Retail magnate Mike Ashley has submitted a formal £20 million offer to acquire Sheffield Wednesday, positioning himself as a significant player in the race to rescue the beleaguered Championship side from administration.
The 61-year-old entrepreneur notified the club's administrators on Tuesday evening, joining at least two credible American-backed consortiums vying for control of the South Yorkshire outfit.
Insolvency specialists Begbies Traynor have set a 5 December deadline to identify their preferred buyer, with all serious contenders required to demonstrate access to £50 million in funding before proceeding to detailed negotiations.
The administrators have confirmed receiving multiple compelling proposals for the club, which entered administration last month following years of financial turmoil.
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Kris Wigfield, Begbies' managing partner, stated: "We have received a number of good offers for the club, and over the coming days we will be evaluating them in detail."
He added: "Our hope is to grant preferred bidder status by 5 December. That would allow the EFL's processes to begin and move the club a significant step closer to new ownership and a new chapter."
Former Newcastle owner Mike Ashley has bid £20million for Sheffield Wednesday
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The firm brings considerable expertise to the process, having previously overseen successful rescues at Wigan Athletic and Worcester Warriors.
Prospective buyers must provide evidence of £50 million in available funds to gain entry to the data room and commence due diligence procedures.
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Ashley commanded Newcastle United for 14 years before completing a £300 million sale to a Saudi Arabian-led investment group in October 2021, ending a controversial tenure at St James' Park.
The Sports Direct chief executive has maintained an active interest in football ownership opportunities, previously exploring potential acquisitions of Derby County, Coventry City and Reading during their respective financial difficulties.
Mike Ashley cut a divisive figure at Newcastle
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His Newcastle stewardship witnessed two relegations to the Championship, though the club secured immediate promotion on both occasions.
The retail tycoon's departure from Tyneside came after persistent criticism from supporters, with the Saudi Public Investment Fund's takeover marking a new era for the Magpies.
Sheffield Wednesday currently languish at the foot of the Championship table, already bearing a 12-point penalty for entering administration and facing potential additional sanctions from the EFL regarding alleged financial regulation violations.
Mike Ashley had explored deals for Reading and Derby County previously
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The Owls' plight was starkly illustrated in Sunday's Sheffield derby, where they suffered a comprehensive defeat at Hillsborough against their city rivals.
Dejphon Chansiri's tumultuous ownership has left the club in dire straits, with supporters enduring a winless run stretching back to a September victory at Portsmouth.
Despite the challenging circumstances, administrators express optimism that new ownership could be secured by the new year, offering hope for the club's long-suffering faithful.