Date: 28th October 2008 at 9:58am
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Wednesdayite have today revealed that they’ve withdrawn their offer to sell their shareholding to Geoff Sheard and his consortium after a timescale failed to be met.

The fans’ group had backed the Lancashire businessman and have ‘given him the benefit of the doubt’ in previous instances of him providing proof of funding to mount a takeover at Hillsborough.

But, despite setting a time frame to see the proof, none has come, and Wednesdayite believe there ‘is little if any prospect of any deal being completed’ by Sheard and his consortium with regards to a takeover of the club.

A statement on the Wednesdayite website read: ‘With regard to Geoff Sheard, we have always tried to give him the benefit of the doubt but given his inability to meet our conditions of sale during this protracted period, we are left to conclude that there is little if any prospect of any deal being completed and in these circumstances the Wednesdayite Board has today decided to withdraw our offer to sell our shareholding to him/his consortium.

‘This does not prevent him from obtaining his stated aim of a 29.9 per cent shareholding in SWFC through the 3 other major shareholders and it is a matter for them to make their own decisions in this regard.

‘Should Mr Sheard be able to prove funds to the satisfaction of our legal advisers in the future, we would be happy to revisit the situation.

‘However any such approach would require a determination by way of a fresh member ballot given the intervening developments and in the meantime we feel it is important that ongoing efforts to secure fresh investment are not otherwise hampered.

‘We feel it is necessary to provide this honest, if disappointing assessment based on the facts as we know them and we hope members and the wider fan base will understand our decision in that every opportunity has been afforded to Mr Sheard to complete the purchase of our shares.

‘We are nevertheless still committed to our shareholding playing its part in a better future for the club and we have been active in trying to explore alternative potential solutions.

‘In this respect, we will be writing to the club’s Board this week with a constructive proposal, seeking their agreement to involve the wider SWFC business community and fanbase in an alternative structure which, if supported, might provide the catalyst for a better future for SWFC.’

For more on Wednesdayite, visit their website at www.wednesdayite.com