Sheard consortium bid for Sheffield shares

Lancashire business man Goeff Sheard has publicly announced plans to acquire English Sheffield Wednesday shares currently held by former Chairman Dave Allen, Director Geoff Hulley, former board member Keith Addy, and supporter group, Wednesdayite.

Sheard has approached each of the four parties, who hold a combined forty-percent of the club’s shares. However, the process is moving slowly and Sheard’s consortium is anxious to move along. According to Sheard, an agreement has been reached with both Allen and Wednesdayite, after the group’s lawyers asked them to await a verified bid prior to voting.

The remaining two parties have yet to announce a decision.

Sheard believes multi-million dollar takeover includes steps to benefit the local area and create future success for the club.

"We've made a formal bid for the shares of Mr Allen, Mr Addy and Mr Hulley and also made a formal approach to Wednesdayite, Sheard told BBC Radio Sheffield.

"We've had a conclusion with Dave Allen, who's agreed to sell to us, I'm waiting to hear back from Mr Addy and Mr Hulley has contacted us, but I believe he's now away on holiday.

"When he returns I don't know, but he has queried the price of the offer, which I clearly need to speak to him about when he returns.

"The offer has been accepted by two of the four parties and we're waiting to hear back from the other two.

"Mr Allen has accepted and we have an agreement with Wednesdayite which is subject to legal due diligence."

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