Sheffield Wednesday announce preliminary takeover offer

English Sheffield Wednesday has confirmed that a preliminary takeover overture has been made for the club.

The club notified the Stock Exchange that an offer has been made. Earlier reports suggested Geoff Sheard had made an offer for the club, and had contacted its supporters' group about their shares. Russian Vladimir Yevtushenkov is believed to be backing Sheard.

The club has GBP 26 million in debt. Its supporters group remains hopeful that an offer on their shares could trigger a full-scale buyout.

If that occurred, the Wednesdayite trust would lose the ability to call extraordinary general meetings, but supporters' trust leaders said they would be fine with that if only the club were in good hands.

Former club chairman Dave Allen promised to sell his 11-percent stake if the supporters sale is done. With that, the Sheard group would only need to obtain shares owned by Keith Addy and Geoff Hulley to give the new consortium control.

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