Sheffield Wednesday take over is imminent
Sheffield Wednesday is expected to be taken over by a consortium from the Middle East in the next few days.
The consortium is represented by former Wednesday manager Chris Turner who has claimed that the deal is almost done.
The club’s chairman, Howard Wilkinson said, "The meeting was very productive and I left convinced about both the desire and capability of the group to finalise the deal.”
The League One team has faced severe financial difficulties over the past year and the club is believed to be £20m in debt.
The consortium is also believed to have given the Owls £2m to solve cash flow problems and the new owners are expected to provide financial backing for Sheffield Wednesday’s future.
The club will face a winding up order and money will be provided to pay this off. The latest winding up order from Her Majesty’s Revenue and Customs is a tax bill of £600,000.
It will be the third such order served to the club over the past number of months. Sheffield Wednesday was only just saved from administration after the club reached a late settlement with the Co-operative
Bank in September.
However, Turner was optimistic that the deal would be completed early next week and that the club’s future would be secure.
He said, "It's just tying up the loose ends and asking a few final questions. The deal should be completed shortly."
The former Hartlepool manager was cautiously optimistic about the take over and was satisfied at how the process had taken place.
“The group have never shouted from the rooftops that they are buying Sheffield Wednesday and going to take them to the Premiership. It's all been kept quiet and kept under wraps," said Turner.
"We've tried not to give fans false hope which they have been given in the past. It is a serious attempt which is going very well," he added.
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