Former Newcastle owner Mike Ashley is reportedly eyeing a takeover of crisis-stricken Sheffield Wednesday. The Owls plunged into administration last week due to a £1million debt owed to HMRC, sparking a race for new ownership.
Thai businessman Dejphon Chansiri is set to be replaced, with administrators aiming to secure new ownership by year's end. Currently languishing at the bottom of the Championship, 16 points from safety, Wednesday were slapped with a 12-point deduction by the EFL due to numerous financial irregularities.
This situation suggests that any potential owner would likely be investing in a soon-to-be League One club. However, this hasn't deterred interest, with joint administrator Kris Wigfield disclosing on Monday that there are "four or five" serious contenders.
Any interested party must demonstrate they have the necessary funds to ensure the club's viability and pass the EFL's fit and proper owners test. The Daily Mail reports that Ashley is considering his options after learning about the opportunity to take over at Wednesday.
The 61 year old businessman, who owned Newcastle from 2007 to 2021, specialises in acquiring distressed assets. His tenure with the Magpies was fraught with controversy, as fans repeatedly protested against his ownership due to a perceived lack of investment, reports the Mirror.
Ashley offloaded the club to the Saudi Arabian Public Investment Fund for £300million four years ago.
Forbes estimates his wealth to be at $5.7bn (£4.29bn), although the Sunday Times put the figure at £3.12bn earlier this year.
He made his fortune by founding retailer Sports Direct, which later became Frasers Group, where he remains a director.
Chansiri paid £30m for Wednesday back in 2015, but it remains unclear how much they will fetch this time around, given the amount of debt.
However, Wigfield is confident that there won't be a shortage of buyers.
Wigfield told BBC 5 Live's Wake Up to Money: "As always, you get a lot of interested parties that probably aren't going to meet the criteria, but within the numerous inquiries we've had, we certainly think that there are already four or five interested parties that look like the real deal.
"There are two criteria that new owners basically need to satisfy to then open dialogue and there to be an opportunity where they can make an offer. The first thing is they need to show the administrators that they could make the football club viable. So they've got to show that they've got sufficient funds to be able to fund it for the next few years.
"And secondly, we have to be satisfied that they will pass the EFL fit and proper persons test, and if they can satisfy both of those, then we'll start talking to them seriously."
He further explained: "Due to EFL rules, we have to market the club for 28 days," he said. "So it'll be at least 28 days before we're getting close to a preferred-bidder status. So I'm hopeful that by the end of November, if things go well, we might know who's going to buy the football club.
"Then hopefully a deal can be concluded this calendar year, so that the new owner is in for the January transfer window, if the EFL allows the new owner to buy players."