Former Newcastle United owner Mike Ashley has demonstrated he possesses the necessary financial resources to take over Sheffield Wednesday, meeting the administrator's requirement for access to £50million.
The retail magnate, whose personal wealth stands at approximately £3.25billion, has positioned himself as the leading contender to acquire the struggling Championship side.
His anticipated initial offer of £10m represents the opening move in what administrator Begbies Traynor has structured as an open auction process.
The 61-year-old businessman, who previously owned Newcastle United before selling to Saudi Arabia's Public Investment Fund four years ago, has not held a football club since that transaction.
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Begbies Administrator Kris Wigfield said: "There are four or five interested parties that look like the real deal.
"I’m hopeful that by the end of November, if things go well, we might know who’s going to buy the football club.
"Then hopefully a deal can be concluded this calendar year, so that the new owner is in for the January transfer window, if the EFL allows the new owner to buy players."
Ashley's emergence comes as the South Yorkshire outfit seeks new ownership following their recent descent into administration.
Historic football side Sheffield Wednesday filed for administration
| GETTYSheffield Wednesday's financial turmoil reached a critical point when the club entered administration 10 days ago, resulting in an immediate twelve-point deduction.
This penalty has left the Owls anchored at the foot of the Championship table, 13 points from safety after collecting merely seven points from their first 13 matches.
The crisis marks the conclusion of Dejphon Chansiri's decade-long ownership, during which the club struggled to meet basic financial obligations.
Players and staff have experienced delayed wage payments in five of the past seven months, highlighting the severity of the financial difficulties at Hillsborough.
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Mike Ashley's personal wealth stands at approximately £3.25billion
|PA
Their precarious position faces an immediate test with a crucial fixture against second-bottom-placed Norwich City scheduled for Wednesday evening at their home ground.
The sale process has attracted significant international interest beyond Ashley's involvement.
American billionaire John McEvoy has emerged as a notable rival bidder.
McEvoy, who maintains ownership stakes in the Nashville Predators ice hockey franchise and baseball's Colorado Rockies, represents one of several overseas parties examining the opportunity.
Sheffield Wednesday chief Dejphon Chansiri took over in 2015 | PAAdditional interest has materialised from another American consortium alongside at least one British investment group, according to reports.
Begbies Traynor brings considerable experience to the proceedings, having previously managed the administrative sales of both Bolton Wanderers and Wigan Athletic.
Ashley's recent history includes exploratory discussions with Derby County and Reading during their respective financial crises, though neither resulted in a completed transaction.
These clubs faced comparable challenges, including points deductions and financial difficulties.