The former Newcastle United owner is keen on a return to football
Mike Ashley face serious competition for Sheffield Wednesday as the takeover bid for the crisis-hit club edges nearer a conclusion.
The Owls have been up for sale since being placed into administration last month. Owner Dejphon Chansiri’s reign at the Steel City side came to an end after a series of financial issues.
Ashley is understood to be one of 11 parties that have expressed an interest in buying Sheff Wed. The former Newcastle United owner has been out of football since he sold the Magpies to the Saudi-led consortium for £305million back in 2021.
The Sports Direct magnate is understood to be keen to acquire the Hillsborough outfit, continuing his strategy of buying up distressed sporting entities. He recently sold Coventry City’s stadium back to the club for around £40million.
Competition to take over Sheff Wed, however, is fierce with the number of parties having hit double figures. It was recently confirmed by the administrators that the list of potential buyers will be narrowed down to a list of ‘serious and viable’ bidders in the coming weeks.
Ashley may not have too much longer to wait with the Sheffield Star reporting that a soft deadline of November 21 is in place for official bids being tabled.
It is then understood that a negotiation period of two weeks planned before administrators hope to select a preferred bidder and exclusivity to one party on December 5.
The 11 parties have already provided proof of £50m funds. This was deemed necessary by the administrators to allow them access to sensitive data relating to the club’s finances.
Ashley, given his wealth from his Sports Direct business, was comfortably able to provide proof of funds and also has the advantage over other bidders of being known to the EFL ahead of passing a potential owners and directors test.
However, the ex-Newcastle chief is not the only billionaire interested in the Owls, with US businessman John McEvoy also believed to be serious about taking on the Championship club. McEvoy already has stakes in MLB franchise Colorado Rockies and NHL side Nashville Predators.
McEvoy, an entrepreneur who was the founder of a San Diego-based mobile device distribution company Mobile Solution, was reported to have travelled to Sheffield this month to receive a tour of Hillsborough and the Middlewood training base, highlighting his keenness on a potential deal.
However, other parties are also believed to have conducted tours of the stadium and training ground as the battle for the distressed club hots up.