Date:Saturday October 9 2010
It's been a long time coming, but Wednesday have confirmed that the club is in 'advanced' talks with an unnamed investment consortium, believed to be led by former Owls player and manager Chris Turner.
The club released a statement last night saying that 'legal formalities of the investment process are advanced and are presently being finalised', although the investor has asked for their identity to be confidential until the deal is finalised.
The investor will also advance £2 million to the club as a sign of goodwill to help Wednesday improve their cash flow and fight off recent court appearances due to unpaid tax to the HMRC.
It's believed that the consortium includes former Wednesday goalkeeper and manager Chris Turner, who heads a wealthy Norweigen oil company.
Owls chairman Howard Wilkinson said: 'I am delighted that a bona fide investor has confirmed their commitment to be long term investors in Sheffield Wednesday. I am equally happy that as a sign of their commitment, the investor will inject some short term working capital into the Club.
'Such a step reassures us with regard to the intentions of the investor, while we have also been impressed by the way they have steadfastly remained committed to the investment process.
'We still have a small way to go before we can provide full details as to the longer term future, but I believe today's news should act as a calming influence upon all of stakeholders, especially our supporters and playing staff.'
A spokesman for the third party investor has said: 'We are committed to being long term partners of the fans and other stakeholders of Sheffield Wednesday Football Club.
'It is quite clear that the Club has both a short term financial need, while longer term investment is needed to assist in rejuvenating the Owls. The short term need is greatest and so our initial payment is being made to allow for the investment process to conclude without the distracting fear of administration.
'When appropriate we will share with fans our longer term aspirations for the Club, but for now I ask everybody associated with Sheffield Wednesday to continue getting behind the team and focus on what happens on the pitch.'
Date:Saturday October 9 2010
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