Joint administrator Kris Wigfield has issued an update statement on the on-going situation with regard to a preferred bidder to take up ownership of Sheffield Wednesday.
It reads as follows:
On Christmas Eve, we reached a significant milestone in the administration and sale of the Club by confirming that a preferred bidder had been selected.
This position was reached only after carrying out extensive due diligence over a period of weeks on the sources and proof of funds supporting the offer, and others, as required by insolvency law and football regulations.
These laws and regulations also place a duty on the Administrators to maximise returns for creditors — including local businesses owed money by the Club — and to ensure that the sale process is conducted carefully, properly and in accordance with all applicable rules.
Due to non-disclosure agreements, which are a standard part of any bidding process, and EFL regulations, we were unable to publicly name the preferred bidder. We also remain respectful of the EFL’s ongoing process to assess and vet the proposed new owners before any transaction can progress further.
From the outset, supporters and the groups that represent them have been a priority in our communications. Working with the Supporters Trust, key local media contacts and official Club channels, we have sought to ensure that supporters receive updates first wherever possible.
Our primary objective is the careful stewardship of Sheffield Wednesday into the ownership of a group that the EFL approves as fit and proper. Securing a well-funded and credible new owner is essential to safeguarding the Club’s future.
We cannot jeopardise that process by breaching EFL rules or legal agreements with prospective buyers, or by disclosing details prematurely before regulatory approval has been completed.
Once the EFL has concluded its review and approval process, and the sale is able to progress, we will make a formal announcement with further detail at the appropriate time.
We understand that this period of uncertainty is frustrating for supporters who care deeply about the Club. However, we must remain committed to complying with legal and regulatory requirements while working towards the best possible outcome for Sheffield Wednesday and its supporters.
Kris Wigfield
Joint Administrator
