Date: 30th July 2010 at 5:04pm
Written by:

In light of reports linking Club 9 Sports with another offer to invest in Wednesday, the Owls board have issued a club statement this afternoon.

And it seems that the American-based consortium are no closer to reaching an agreement, despite reports linking Wednesdayite and boxing promoter Dennis Hobson with the Club 9 bid.

The Owls board have responded by saying that they’re continuing talks with ‘credible long term investment partners’ while Club 9 ‘continue to make noise in the media’.

Here’s the statement in full: ‘In our search for new investment, we have set a number of key conditions for potential partners who wish to be part of the Club moving forward. Central to these is the ability to invest money into the Club straight away.

‘We have stated in the past that £5m is the minimum figure that is needed to assist the Club on day one. This figure would allow for a major reduction in the debt position of the Club and would ultimately give more resources to the manager to invest in the playing squad.

‘It is the duty of the Board to protect the long term interests of the Football Club. We recognise that investment is needed but will not let anybody take control of Sheffield Wednesday, unless they have the ability to meet the Club’s financial requirements in the short, medium and long term. This is a position that is supported by the Co-operative Bank.

‘We have been approached by a number of interested parties and it is true to say that we have been made offers that fall short of the conditions that have been set. Club 9 Sports LLC is one such party and while they continue to make noise in the media, we focus on negotiations with credible long term investment partners.

‘The Co-operative Bank is playing an active role in these other discussions and remains fully supportive of the stance taken by the Board.

‘Out of respect for all parties and to allow for the Club to focus on the start of the new season, we will not be making any further comment on the investment process until such time as there is firm news to deliver to our supporters.’