Sheffield Wednesday

takeover: Consortium led by Dunfermline co-owner James Bord withdraws interest in beleaguered Owls.

The group involving James Bord, the co-owner of Dunfermline, was granted exclusivity by club administrators in December.

Sheffield Wednesday were demoted from the Sky Bet Championship after Steel City’s defeat on Sunday.

A consortium looking to buy Sheffield Wednesday has announced its withdrawal from the process, although three other parties, including Mike Ashley, remain interested in purchasing the club.

The consortium, which includes James Bord, Dunfermline’s co-owner and former professional poker player, was granted exclusivity by club management in December.

However, it has since issued a statement stating that interest has ended. A representative representing the consortium stated:”

Throughout the process of purchasing Sheffield Wednesday Football Club, we have always respected the integrity of the process, working professionally, constructively, and transparently with the administrator, the EFL, and the IFR to give them with the information they require to pass their tests.

“We did so in full compliance with the guidelines, including communicating our engagement, goals, and future plans rather than making any public comments.

“Unfortunately, we have regretfully decided that we must withdraw from the process.”Our initial bid included restrictions on our capacity to renegotiate, which is critical because the figure we gave was much greater than that warranted by the findings of a rigorous due diligence process.”

Three more groups contacted The Owls’ administrator on Wednesday, stating that they are still interested in purchasing the club in the wake of the failed transaction.

Sky Sports News believes Mike Ashley’s representatives have contacted Wednesday’s administration, as well as other interested parties.

Former Newcastle United owner Ashley is clearly interested in Wednesday, but his initial offer was lower than that of some of his opponents. It’s unclear whether Ashley is willing to improve his offer at this point.

As Sky Sports News reported on Monday, Begbies Traynor has been in contact with a number of other interested firms as a backup plan since Bord was granted preferred bidder status in December.

Detailed discussions are now likely to take place with those three businesses, who have already demonstrated that they have at least £50 million in funds to buy the club and move it forward if the transaction is completed.

Wednesday fans expressed immediate concerns about cash flow once Bord withdrew because he had been helping to pay the club’s financial shortfalls for the previous two months.

However, we have been told that prior cost-cutting procedures and player sales at Hillsbrough have given the leadership confidence that Wednesday would meet their Championship fixtures and remain solvent beyond the end of the season.

According to the administrators’ announcement, “the preferred bidder’s offer was valued at £47.8 million and represented the highest and best proposal received during the structured sales process.”

Meanwhile, Sky Sports News can discover that Bord lost more than £4 million of his own money during his takeover effort.

He paid a £2.5 million non-refundable deposit when he was granted preferred bidder status in December, and he has contributed more than £1.5 million to the club’s day-to-day operations since then. Wednesday is reported to be losing almost £1 million per month.

According to Bord’s statement, the rules do not enable his consortium to renegotiate the original amount they agreed on with the club’s administrator.

It is believed that concerns about the stadium’s necessary maintenance work were a major reason for the offer’s withdrawal.

However, sources have told us that there could have been potential for bargaining if Bord’s attorneys had approached the administrator with preparations for a fresh offer.

Wednesday suffered the earliest relegation in EFL history after losing 2-1 to Sheffield United on Sunday. They went into administration last October.

The statement continued, “Our consortium has a proven track record of reviving football clubs through financial stability, disciplined management, and strong governance.”