Sheffield Wednesday faces takeover setback as Bord consortium withdraws
Sheffield Wednesday’s turmoil has intensified following the withdrawal of James Bord’s consortium from their proposed takeover, coming merely 72 hours after the club dropped into League One, reports BritPanorama.
The former professional poker player and his investment partners confirmed on Wednesday that their bid to acquire the troubled Yorkshire outfit has ended. The consortium, which also includes German crypto casino entrepreneur Felix Romer and Jordanian royal family member Alsharif Faisal Bin Jamil, had been granted preferred bidder status on Christmas Eve.
Wednesday’s descent into the third tier was sealed on Sunday through a 2-1 loss against Sheffield United at Bramall Lane, marking the earliest relegation in English football history. The consortium’s withdrawal stems from a substantial disparity between their initial offer and the club’s actual worth as determined through extensive due diligence.
Reports indicate that Bord’s bid was in the region of £40m, considerably higher than the £32.5m figure previously suggested. However, the group concluded that Wednesday’s true value is well below this amount, making the purchase financially unjustifiable. Significant unforeseen expenses required to modernise Hillsborough played a central role in their decision. Under the terms of their exclusivity agreement, the group faced restrictions on renegotiating the purchase price, leaving them unable to adjust their offer to reflect the findings of their investigation. A spokesperson for the consortium stated: “Unfortunately, we have regretfully decided that we must withdraw from the process. Our initial bid had constraints applied on our ability to renegotiate – which is crucial as the figure we offered is significantly higher than that justified by the findings of a lengthy due diligence process.”
The statement added: “While we leave this process with a sense of regret, our admiration for the Club and its supporters remains undiminished, and it will always hold a special place in our hearts.” Bin Jamil expressed particular disappointment, saying: “We don’t blame the administrator or anyone’s. It’s just not justifiable. We are very upset. We felt it was a perfect match. We have pumped significant money into the club, there’s a lot of sunk costs, but the sheer difference between the value of the club and what we have bid means unfortunately we are unable to continue.”
The Owls have remained in administration since late October following the departure of former owner Dejphon Chansiri, whose decade-long tenure ended amid severe financial difficulties. Administrator Kris Wigfield disclosed that the club is haemorrhaging approximately £1m monthly.
Bord’s consortium had provided a non-refundable £2.5m deposit to secure their exclusivity period and had been covering the club’s ongoing losses on a fortnightly basis. A further payment was due this week to extend their preferred bidder status by an additional fortnight. The collapse leaves administrators Begbies Traynor searching for alternative buyers, though another interested party has already signalled its intentions.
American entrepreneur David Storch’s consortium declared on Tuesday: “We remain incredibly passionate about the opportunity at Sheffield Wednesday and seeing the club return to its former glory. We are ready to step in should the opportunity present itself again.”
As the search for new investors unfolds, the club’s rich history and devoted fanbase serve as vital reminders of what is at stake; in the world of football finance, the balance between ambition and reality is often precariously thin.
