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Page last updated at 16:51 GMT, Wednesday, 19 May 2010 17:51 UK

Sheffield Wednesday end Club 9 Sports investment talks

Jon Pritchett

Sheffield Wednesday chief executive Nick Parker says the club has ended their negotiations with Club 9 Sports.

The American company had been in talks with the Wednesday board over possible investment in the club.

The Owls' directors turned down an offer on Friday of an initial £2m for a 40% stake.

And Parker told BBC Radio Sheffield: "Since they've made no sensible improvement to it there is no chance of taking the discussions any further."

Wednesday claim that Club 9 would have also charged £420,000 per year in management fees.

He added: "The board made it very clear to them last Friday that their offer was wholly unacceptable to both us and the bank."

Wednesday's chairman Lee Strafford stepped down last week after 18 months in charge at Hillsborough and the board is now headed up by interim chairman Howard Wilkinson.

Parker added: "There has been a lot for everyone to take on board over recent weeks and my focus along with Howard and (manager) Alan Irvine is to make sure we make whatever changes are necessary on the pitch to ensure we are contenders for promotion next season.

"I'm meeting with Alan to finalise these plans and am hoping he will be pleased with what we've come up with."

The side were relegated from the Championship after failing to beat Crystal Palace at Hillsborough on the last day of the season.

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see also
Owls end Club 9 Sports interest
19 May 10 |  Sheff Wed
Strafford resigns as Owls chief
17 May 10 |  Sheff Wed
Wednesday reject investment offer
14 May 10 |  Sheff Wed
Owls chairman to meet investors
05 May 10 |  Sheff Wed

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