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Page last updated at 23:31 GMT, Wednesday, 17 December 2008

Owls confirm talks with investors

Sheffield Wednesday

Sheffield Wednesday have confirmed that talks are under way with potential new investors that may lead to a takeover.

The Owls revealed at their annual general meeting on Wednesday that they are in negotiations with a consortium.

The Hillsborough club have set a target of 31 March to conclude talks with the four-man group keen to invest in Wednesday, who are around 25m in debt.

"Significant progress has been made in the search for new investment," said finance director Bob Grierson.

Negotiations are at an early stage with a number of interested parties

Finance director Bob Grierson
The board will make an announcement to the Stock Exchange on Thursday but they did not say whether that would lead to a major cash injection or a complete takeover.

The Owls, who appointed financial services giants Deloitte to seek a possible buyer in May, have stepped up their efforts by hiring London-based advisory company Calimere to help broker a deal.

Grierson added: "The company have developed a long-term business plan for Sheffield Wednesday in order to seek long-term and direct investment.

"At this stage the board can confirm negotiations are at an early stage with a number of interested parties, who have the resources and the desire to invest in and move the club forward."

Two Sheffield-based businessmen are thought to be ready to join the board, which has not replaced former chairman Dave Allen after his decision to quit in November 2007.

Long-serving director Keith Addy left in January, leaving only one shareholding director - Geoff Hulley - on the board.

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see also
Owls takeover dead, says Walker
28 Nov 08 |  Sheff Wed
Owls takeover is still on - Allen
12 Nov 08 |  Sheff Wed
Owls fans withdraw Sheard offer
28 Oct 08 |  Sheff Wed
No timescale to buy Owls - Sheard
02 Sep 08 |  Sheff Wed
Owls in fan website action threat
14 Sep 07 |  South Yorkshire


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