Sheffield Wednesday announced the latest development in the ongoing takeover saga via its official website, www.swfc.co.uk on Thursday.
The club have been actively seeking investment for some time now with rumours and speculation abundant since well before the appointment of the current regime but to date little has arisen from this and the issue has become something of a sore point to the more cynical amongst the supporters.
Given the apparent lack of progress and numerous false dawns it has been difficult to argue with the doubters but the latest statement does suggest that the club are now closer than they have been at any time previously.
The fact that the club, the Co-op Bank and all loan note holders have been able to agree on a structure for external investment should be regarded as a significant step forward. In past discussions this has proved to be a stumbling block as at least one of the parties involved has been unable to agree on a model for funding to take forward.
The club have acknowledged the work of Club 9 Sports LLC in enabling them to reach this stage but it is the issue of investment from the Chicago based company that will also be viewed as a setback to many.
It had previously been thought by some that Club 9’s involvement would result in a more formal cash injection offer would being made by them once this stage had been reached. However the statement suggests that it is unclear whether they would be able to make the appropriate financial input in good time and so with this in mind the club are exploring other possible investors with which to complete a deal within the agreed structure.
Cynics could argue that this appears to be yet another potential backer that to date, despite drawn out dialogue does not appear able to provide the required level investment, however it does at least seem that there are options available for the club to consider and they now have an agreed structure in place that they can present to such groups which should reduce the amount conjecture and grey areas in any prospective discussions.