Consortium Withdraws from Sheffield Wednesday Takeover
Sheffield Wednesday have been under administration since late October.
A consortium led by former professional poker player James Bord has withdrawn from the takeover process of Sheffield Wednesday.
The group, comprising Bord, Felix Romer, and Alsharif Faisal Bin Jamil, was announced as the preferred bidder for the Championship club on 24 December.
The Owls have been in administration since October, following a decade of ownership by Dejphon Chansiri.
On Sunday, Sheffield Wednesday were relegated from the Championship after a 2-1 defeat against city rivals Sheffield United, marking the earliest relegation in English football history.
Administrators Begbies Traynor selected the Bord consortium after it paid a non-refundable deposit of £2.5 million.
Since then, the consortium has been financing the club's losses at an approximate rate of £1 million per month.
The trio have been undergoing owners and directors tests with the English Football League (EFL) and the new Independent Football Regulator during this period.
A further payment was scheduled for this week to extend the preferred bidder status by an additional two weeks.
However, the consortium has withdrawn due to the club's valuation now being considered lower than the initial £30 million offer, and they are unable to negotiate a reduced price under the terms of their agreement.
This development leaves the administrators tasked with finding another buyer for the club.
Other Interested Parties
On Tuesday, another consortium led by American businessman David Storch expressed continued interest in acquiring Sheffield Wednesday.
"We remain incredibly passionate about the opportunity at Sheffield Wednesday and seeing the club return to its former glory," the statement read.
"We wish the preferred bidder well through the process but are ready to step in should the opportunity present itself again.
"We know all are disappointed by relegation yet wish the team well as they finish the current season."
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