FORMER Newcastle owner Mike Ashley is now weighing up an improved bid for Sheffield Wednesday.
The billionaire tycoon is eyeing a dramatic swoop to beat a rival joint US mega-money offer.
Mike Ashley is one of the leading figures trying to buy Sheffield WednesdayCredit: PA
The club is in desperate need of new buyer as they look to avoid going down to League OneCredit: Shutterstock Editorial
Ashley, worth £3.12billion, is understood to be considering raising his offer after weeks of long-running interest in buying the crisis-hit club out of administration.
The Star is reporting that his current bid is already well above the £20million figure reported nationally last month and could rise again as the battle for the Owls heads into a critical phase.
The takeover process, for identifying a preferred bidder, has rolled past its .
Joint administrator Kris Wigfield said last week the delay was due to “various reasons”, but insisted talks around “strong, credible offers” remained “active, detailed and constructive”.
Administrators previously revealed five or six bidders were in the .
That figure has now tightened as some groups were knocked out through due diligence.
Crucially, multiple bids over £30million remain live, enough to satisfy rules and help Wednesday avoid a devastating 15-point deduction season.
It emerged via Sports this week that final offers had been delayed.
But The Star understands Ashley is still firmly in the mix, though at least one other unnamed party remains active behind the scenes.
And in a major twist, two heavyweight US bidders have now merged forces.
They are bottom of the Championship table and will need injection of cash to salvage their situationCredit: Shutterstock Editorial
American businessman John McEvoy has teamed up with a private equity group backed by the billionaire Storch family.
Their interest stretches back months, with various reports revealing they even attempted a short-lived bid to buy the club from Dejphon Chansiri back in August.
Club insiders believe administrators could outline a move towards a preferred bidder stage by the end of week.
But if negotiations slow, they are ready to trigger a sealed-bid shootout, forcing all remaining groups to submit blind, final bids, with the top offer winning an exclusivity period.
Any preferred bidder would then begin ownership checks.
While the League is expected to speed up the process due to Wednesday’s administration status, full approval is still likely to land after the New Year.
The takeover fight now looks set to go right to the wire, with Ashley and the US billionaire alliance locked in a high-stakes contest for control of the fallen giant.
Eze Chidiebere Paul
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