepool United. Turner resigned as the north east club's director of sport in August.

The latest machinations at Hillsborough come after many months of turmoil in the club's corridors of power.

Today the Yorkshire Post continues a three-part series on a traumatic year in the boardroom with minutes from meetings revealing Alan Shearer was one of a clutch of high-profile names interested in managing the Owls.

They also show the club reaching out to Premier League chairman – and former Wednesday chairman – Sir Dave Richards to help the search for desperately needed investment.

The second part of the series further reveals that finance director Bob Grierson twice threatened to resign amid fears the club was "weeks away from insolvency".

Focusing on the period between last September and February, board minutes show a club casting a global net for investment – but also one becoming increasingly riven by splits between directors as finances began to career out of control.

The period includes manager Brian Laws's departure from the club – a move Grierson was recorded as being against in late November but which the board subsequently agreed in mid-December.

Wednesday's board has declined to comment on the content of the minutes.

Instead, the club issued a statement which said: "The club will not be offering any comment on the specifics of Board minutes as described by the Yorkshire Post. To do so will not be in keeping with what the whole Board believe to be the best practice for any company – namely that discussions within the boardroom must remain private.

"The Board's focus is on securing the necessary investment that our club needs. Such investment will draw a line under the problems and politics of the past, and allow all Wednesday fans to contemplate a brighter future."