Sheffield Wednesday plunged into further chaos as prospective owner withdraws bid

Sheffield Wednesday have been plunged into further chaos as prospective owner James Bord’s proposed takeover collapses, according to The Times.

Bord’s consortium caught everyone at the club off guard after announcing that they were withdrawing their takeover bid worth a staggering £47.8 million.

Wednesday’s administrators, Begbies Traynor, had already named Bord’s consortium as preferred bidders on Christmas Eve. All that remained was for the English Football League to approve the takeover.

However, the consortium has now backed out of the deal, claiming that a detailed review of the club’s financial situation had lowered their valuation of Wednesday.

The consortium included former professional poker player Bord, German entrepreneur Felix Romer, and Alsharif Faisal Bin Jamil. 

They had already invested more than £4m to help keep the club running, including a £2.5m down payment and four further instalments of £400,000. 

Despite that financial support, they have now pulled the plug on the potential deal, claiming that Wednesday was no longer worth the agreed price.

Interestingly, this sudden U-turn comes just over a week after Bord was sued by his former business partner, Jonathan Cohen, over his investment in Cordoba, where he is a part-owner and a director.

According to court papers filed in Nevada, Bord allegedly misled Cohen during an investment deal linked to the Spanish second division club two years ago.

Whether these two events are linked is anyone’s guess, but administrators are not waiting around to find out. They have moved quickly to reopen talks with previous bidders.

Four potential suitors have already confirmed that they’re still interested in buying the club.

Chicago-based businessman David Storch is among those still interested, as is former Newcastle United owner Mike Ashley. 

However, Ashley has yet to make fresh contact with Wednesday’s administrators after his previous offer failed to meet their £35m asking price.

All interested parties have now been told to submit new bids by next Wednesday. 

The urgency has increased after Wednesday’s 2-1 defeat to local rivals Sheffield United confirmed their relegation to League One. There is also a financial warning hanging over the club. 

If former owner Dejphon Chansiri is not repaid £15m under creditor rules, Wednesday could begin their League One campaign with a 15-point deduction.