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Wednesday to ask High Court for more time

Sheffield Wednesday Football Club is set to ask for more time to finalise a takeover deal for the club when they appear at the High Court on Wednesday.

The Owls should receive 14 days in which to secure a new owner and the required funds to stave off a winding up petition from HM Revenue & Customs (HMRC) over a £600,000 tax bill.

The Npower League Two club is currently in negotiations with four parties - Rotherham businessman Spencer Fearn and Sheffield accountant John Roddison, a group led by former Wednesday director Mick Wright, a UK-based businessman, rumoured to be Milan Mandaric, and a Middle Eastern group.

If Wednesday do receive the 14 days they seek, a deal will still need to be done quickly in order to avoid the threat of administration, with the risk that main creditor the Co-operative Bank may place the club into administration to protect the £23.5m the club owe them.

The club would then receive a 10 point deduction from the Football League.
 

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