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.