Sheffield Wednesday: James Bord-led consortium pulls out of takeover

After 10 years, the Owls have been in management under the ownership of Dejphon Chansiri since October.

They were relegated from the Championship on Sunday after losing 2-1 to city rivals Sheffield United. This was the earliest relegation in history in English football.

Administrators Begbies Traynor chose the Bord group after paying a non-refundable deposit of £2.5 million.

It has since financed the club’s losses to the tune of around £1 million a month.

The trio have since been put to the test of owners and directors by the EFL and the new Independent Football Regulator.

An additional payment was required this week to extend preferred bidder status for an additional two weeks.

However, the group withdrew as the club was currently thought to be worth less than £47.8 million. It was initially offered and the consortium is unable to negotiate the terms of the agreement.

This eliminates the need for managers to find another buyer.

Sheffield Wednesday’s joint administrators said in a statement: “The withdrawal of this bidder does not mean we are back to the beginning of the process.

“We have already contacted other parties who have previously been involved in the sales process and have reiterated their interest in purchasing the club.

“We are therefore taking immediate action to re-engage these bidders under a new accelerated timeline.”

He added that the focus remains on getting the club out of administration and securing its long-term future, adding: “We understand this news will be disappointing and frustrating for fans.

“However, the club continues to operate, funding is available for the remainder of the season and there remains interest in purchasing.”

BBC Sport understands Bord’s bid was significantly higher than other interested parties and no other bids met the 25p per pound requirement for creditors.

If the new owners do not pay 25p per pound, the EFL’s insolvency policy states that the club must start the following season with a 15-point deduction.

The Owls have already been stripped of 18 points this season due to financial breaches under Chansiri.

Former Crystal Palace owner Simon Jordan, who was part of a consortium considering the bid at one stage, says the automatic 15-point penalty should be appealed.

On Tuesday, another consortium led by American businessman David Storch expressed interest.

“We are incredibly passionate about the opportunity at Sheffield Wednesday and seeing the club return to its former glory,” the statement said.

“We wish the preferred bidder success in the process, but are prepared to step in should the opportunity arise again.

“We know we are all disappointed with the relegation, but we wish the team a good finish this season.”