Football regulator seeks clarity from Sheffield Wednesday takeover bidders

The Independent Football Regulator has told the consortium attempting to buy Sheffield Wednesday that it wants greater clarity on their plans and funding, warning that supporters do not want the process to drift into a prolonged period of uncertainty.A three-man group including former professional gambler James Bord, German entrepreneur Felix Roemer and Alsharif Faisal Bin Jamil was named by the club’s administrators as preferred bidder on Christmas Eve. The English Football League (EFL) is still assessing whether the consortium will pass its owners’ and directors’ test, including whether the prospective owners have provided sufficient evidence of funding, a workable budget and an operational plan.The IFR said it is already engaging with the parties and wants transparency to improve for the sake of supporters, particularly with the regulator’s own owners’ and directors’ regime due to come into force from May. Under the new system, any transaction that has not completed by that point would also need to satisfy the IFR’s test.An IFR official said: “We are engaging with representatives of the preferred bidder and the administrators, seeking further clarity in relation to their intention to purchase Sheffield Wednesday Football Club.“The preferred bidders would need to satisfy the EFL test which is currently live. However, if the transaction does not complete by May the bidders will need to satisfy the IFR’s test.“The last thing Sheffield Wednesday fans want is a long, drawn-out process which further destabilises the Club. We don’t want to be having to engage with the bidders for the first time when our powers to assess new owners and directors come online later this year.”A representative for Bord’s consortium said: “The consortium continues to focus on working professionally, constructively and transparently with the EFL and IFR to provide them with the details they need to satisfy their tests.”The EFL process has been complicated by the consortium members being based outside the UK, with the league receiving formal notification of the group’s identities in early January and documentation following in subsequent weeks.The takeover attempts to stabilise a club in crisis on and off the pitch. Sheffield Wednesday are bottom of the Championship on minus seven points after a series of points deductions linked to administration and payroll issues. The club’s playing squad has been heavily reduced over the past year, and results have deteriorated.Questions have also been raised around the conduct of the sale process. Administrator Kris Wigfield, one of the team overseeing the transaction, responded to claims about leaked messages by saying: “I am aware of an image circulating online which is said to represent a private message. I have no way of knowing whether it is complete, altered, selectively cropped, or accurately reflects the context in which it was supposedly sent.”Julian Pitts, national managing partner at Begbies Traynor, said: “The Begbies Traynor team has been working around the clock to deliver the best possible outcome for creditors, supporters and the club. We are proud of the professionalism shown throughout this process. "All actions taken have been fully compliant with regulatory requirements and consistent with our duties as officers of the court.”