Date: 1st May 2008 at 1:29pm
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Wednesday have yet to receive any evidence that a proposed takeover of the club is imminent and have played down talk that a deal has been struck in principle.

Reports circulating in the media, including right here on Vital Sheffield Wednesday, reported that Geoff Sheard and his consortium were edging closer to a deal for the club after agreeing a deal in principle to buy a 30 per stake at S6.

But the club have today responded with a statement, insisting that they believe no offer is imminent but that board is continuing to talk to parties over a possible takeover of the club.

The statement read: ‘The Board notes recent press comment relating to the imminence of an offer for Sheffield Wednesday and to certain shareholders in the Company having agreed to sell their shares to Mr Geoff Sheard, one of the parties referred to in the recent press as a potential offeror for the Company.

‘The Board wishes to confirm that it has not at this time received any offer proposal from any party that is sufficiently clear or developed with regard to, inter alia, terms, source of finance, timetable or the process by which any offer for the Company is to be implemented. The Board continues to be open to dialogue with any bone fide offeror and to working to develop any acceptable proposal such that it can be presented to the Company’s shareholders for their consideration.

‘However, the Board does not currently have the required evidence to suggest that the posting of any offer document to shareholders is imminent.

‘The Board also wishes to confirm that none of the Company’s directors including Mr Geoff Hulley, has entered into any arrangement with any party regarding the sale of their own respective shareholdings in Sheffield Wednesday. Further, the Board has received written confirmations from Mr David Allen, former Chairman of the Company and Mr Keith Addy, a former Director of the Company that they too have not entered into any such arrangements at this time.

‘The Board will keep shareholders informed of any further material developments.’

Lancashire-based businessman Geoff Sheard and his consortium of foreign-based backers are believed to be the front-runners for the club, although former Boston United chairman Jon Sotnick has also revealed his interest in the Owls.

Keep your eyes posted to Vital Sheffield Wednesday for all the latest updates!