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Sheard's £40 Million Problem

Sheard's £40 Million Problem

Lancashire-based businessman Geoff Sheard gave more details of the ongoing takeover saga on Radio Sheffield on Tuesday.

Sheard outlined the progress so far - former Owls chairman Dave Allen has agreed to sell his shareholding and a deal has been agreed in principle with fan's group Wednesdayite, that portion of the Swiss consortium's bid being subject to legal due diligence. Wednesday board members have also received their offers: Keith Addy has not yet replied, Geoff Hulley is away on holiday and is known to have queried the share price.

Sheard has been in communication with Wednesdayite chairman Darryl Keys, in order to allay any concern over the legality of the bid under UK regulations. He spoke of the '40 million pound problem' to solve at S6, a total which includes the debt, the price of the club and the initial level of investment to put the club on an even keel and move it forward. He also said 'There are other plans outside of the football club with regards to working with the community, which the gentlemen are very much interested in taking forward and those plans are in the future. But first things first. We want to acquire the football club and turn it round and then on the back of, hopefully, some success with the football club we'll make clear the other plans.'

And so it continues.. encouraging for all Owls fans that Sheard's first public announcement appears to be honest and open.

We'll gauge the reaction and watch for further development over the course of the next few days.

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Click here to join in the debate on the club forum.

Writer:Auckland Owl
Date:Wednesday July 16 2008
Time: 9:00AM

Comments

0
Starting to get worried about this! - no other investors are going to look at us, when this is dragging on. Looks like Wednesdayite are not happy with the package, and neither is Hulley and Addy. Allen is the only person willing at the moment. Even if this does not go ahead, there should be a move from within the club to unify some of the shareholdings so that investors can negotiate with less parties for a takeover. It may simply be because we are all so interested in this, but has a successful takeover ever taken so long? On the football front, delighted to get started with a win, I think Rocky Lekaj is one to watch this year!
owl1
16/07/2008 10:23:00
0
Looks like it might be a while yet. Doesnt look like its affecting the players though. good start to pre season. lets hope it continues for the start of the season. come on wednesday!!
forresowl
16/07/2008 10:38:00
0
Owl1, Sheard said in the interview that he had agreed in principal with Wednesdayite, and they were hoping to ballot "today or tomorrow". Tomorrow being today, wednesday. No where in the interview did Sheard even suggest Wednesdayite were "not happy with the package". He did infact praise them. They appear not to be an issue in the deal, its Hulley and Addy.
TarnOwl
16/07/2008 11:11:00
0
Sorry owl1 i take that back. just seen the star.
TarnOwl
16/07/2008 11:32:00
0
can wednesdayite raise some cash to get Hulley a flight back from his hols sooner?? I'm not too fussed if the takeover doesn't happen tomorrow, as long as it does happen within the next few months. I truly believe we'll have a good season anyways, with our talented defence, stronger mid, and experienced attack..... If the takeover happens in the next few months then everyone at the club will get a lift, our profile will be raised, then by the time the january transfer window opens..... bobs your uncle.... Gravesen, Hyypia, and Viduka take a big final payday to help us win promotion.... woo-hoo!!
Norman
16/07/2008 12:10:00
0
What the ***** is Hulley doing on holiday ? He's got a club to sell or players to buy!!!!!!!!!
duds
16/07/2008 19:33:00
0
Wednesdayite anounce ballot! Thank F@#k for that. Just vote yes ,you know it makes sense. Then we can all start slagging Hulley and Addy off.
greeny9
17/07/2008 13:07:00
0
Stop getting your hopes up you deluded Pigs, pretty obvious Sheard is a wind up merchant at your expense. Businessman my @rse, last i heard he was selling PNE shirts in their club shop!
sharpblades
17/07/2008 16:32:00
0
Yeah i agree sharpblades, in fact the last practical joke i played went on for 6 months as well, oh how we laughed. Geoff Sheard is clearly the Jeremy Beadle of football.
TarnOwl
17/07/2008 17:08:00
0
for it to go on as long as it is doing there has to be some truth in the whole matter. It sounds like it is coming together now if not then this was just another ploy to sell season tickets. Lets be fair guys you lot do it every pre-season. Only thing is its not working this time around only 6,500 sold to date.
bladesforlife1889
17/07/2008 18:16:00
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