"The trio have been going through owners and directors test with the EFL and the new Independent Football Regulator since then. A further payment was due this week to extend the preferred bidder status by a further two weeks. But the group has pulled out because of the club's valuation is now considered to be lower than the 30m originally offered and the consortium are unable to negotiate down, as per the terms of their agreement."
"We remain incredibly passionate about the opportunity at Sheffield Wednesday and seeing the club return to its former glory. We wish the preferred bidder well through the process but are ready to step in should the opportunity present itself again. We know all are disappointed by relegation yet wish the team well as they finish the current season."
Sheffield Wednesday's preferred bidder consortium, led by former poker player James Bord alongside Felix Romer and Alsharif Faisal Bin Jamil, has withdrawn from the takeover process. The group was selected as preferred bidder on December 24 after depositing 2.5 million pounds and funding monthly losses of approximately 1 million pounds. The withdrawal stems from disagreement over the club's current valuation, which is now lower than the original 30 million pound offer, and the consortium's inability to renegotiate due to contractual constraints. Sheffield Wednesday has been in administration since October following ten years under Dejphon Chansiri's ownership and was relegated from the Championship following a 2-1 defeat to Sheffield United. A competing consortium led by American businessman David Storch remains interested in acquiring the club.
#sheffield-wednesday-takeover #football-administration #championship-relegation #ownership-consortium #efl-regulations
Read at www.bbc.com
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