Sheffield Wednesday Football Club's supporters have launched a takeover bid for the debt ridden side.
Supporters groups Wednesday ‘til I Die (WTID), Wednesdayite and Time To Go under the banner ‘One Wednesday’ are aiming to raise £6m to take control of the Npower League One club, having already raised £2m.
The group hopes to launch a bid before the club’s High Court date on 1st December with investment being offerted on three levels.
1. Regular fans investing between £100 and £20,000 through the WTID scheme.
2. A small group of high net worth individuals (HNWI) each with half a million pounds or more to invest – ‘Patrons’
3. A larger group consisting of people with £100k to invest – ‘100 Club’
Each half million pounds invested, by any of the three groups, will secure one place on the SWFC board.
Garry Scotting, chief executive of Gilder's motor group and co-ordinator of the group who has pledged £500,000 of his own money said: "We only have days left to save the club. In the immediate term we need these large sums of money from wealthy individuals.
Scotting also revealed that the supporters’ takeover has been approved by the Co-operative Bank.
"We have spoken to the Co-op bank who are prepared to write off £17 million of the club's estimated £24 million debt.
"The £6 million we raise would go into the club, not to pay the debt. The remaining £7million bank debt repayment would be structured over the coming years.
"This deadline is not of our making and is beyond our control. Should it not be possible to submit a realistic bid by Friday and the club is placed into administration, we believe the 'One Wednesday' consortium will be excellently positioned to buy the club out of administration."