Simon Jordan has called out the EFL over a little-known rule impacting the sale of Sheffield Wednesday.
The Championship side entered administration in October – ending the tenure of controversial owner Dejphon Chansiri.
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Wednesday’s prospective owners must pay Chansiri £15million to complete their purchaseCredit: Getty
However, a deal has yet to be completed despite a number of interested parties.
Mike Ashley is currently in the race to buy the Owls alongside a US-based consortium.
Jordan had previously shown an interest in the club as part of group eyeing a takeover.
Although the group proved their funds, Jordan was put off by the need to pay Chansiri £15million as part of the takeover.
READ MORE IN FOOTBALLSimon Jordan was invovled in consortium to return to English football club ownershipJordan eyed Wednesday takeover
Lifting the lid on his interest, he told White & Jordan: “My interest was real. I made my position very clear and we proved our funds. So we were one of the groups approved of our funds.
“I don’t want to pay Chansiri £15m. I don’t want to pay £1m a point and neither does Mike Ashley.
“What I said was that the EFL construct is a very poor rule, is badly thought out and I was an owner that got this right up my backside.
“So I’m speaking about something that happened to me and I took it. I walked away and handed the club to (Steve) Parish for nothing.
“Chansiri wants to get paid £15m for all the car crashes that he’s put upon this football club, the EFL preserves that rule.”
Jordan was previously Crystal Palace owner for ten years following his takeover in 2000.
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Ashley remains in the race to buy the Owls after Jordan pulled out of the runningCredit: PA
However, the club entered administration in 2010, leading to Steve Parish’s takeover.
He continued: “What’s happening is all these buyers, that apparently led the administrator to believe that it was a £30m plus sale on the table, have suddenly disappeared and Ashley’s gone, ‘I’ll tell you what. I’ll give you a fiver, call me when you need me.’
“And he’ll pay the price that he wants to pay for this football club, which is how you buy a distressed asset and all these so-called know it all Sheffield Wednesday fans are passing observations about how this gets done now. It doesn’t get done.
“The reality of it is that you’ve got people that are pining about how this football club should be bought.
“If you buy a football properly you start with the dynamics of how you run it properly and you don’t want to give money to people that don’t have to have it.
“The EFL and the administrator and perhaps the regulator should be brought into play to find a way even if you have to sanction them.
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Henrik Pedersen’s side have been deducted 18 points so far this seasonCredit: Getty
“Ignore the precedent of what happened to Derby, its guidance, take the 15 points and give them to them this season, they’re relegated anyway, we’ll take the 15 points this season.
“Why have you got to give Chansiri £15m-£20m because that’s what he wants because ultimately that’s the rule. That’s why I walked away now. My guys may well be back in.”
Wednesday’s off-field issues have contributed to their woes in the Championship this season.
A pair of points deductions totalling 18, have left the club bottom of the table on minus nine.
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As a result, they find themselves 30 points from safety having won just one of their opening 21 matches.
Henrik Pedersen’s side are next in action on Boxing Day, when they host Hull City at Hillsborough.