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Sheard Closer To Owls Deal

Sheard Closer To Owls Deal

At last! After months of speculation regarding a takeover at Hillsborough, it appears we're finally moving in a positive direction with the news Geoff Sheard has agreed a deal in principle to buy a stake in the club.

Sheard and his consortium have long been linked with a takeover at S6, but with things going quiet in recent months, some fans have grown impatient, especially with the news that former Darlington chief executive Jon Sotnick had become interested as a rival party.

But BBC Radio Sheffield are now reporting that Sheard and his consortium have agreed a deal in principle to buy a 30 per cent stake in the club after agreeing a price with directors Geoff Hulley and Keith Addy and former Owls' chairman Dave Allen.

And it's believed the trio are now awaiting an official offer in writing before accepting.

Sheard and his consortium also enjoyed a positive meeting with Wednesdayite recently, and it appears they are the favourites for the deal.

Sheard's decision on buying in to the Owls doesn't depend on whether the Owls will be in the Championship or League One next season, but there has been no timescale slapped on the deal, and Owls fans could well be made to wait a bit longer yet.

For all the latest on the Owls' takeover, keep checking Vital Sheffield Wednesday for all the latest updates.

Writer:Nick
Date:Wednesday April 30 2008
Time: 9:39AM

Comments

0
id love to welcome in some new owners on sunday, full house it would be perfect (assuming we dont ***** it up and lose to norwich)
mansfieldowl
30/04/2008 09:48:00
0
http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/7373961.stm
SuperOwls
30/04/2008 09:53:00
0
Why only 30%? I don't understand these boardroom takeovers - can someone explain???
SuperOwls
30/04/2008 09:53:00
0
Superowl - My understanding is that the board only own 30%, wednesdayite 10% and the shareholders association 12% - the rest is owned by small investors - fans etc. Once they've got the 30%, they will then move onto shares owned by wednesdayite and shareholders association, once this is acquired, they have the majority, and can then purchase the rest off small investors.
swfcjambo
30/04/2008 10:03:00
0
Once he has 30% control he is obliged under takeover rules to make a bid for the remaining shares. If the price is acceptbale to share holders he will then purchase the remaining shares to take 100% control of the club
Aston Owl
30/04/2008 10:14:00
0
Yep, that exactly correct. I also think that he can make a compulsory purchase of any remaining shares once he obtains a greater percentage. I tthink he needs to own almost 80% before that can happen though.
Smurf
30/04/2008 10:24:00
0
Be interesting to see what wednesdayite do with the money they receive assuming they accept the bid
Aston Owl
30/04/2008 10:44:00
0
Thanks for the explanations!! Looks like we can really start to get excited - couldn't be better timing with Sunday coming up either - the more boosts we get going into the game the better! Have to say, I hope they keep Laws in post - feel for him with lack of fund, injuries, etc this season. Think he's a decent manager and pbviously cares about the club - think about his running up the touchline when we stuffed the piggies! Give him a chance with some cash and fit players I say.
SuperOwls
30/04/2008 10:52:00
0
I personally would like Wednesdayite to offer the share price they receive back to the club. For use on improving facilities etc.... This wont happen tho as I believe they want to make wednesdayite bigger and these funds will allow them to expand. I hope we can see sense and build a coaching team in the background, that would see Lee Bullen in there. I'd love to see Chris Waddle as a ambassador for the club also.
Bigash
30/04/2008 10:58:00
0
personally wednesdayite should put there money into keeping season ticket prices down
mick66owl
30/04/2008 11:37:00
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