Sheffield Wednesday takeover takes dramatic turn with Mike Ashley development

Sheffield Wednesday remain in administration, but there may finally be hope on the horizon for the Owls as Mike Ashley considers a move to purchase the Steel City club.

The club’s relegation to League One was confirmed following defeat to rivals Sheffield United in last month’s Steel City derby at Bramall Lane.

Wednesday have already been hit with an 18-point deduction this season and could begin next campaign with an additional 15-point penalty unless their next owners meet the requirement of paying creditors 25p in the pound.

Ashley is expected to submit a revised offer for the club imminently.

Henrik Pedersen’s side have not recorded a Championship victory since their win at Portsmouth F.C. in September, and they will be aiming for just their second win of the campaign when they face Derby County F.C. this weekend – another club that has experienced administration issues in recent years.

Ashley and American investor David Storch are currently the leading contenders to complete a takeover of the South Yorkshire club, with fresh bids expected before the end of the week.

According to The Telegraph, Ashley – the former owner of Newcastle United F.C. – is preparing to submit an improved offer within the next 24 hours. Administrators from Begbies Traynor are reportedly hoping to receive final proposals before the weekend.

Ashley had previously submitted a bid worth around £20 million on 25 November and has maintained his interest in acquiring the Hillsborough outfit.

Another interested group, led by Storch, had earlier released a statement after a previous deal collapsed, reaffirming their commitment to the club and their desire to help restore Wednesday to former heights.

Former Sunderland A.F.C. co-owner and ex-Charlton Athletic F.C. chief executive Charlie Methven is also monitoring the situation and has interest in a potential takeover. However, he is currently behind Ashley and Storch in the bidding process, with administrators keen to conclude a deal as quickly as possible.

If a takeover is completed before May, the new owners will have to pass the English Football League Owners’ and Directors’ Test. Should the sale extend into May, approval will instead fall to the Independent Football Regulator.

The club’s previous owner, Dejphon Chansiri, has faced heavy criticism from supporters after the club’s financial collapse led to administration.

Following that turbulent period, fans at Hillsborough Stadium will be hoping their next owner demonstrates strong financial backing both on and off the pitch.

Reports suggesting Ashley could invest up to £100 million if his takeover succeeds will therefore be welcomed by supporters.

Recent transfer windows have seen Pedersen lose several important players, including Josh Windass – now pushing for promotion to the Premier League with Wrexham A.F.C. – as well as long-serving midfielder Barry Bannan.

Pedersen has also previously highlighted the need for improvements to Wednesday’s training facilities, while part of Ashley’s potential investment could be directed towards upgrading the club’s stadium infrastructure.