Ten parties have now provided proof of funds to administrators at Sheffield Wednesday as the process of finding a buyer for the club continues, BBC Radio Sheffield understands.
On Monday a second party was shown around the Championship club’s Hillsborough Stadium home, after an initial potential buyer was given a tour last Wednesday.
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A soft deadline of Friday, 21 November – 28 days from when they were placed into administration on 24 October – has been set for offers to be given to the club.
There will then be a two-week negotiating period with a deadline of Friday, 5 December set to determine preferred bidder status.
In order for a deal to be completed, a buyer would then need to satisfy the EFL’s Fit and Proper test plus complete due diligence.
Wednesday are bottom of the second tier on minus four points after being automatically deducted 12 points by the English Football League for entering administration.
They welcome Steel City rivals Sheffield United in their next match on Sunday, 23 November.
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‘A long-term project not a quick-fix’ – analysis
It will be interesting to see how this process plays out. The administrators expected double figures for showing proof of funds for £50m. Now the question is how many of those parties make an offer.
Fans will need to recognise that showing proof of funds does not guarantee all 10 will eventually make a bid.
There is a lot of work to be done at Wednesday. Hillsborough Stadium, for example, is going to need significant work done to it. Potential buyers will need to work out how much it is actually going to cost to buy the club and the infrastructure work needed to get the Owls on par with their peers shouldn’t be underestimated.
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Kris Wigfield, one of the administrators, explained to us last week that they will be honest with potential buyers about the depth of work and investment required, in order to try and find the best possible new owner.
This is all before acknowledging the team will likely be competing in League One next year and that this will be more of a long-term project than a quick fix.
However, we’ve seen at Birmingham City that things can develop quickly with investment and a plan. Wednesday fans will be hoping whoever emerges to buy the club in the coming weeks can provide ideas and hope for the future, to go with deep pockets, in order to get this club finally moving in the right direction.
There is a lot of potential at Sheffield Wednesday. This is the best opportunity in some time for it to be realised.
