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Owls Respond To Takeover Talk

In light of reports linking Club 9 Sports with another offer to invest in Wednesday, the Owls board have issued a club statement this afternoon.

And it seems that the American-based consortium are no closer to reaching an agreement, despite reports linking Wednesdayite and boxing promoter Dennis Hobson with the Club 9 bid.

The Owls board have responded by saying that they're continuing talks with 'credible long term investment partners' while Club 9 'continue to make noise in the media'.

Here's the statement in full: 'In our search for new investment, we have set a number of key conditions for potential partners who wish to be part of the Club moving forward. Central to these is the ability to invest money into the Club straight away.

'We have stated in the past that 5m is the minimum figure that is needed to assist the Club on day one. This figure would allow for a major reduction in the debt position of the Club and would ultimately give more resources to the manager to invest in the playing squad.

'It is the duty of the Board to protect the long term interests of the Football Club. We recognise that investment is needed but will not let anybody take control of Sheffield Wednesday, unless they have the ability to meet the Club's financial requirements in the short, medium and long term. This is a position that is supported by the Co-operative Bank.

'We have been approached by a number of interested parties and it is true to say that we have been made offers that fall short of the conditions that have been set. Club 9 Sports LLC is one such party and while they continue to make noise in the media, we focus on negotiations with credible long term investment partners.

'The Co-operative Bank is playing an active role in these other discussions and remains fully supportive of the stance taken by the Board.

'Out of respect for all parties and to allow for the Club to focus on the start of the new season, we will not be making any further comment on the investment process until such time as there is firm news to deliver to our supporters.'




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The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Friday July 30 2010

Time: 5:03PM

Your Comments

Arrghhhh........ I said previously: Noooooooooooooooooooooooooooo!!!!!! Please NO more speculation takeover twaddle, blah blah Hobson, blah blah S-Club 7 "reach for the stars, climb every mountain"..... Sorry Club 9, blah blah the board, blah blah American Football, blah blah bloody blah..... BORING, ENOUGH IS ENOUGH. UTO, WTID.
Owlsmad
you feeling ok man?
bladesforlife1889
bladesforlife1889 weve got a new freind for you called Landon fill your boots with this one
Waddle1993
If my Euro numbers come up tonight I'll put the 5 mil in if the wife will let me lol! Let's hope a serious investor turns up...and not Club 9 whose strategy seems to be to try and get the club on the cheap by winding supporters up via the media. The Board don't always make the best decisions, the Grant transfer fee is one example but I think we are worth more than 3 million as an up front investment.
CLIFFANDJ
goodness me some of my fellow wednesday fans live in la la land the club is worth what someone is willing to pay for it very similar to your house when you put that on the market sometimes you have to wake up and smell the coffee which i fear a great many of us need to do and realise that we are what we are and we are worth what we are worth. C9 sports are the only ones who have continued to come back and back despite all that has been thrown at them from the board to the 'supporters' and still want to invest in this club and we should be greatful not mocking them with scorn and ridicule we are a laughing stock of english football a prime example of 'how not to run a football club'. REMOVE THE BOARD GET C9 SPORTS IN RUNNING THE CLUB!!!
aussie2005
Aussie Club9 are a shambles of an outfit 3mill and our 5mill is the investment for the season not a club valuation. It took them best part of a year to scrape together 2mill then hobson throws in another 1m. They're still 2m short what happens in following seasons? Where would the money for that come from?
nice1emile
remember club9 had other investers willing to put money in till we went down then they pulled out meaning they are in for one thing filling their pockets like the yanks at man.u just think of the money that will be comming in if we get the world cup,I say stick to your instinks and wait for the ones that want to do well for the club not their pockets
Owlet
I think it's way past time that C9S either pay the asking price or do one..........
US Owl
to be fair who cares a toss if someone buys the club on the cheap? it is what they do with it after they have got control that matters. the price paid for taking ownership only benefits the current owners (that is those who have got the club in its current position) and the ego of fans who want to say we're worth 30m or whatever.
Hirsty's Shinpads
Aussie2005 and others that may share his views. Yes I agree the club is worth what an investor is willing to pay but we don't need to throw ourselves at the feet of the first person to make an offer - you wouldn't if you were selling your house. The fact that Club 9 have made 3 offers now shows that they know there is money to be made. If they want it that badly then they will come up with an offer acceptable to the board.
CLIFFANDJ
Trust me, not all us yanks are bad news. That being said, I dont think Club 9 has the best interest of the club in mind. We need a new owner, not a conglomerate interested in pieces of the club.
Pittsburgh Owl
can anyone remember the finer points about the investors that were going to invest when LS first came on board but pulled out when the board neglected to mention a 1m defecit in the budget that they were hiding! given the current state of the club and the fact we are relegated and owe money to the tax man and are in league 1 the board need to get into the real world 3m of anything is worth more than a business that if these blokes stay in charge any longer may be out of business by my 30th birthday
aussie2005
For those who say the club is worth more than 3mil- I have a really good deal for ya- I've got a 23 grand lloan, and you can haveit- responsibility for repayment and all- for 3000. And CLIFFANDJ they're not the first offer, they're the first second and third offer and the only interested party. If we'd have accepted they're first bid we would be 3mil less in debt, have paid the tax man, and probably still had Grant and been looking forward to cruising back to the Championship. As it is I'm actually a little worried that this shinking ship is being dragged further and faster down by the anchor which is the board!!!!
Norn Iron Owl
Ausie2005 if Club 9 didn't do their due dilligence properly, and I am sure they did, then more fool them. They are trying to get the club on the cheap and the board are right to turn their offer. Not sure where you live but I will give you 30,000 cash for your house...will you take it? Club 9 are trying to do the same with the club and the board are quite right in turning them down.
CLIFFANDJ
mate i rent buying later this year or early next. i dont think it was c9 that didn't do thier due dilligance it was another interested party which pulled out when the million pound had been discovered which the directors 'forgot' to mention. the fact of the matter is the people on the board are more interested in themselves than what is in the best interests of the club. I think they have been 'looking' for the right investor for what 7 years since the bates fiasco and wednesdayite and all that carry on? C9 are the most tangible realistic offer we have had and are even likely to get so why oh why don't we take them up on this before the think you know what enough is enough. I have no issue with them as investors trying to get the best deal for themselves to allow the best possible return they are businessmen succesful business men who wish to invest in our business (club). Personally I would love to see where we would have been had these guys taken over before the game at palace and the sort of changes we could and would have seen both on and off the field
aussie2005
and I wish we hadn't bought Hinchcliffe, De Bilde, Wim Yonk, Sibon and others but there is no point in looking back or wondering where we might have been. We are where we are now, a club that is in League 1 with massive debt and struggling. Let's forget about what ifs. The important thing is to get the right investment for the club moving forward.
CLIFFANDJ
i agree with both sides above. the current board are holding out for a deal in which they are first in line to have their loans repaid instead of the current offer which is either the back of the queue or having to write their loans off. the reasons they are giving out for rejecting the deal is smoke and mirrors. as i said before tho the club is never going to be in position for them to take their money out unless something alters drastically and the current board have not provided any indication that anything will change anytime soon. i don't know at which point they lent money to the club but good on them for doing it when they did but they must have known that their money was dead as soon the club had it. i would hazard a guess the money was lent one of the seasons we were struggling and signed a raft of loan players late in the season
Hirsty's Shinpads
the board are saying no because they know they are out of the door once the deal goes through ,the offer must be decent if the bank as given the ok
Owlet
....and we're off! Here we go again. Wake me when it's over....
baldowl
are we having to listen to this crap just to take our minds off the financial ********* the club have dropped lately?
robc
Cliffandj- if you pay me 30,000 for my house, but take on the mortgage i'll take you up on that offer, equity is limited to around 5000- ie i'd be 25,000 better off. Yes 3mill for our club is a small amount but the debt doesn't go with the current owners like a house- think about it before you start ripping apart the offers made. Has anyone read their plans and their open letter- I for one believe they are the right choic for our club- especially at present!!!
Norn Iron Owl
Reports are circulating that Eggert Magnusson part of the consortium that owned West Ham could be willing to put money into Wednesday ?
ecco owl
 

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