A consortium led by former professional poker player James Bord has withdrawn from its proposed takeover of Sheffield Wednesday, leaving administrators searching once again for a buyer as the club prepares for life in League One.
The group, which had been named preferred bidder on 24 December, had paid a non-refundable £2.5 million deposit to secure exclusivity and had reportedly been covering losses of around £1 million per month while progressing through the EFL’s owners’ and directors’ test and scrutiny from the incoming Independent Football Regulator.
However, a further payment was due this week to extend preferred bidder status for another two weeks. Instead, the consortium stepped away from negotiations.
Valuation Shift After Relegation
The decision appears to centre on valuation. The consortium’s original offer of £30 million was agreed before relegation was confirmed. Sunday’s 2-1 defeat against Sheffield United sealed the Owls’ drop from the Championship, the earliest confirmed relegation in English football history.
With League One football now certain, the club’s market value is understood to have shifted. Under the terms of the agreement in place, the consortium could not renegotiate the price downward, effectively forcing their hand.
Sheffield Wednesday have been in administration since late October, ending 10 years under Dejphon Chansiri’s ownership. Administrators Begbies Traynor must now reopen discussions with alternative interested parties, with ongoing monthly losses continuing to mount.
One such group, led by American businessman David Storch, has publicly reiterated its interest. In a statement, the consortium said:
“We remain incredibly passionate about the opportunity at Sheffield Wednesday and seeing the club return to its former glory.
“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.”
League One next season will include a Sheffield Wednesday side still searching for stability off the pitch. Should we be in the division, it represents both a challenge and an opportunity. Inevitably, their fans will lament the loss of Bristol City and Millwall from the fixture list, and moan about trips to Bromley and MK Dons.
A club of Wednesday’s size and support base will expect to compete strongly despite the turmoil, yet uncertainty at the boardroom level rarely provides a smooth platform for immediate recovery.