Geoff Sheard announced that the funding for the takeover of English Sheffield Wednesday is now in place. More than eight months after first launching a bid for the club, Sheard plans to complete the takeover with founds provided by two investors, a German and a British, who will pay for the 29.9 percent stake. The identities of these investors are otherwise unknown.
Sheard told Yorkshire Post, “It’s a matter of days away — I’m hoping we’re done this week.” This is after several delays and a series of previous comments claiming the negotiations were nearly over and the deal was set to close.
Ten percent stake owner Dave Allen expects Sheard to purchase his stake over the next several days. “He phoned me to say the funds were in place — which I’m pleased about — and it was hoped to do the deal by the end of the week,” Allen stated.
Everything is said to be in place, as Sheard states he has communicated with the investors, the club, and the bank.
The club is in need of debt reduction, as they owe over GBP 20 million to Co-op Bank.