Date:Tuesday October 28 2008
Wednesdayite have today revealed that they've withdrawn their offer to sell their shareholding to Geoff Sheard and his consortium after a timescale failed to be met.
The fans' group had backed the Lancashire businessman and have 'given him the benefit of the doubt' in previous instances of him providing proof of funding to mount a takeover at Hillsborough.
But, despite setting a time frame to see the proof, none has come, and Wednesdayite believe there 'is little if any prospect of any deal being completed' by Sheard and his consortium with regards to a takeover of the club.
A statement on the Wednesdayite website read: 'With regard to Geoff Sheard, we have always tried to give him the benefit of the doubt but given his inability to meet our conditions of sale during this protracted period, we are left to conclude that there is little if any prospect of any deal being completed and in these circumstances the Wednesdayite Board has today decided to withdraw our offer to sell our shareholding to him/his consortium.
'This does not prevent him from obtaining his stated aim of a 29.9 per cent shareholding in SWFC through the 3 other major shareholders and it is a matter for them to make their own decisions in this regard.
'Should Mr Sheard be able to prove funds to the satisfaction of our legal advisers in the future, we would be happy to revisit the situation.
'However any such approach would require a determination by way of a fresh member ballot given the intervening developments and in the meantime we feel it is important that ongoing efforts to secure fresh investment are not otherwise hampered.
'We feel it is necessary to provide this honest, if disappointing assessment based on the facts as we know them and we hope members and the wider fan base will understand our decision in that every opportunity has been afforded to Mr Sheard to complete the purchase of our shares.
'We are nevertheless still committed to our shareholding playing its part in a better future for the club and we have been active in trying to explore alternative potential solutions.
'In this respect, we will be writing to the club's Board this week with a constructive proposal, seeking their agreement to involve the wider SWFC business community and fanbase in an alternative structure which, if supported, might provide the catalyst for a better future for SWFC.'
For more on Wednesdayite, visit their website at www.wednesdayite.com
Date:Tuesday October 28 2008
Coke Set For New Year Return (Thursday December 18 2014)
Don't Give Madine Away (Thursday December 18 2014)
Palmer One Off Career Milestone (Wednesday December 17 2014)
Permanent Deal In The Offing For McGugan (Wednesday December 17 2014)
Maghoma Wants First Team Spot Back (Wednesday December 17 2014)
Wednesday Interest In Morais? (Wednesday December 17 2014)
Madine Expects A Free (Tuesday December 16 2014)
Wednesday MotM against Rotherham (Tuesday December 16 2014)
Football Aid 2015 - Ultimate Sheff Wed Xmas Gift! (Monday December 15 2014)
Sheffield Wednesday Set Manchester City Details (Monday December 15 2014)
|6.||dooleys left leg||4|
|13. Sheff Wed||21||6||10||5||-1||28|
|Will Dallas Always Bee Brentford's Super Sub?
» Brentford : 19/12/2014 10:32:00
|Team news: Reading vs Watford
» Reading : 19/12/2014 10:00:00
|Wolves target weighing up options
» Wolves : 19/12/2014 09:58:00
|Andy Delort Talks On His Lack Of Opportunity
» Wigan : 19/12/2014 09:56:00
|RUFC - Evans 'It's Simply Pathetic'
» Rotherham : 19/12/2014 09:38:00