Vital Football

Latest Sheffield Wednesday News

Owls' Takeover Problems Continue

Owls' Takeover Problems Continue

The proposed takeover of Wednesday by a consortium led by Geoff Sheard has taken another twist today with the revelation of the involvement of a convicted money launderer.

Richard Francis Downes, imprisoned in 2002 for conspiracy to launder hundreds of thousands of dollars, is the man responsible for producing a letter in the name of an offshore bank in Dominica to provide proof of funding for the takeover.

Downes, originally from Ormskirk, Lancashire, also known as Richard Francis, admitted his involvement with the proposed takeover to the Yorkshire Post, but Sheard denied to have any association with him.

And Wednesday also confirmed that Downes' name was used by Sheard when he started negotiations earlier this year.

Downes, now based in Alicante and refused entry back in to the USA unless permission is granted from the Attorney General, also revealed that he'd looked in to investing in Chester City and promised to help the club to the heights of the Championship using funding from the Private Capital Bank in Dominica - the same bank being used with the Owls' takeover.

Sheard used the letter as proof of funding for the Owls' four main shareholders, former chairman Dave Allen, fans' group Wednesdayite, Geoff Hulley and Keith Addy.

All four had agreed to sell their shares should Sheard's backers come up with the promised money and have it legally verified, although Sheard later revealed that it was just a means of 'getting a foot in the door' when confronted by the Yorkshire Post that PCB was not an operational bank, and claims that Sheard knows the bank's owner appear to be false.

The promised takeover at Hillsborough now appears to be at a critical stage - with Sheard's hopes of invesment appearing to be at fading fast.




Win £1,000,000 every week with Man of the Match®

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

Writer:Nick
Date:Friday September 19 2008
Time: 12:39PM

Best of Vital Network

Vital F1 - Blog: Spa Preview

Comments

0
Give Sheard 7 business days to name the people behind the bid and provide clear proof of funds which are completely unconnected to this criminal character. If he can't do it, cease all communication and tell him to sling his hook. Enough is enough.
onedeaddj
19/09/2008 12:54:00
0
Enough is enough. The excuses that Sheard has come up with to delay proceedings all make sense now. They don't have any real money and the whole syndicate sounds a bit dodgy. Their proposed takeover has become an embarrassment. I know we are desperate for new investment but we shouldn't be doing business with characters like these and we should pull out now.
CLIFFANDJ
19/09/2008 13:22:00
0
Put the For Sale sign up again, this is soul destroying, you're quite right enough is enough!!
Brighton Owl
19/09/2008 13:42:00
0
At the begining of this takeover saga I will openly admit that I was very "pro" Sheard as far as him beingthe best for what he was saying that was going to happen. But Im afraid to say that my level of optimism has seriously nosedived in the last few weeks and I am begining to wonder if this is all some pipe dream of a seemingly businessman wannabe.
Skeggy Owl
19/09/2008 13:43:00
0
Michael Knighton springs to mind, Sheard will be juggling a ball on the pitch next. this has been dragging on since January time for him to put up or pi$$ off.
duds
19/09/2008 13:53:00
0
This is sad. My confidence started to slide when the whole 'foot in the door' thing came up with the Dominica bank. Why would you need a foot in the door if you have backers with £500milion to throw around? We really didn't need this! On a brighter note, any news about that possible takeover group that that Nick published on 1st April ;o)
YankeeOwl
19/09/2008 13:58:00
0
we already knew the letter was from richard downes yorkshire post wrote that a few weeks ago http://www.yorkshirepost.co.uk/football/Confusion-and-delay-leave-Sheffield.4486398.jp contridicts what they wrote today in some parts too, PCB never heard of or seen sheard 3 weeks ago. Now they saying PCB allowed downes to act as middle man between sheard and investors. BORING
wesp
19/09/2008 14:09:00
0
Confusing as heck and very demoralising.....GS needs to buy before the end of next week or back out totally. There will be other investors if he would just get out the darned way!
US Owl
19/09/2008 15:20:00
0
do agree with that though US owl just needs to be over soon one way or the other, whatever anyone else says we are a good investment, big city fanbase,staduim, and for the price of robinho you could buy the club stadium and clear all the debt
wesp
19/09/2008 15:27:00
0
He HAS to be given an ultimatem as faras a deadline is concerned. If he doesnt like it and turns round and says "***** it Im out of here" then we will know just how serious he wasnt.
Skeggy Owl
19/09/2008 15:35:00
Page 1/5
  1. 1
  2. 2
  3. 3
  4. 4
  5. 5

Login to post a comment

Recent Sheffield Wednesday Articles

Is Glenn Loovens The Owls' Missing Defensive Link?

Alex Roberts considers that Loovens maybe just what the Owls defence needs!

Don`t panic, and keep the faith

It's not been the greatest of starts, but hold the horses...

Write about your passion - Sheffield Wednesday!

Are you a passionate Wednesdayite? Have a way with words? We'd love to hear from you!

Wednesday Duo Get Scotland Call

Sheffield Wednesday duo Barry Bannan and Steven Fletcher have both been called up by Scotland manager Gordon Strachan for the coming international break.

Archived Vital Wednesday Articles

Vital Wednesday articles from

Site Journalists

Ed Jepson
Editor email
Profile
Greg Pursehouse
no email
Profile
Tom Sellers
no email
Profile

Current Poll (see more polls)

Owls right back?
Suggested By: Vital Wednesday
Hunt1%
Palmer8%
Sign Another!91%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
1 Huddersfield 4 3 1 0 10 3
2 Brighton 4 2 2 0 8 6
3 Wolves 4 2 2 0 8 4
4 Norwich 4 2 2 0 8 4
5 Fulham 4 2 2 0 8 2
6 Q.P.R. 4 2 0 2 6 2
7 Newcastle 4 2 0 2 6 2
8 Brentford 4 2 0 2 6 1
9 Barnsley 4 2 0 2 6 0
10 Bristol City 4 2 0 2 6 0
11 Forest 4 2 0 2 6 -2
12 Aston Villa 4 1 2 1 5 2
13 Ipswich 4 1 2 1 5 0
14 Birmingham 4 1 2 1 5 -1
15 Cardiff 4 1 2 1 5 -1
16 Derby County 4 1 2 1 5 -1
17 Wigan 4 1 1 2 4 1
18 Burton 4 1 1 2 4 0
19 Leeds Utd 4 1 1 2 4 -2
20 Sheff Wed 4 1 1 2 4 -3
21 Reading 4 1 1 2 4 -4
22 Rotherham 4 1 1 2 4 -5
23 Preston 4 1 0 3 3 -1
24 Blackburn 4 0 1 3 1 -7
Latest F1 News
Latest Vital Boxing News

Recent Sheffield Wednesday Results (view all)

Sheffield Wednesday Fixtures (view all)

Vital Members League Table

RankNamePoints
1.OurMaurice9
2.dooleys left leg5
3.Ron Springett saves2
4.brinsworthowl2