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Page last updated at 12:24 GMT, Wednesday, 3 November 2010

Financier in Sheffield Wednesday buy out withdraws

Sheffield Wednesday

The major financier in the proposed takeover at Sheffield Wednesday has withdrawn his interest in the club.

Kevin Mundie, a senior executive at Certified Oil Rentals, pulled out of the deal citing family reasons.

But the Owls remain confident that they will be able to find the necessary investment to stave off administration.

The League One club has outstanding tax debts, reported to be around £1m, and is due in the High Court on 17 November to face a winding up petition.

Wednesday had hoped that Mundie would forward them a £2m advance to ease their cash worries but the COR group say they are still keen to invest and will continue their efforts to find the funds to complete the deal.

BBC Radio Sheffield understands that there a handful of other groups that are in talks with the Co-operative Bank, the Owls' main creditor, and the club still feel that a saviour will emerge from that pack.

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see also
Wednesday in new investment talks
04 Aug 10 |  Sheff Wed

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