Sheffield Wednesday to be bought out

Sheffield Wednesday found some welcome relief when businessman Geoff Sheard came to an agreement to purchase the English club for GBP 5 million.

Sheard is part of a consortium consisting of German and Swiss investors. They will purchase the 30-percent share owned by former club chairman Dave Allen, director Geoff Hulley and former director Keith Addy.

Another GBP 35 million has been set aside to acquire further shares. Supporters' group Wednesdayite has a 10-percent stake, and said they would hold a ballot on whether to sell. The Shareholders Association holds 12 percent in the club and said they were open to helping Sheard.

Sheard's deal should be final regardless of whether the club remains in the Championship or is exiled to the third tier of English football.

The club has been overwhelmed by debt, with an estimated GBP 27 million currently on the books against the club. Relegated from the Premier League in the past decade, Sheffield Wednesday now is fighting to stay in the second-tier Championship.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.