Sheffield Wednesday looks for a buyer

SHEFFIELD Wednesday today put itself up for sale after it said that two potential takeover deals had failed to materialise.

The Championship club, which successfully avoided relegation this season, has appointed corporate dealmaker Roger Esler of accountants Deloitte in Leeds to look for a buyer “that shares the board’s vision for the long-term succes of the club”.

The move comes after offers from two possible bidders to buy the club were not received by the board.

Former Boston chairman and Darlington chief executive Jon Sotnick had indicated that he was fronting a British-based consortium poised to make a bid while
Lancashire businessman Geoff Sheard, who is backed by Swiss and German investors and advised by Grant Thornton, was rumoured to be ready to pay £5m for the 30% shareholding held by former chairman Dave Allen, director Geoff Hulley, and former director Keith Addy.

However the Hillsborough board have not received formal offers from either and today moved to secure the future of the club which has debts of more than £20m.

In a statement to the Stock Exchange this morning the club said: “The board continues to be open to dialogue with any bona fide offeror and to
working to develop any acceptable proposal such that it can be presented to the company’s shareholders for their consideration. While certain discussions are still ongoing, there can be no certainty that a formal offer to shareholders will be forthcoming.

“If a buyer is found and its terms are acceptable to the board then that party would be required to make an offer to all shareholders subject to the City Code
on Takeovers and Mergers for the entire issued share capital of the company.

“There is no certainty that such a party will be found at this time.  The company will keep shareholders informed as to progress with this process as appropriate.”

Other shares in the club are held by Wednesdayite, the Owls supporters’ society, which has a 10% stake, while the Shareholders Association has 12%.