Fans get stake in Owls

Fans will have the chance to buy shares in the club

Sheffield Wednesday's major shareholder Charterhouse has finally completed a deal to sell their 36.7% stake in the club.

Owls directors Dave Allen, Keith Addey and chairman Geoff Hulley have bought three quarters of Charterhouse's shares to take their combined holding in the Owls to 29.9%.

They have given the remaining 25.75% of Charterhouse's shares to the new independent supporters trust, giving them a 9.45% stake in the club.

Fans will have the chance to buy more shares in the future.

The supporters are our greatest asset - they come to the matches, buy our shirts and do everything possible to support us

  Owls directors Dave Allen

Had the directors not made the shares a gift, city regulations would have required them to make an offer for the whole of the shareholding of Sheffield Wednesday Plc.

That could have opened the door for a hostile takeover.

Dave Allen explained: "Once I had agreed a price with Charterhouse, the Takeover and Mergers Panel would not allow the purchase of the shareholding to go ahead unless we made a bid for the whole of the shareholding of Sheffield Wednesday Plc.

"This would have been a lengthy process and I had it in mind that there was an unfriendly predator about.

"We agreed it was in the best interests of the club to act now, and the solution was to give the remainder of the shares to the fans.

"The Sheffield Wednesday supporters are our greatest asset - they come to the matches, buy our shirts and do everything possible to support us. Their loyalty and commitment holds the key to our future.

"It is in recognition of this that myself, Mr Hulley and Mr Addy wish to make this gift."

The Wednesday Trust has been formally established this week following five months of preparatory work. It will be officially launched on 16 March.

Spokesman John Hemmingham said: "The fans will have the opportunity to increase their shareholding and therefore their influence in the way the club is run."