Retail magnate Mike Ashley has submitted a formal £20 million offer to acquire Sheffield Wednesday, positioning himself as a significant player in the race to rescue the beleaguered Championship side from administration. The 61-year-old entrepreneur notified the club’s administrators on Tuesday evening, joining at least two credible American-backed consortiums vying for control of the South Yorkshire outfit.
Insolvency specialists Begbies Traynor have set a 5 December deadline to identify their preferred buyer, with all serious contenders required to demonstrate access to £50 million in funding before proceeding to detailed negotiations. The administrators have confirmed receiving multiple compelling proposals for the club, which entered administration last month following years of financial turmoil.
Kris Wigfield, Begbies’ managing partner, stated: “We have received a number of good offers for the club, and over the coming days we will be evaluating them in detail.” He added: “Our hope is to grant preferred bidder status by 5 December. That would allow the EFL’s processes to begin and move the club a significant step closer to new ownership and a new chapter.”
A real life “fat cat”, Ashley commanded Newcastle United for 14 years before completing a £300 million sale to a Saudi Arabian-led investment group in October 2021, ending a controversial tenure at St James’ Park.
The Sports Direct chief executive has maintained an active interest in football ownership opportunities, previously exploring potential acquisitions of Derby County, Coventry City and Reading during their respective financial difficulties.
