Date: 16th November 2010 at 2:03pm
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A Spencer Fearn-led consortium will enter discussions with Wednesday this afternoon about a takeover of the club, according to reports.

With time ticking away on Wednesday’s bid to secure a takeover deal and avoid administration, BBC Radio Sheffield’s Seth Bennett has revealed via his Twitter feed that the club will enter talks with two groups this afternoon, including one led by Fearn.

The Owls need to find a buyer today or risk being plunged into administration ahead of tomorrow’s High Court date for an unpaid tax bill.

And with the Milan Mandaric offer up in the air, Wednesdayites could be counting on one of this afternoon’s discussions to come to fruition.

Negotiations are currently on-going at Hillsborough and Owls fans are waiting to hear some official news from the club.

BBC Radio Sheffield reported earlier that Mandaric’s interest was at an end earlier today, but Vital understands the Leicester City chairman’s bid isn’t totally dead in the water just yet.

But with former Owls chairman Dave Allen already rejecting what he described as a ‘derisory’ offer for his shares and loan notes from Mandaric last week, it looks like Fearn’s consortium could currently be leading the way if the club is to be saved.

Keep checking Vital Wednesday for all the latest updates from Hillsborough.