Date: 26th October 2007 at 12:27pm
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Wednesday chairman Dave Allen has revealed he’s looking at a fresh investment plan for the club – with a second Chinese connection looking to buy an English club.

The Owls are desperate for some investment, and Allen has revealed that he has a second Chinese connection who is looking to buy another English club.

And rather than waiting for potential investors to come knocking on the Hillsborough door, Allen insists that he is actively looking for people to invest in the club.

‘I’m looking at another Chinese connection through my business contacts,’ Allen told the Sheffield Telegraph.

‘I’ve had a brief conversation with the individual concerned. He’s looking at another club in this country…whether he’d be interested in Sheffield Wednesday remains to be seen.’

Carson Yeung was the other Chinese businessman who was linked with investment in the club earlier this year – Allen pointed towards any investor not being able to get 51 per cent of the club as a reason for the lack of interest.

But Yeung went on to invest in Birmingham City – where he didn’t get 51 per cent, leading to questions over the sale of the club.

And despite the recent announcement by the Shareholders Assocation (SA) and Wednesdayite that the fans’ group would add their 10 per cent shareholding to the SA register to be available for sale to the right investor, the Owls chairman still insists that the availability of 51 per cent is vital.

He continued: ‘I’ve spoken to various parties and in two cases they need 51% to go ahead. One has made a specific stipulation to that effect and I expect the other to be the same.

‘It’s the same story. The spread of the shareholding might have been a good thing many years ago but it doesn’t fit today’s bill. There are a lot of clubs trying to sell – we are one of many.’

And Allen insists he is still looking for an investor with ‘mega bucks’ to take the Owls forward.

He continued: ‘But we are actively on the look-out. We’re seeking a guy with mega bucks. That is the only way forward.’