**Four years after selling Newcastle United, the near-universally despised former owner, Mike Ashley, is nearing a move to return to football.**
There won't be many people on Tyneside who will have a lot of positive things to say about Mike Ashley, but there's a saying in life that 'beggars can't be choosers' and that's probably how Sheffield Wednesday fans will be feeling right now as the Sports Direct tycoon closes in on a takeover.
Sheffield Wednesday were recently plunged into administration after unpaid tax bills finally caught up with the club, and now Mike Ashley has reportedly provided proof of funds to launch a takeover of the club.
According to [The Guardian](https://www.theguardian.com/football/2025/nov/01/mike-ashley-prepares-to-enter-fight-for-sheffield-wednesday-with-10m-bid), the administrators are looking for an owner who has at least £50 million to pump into the club to avoid another disaster.
The Sports Direct @ Hillsborough Arena?
Mike Ashley is ready to save Sheffield Wednesday from oblivion
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Mike Ashley values Sheffield Wednesday at £10 million, and will have no problems providing proof of funds for the £50 million required by the administrators to sign off on the purchase.
The club are rooted to the bottom of the Championship after being hit with a 12-point deduction as part of the administration proceedings, so should Mike Ashley's takeover be successful, it's going to be a tough old season.
Not that Ashley's unfamiliar with the realities of relegation, having overseen two relegations with Newcastle.
We hope Sheffield Wednesday fans aren't ambitious
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While Mike Ashley certainly has the funds to right the ship at Sheffield Wednesday, it all comes down to how much he'd be willing to fund the club beyond that initial outlay.
Ashley asset-stripped Newcastle United and used it as his own Sports Direct advertising board, a fate that's sure to befall Sheffield Wednesday too, but given the difference in what it will cost to take over and steady the club, he may be willing to supply more funds to make them at least semi-competitive again.
He may save Sheffield Wednesday, but our warning to their fanbase would be not to expect much more than financial security.