Exclusive: Dave Richards Ready to Re-Enter Sheffield Wednesday Takeover Battle if Price Drops Below £30m

Dave Richards, who had expressed an interest in buying Sheffield Wednesday, is considering re-entering the battle to buy the financially stricken Championship club if its purchase price falls below £30m, SportsBoom can exclusively reveal.

A lifelong supporter of The Owls, Richards was among the favourites to seize control of Hillsborough before expressing concern that the administrators now overseeing its day to day affairs following Dejphon Chansiri’s departure had placed too high a value on its remaining squad members and property holdings.

Despite publicly criticising the sale process orchestrated by Kris Wigfield, who is the most public of the team from Begbies Traynor tasked with finding the best person to take Wednesday forward, sources last night told SportsBoom that Richards has not completely lost interest in becoming their new owner after concluding that not even the consortium which has been granted preferred bidder status will stump up the £30m Wigfield has demanded.

If they do, he also believes they could struggle to pass all of the tests the English Football League are demanding Chansiri’s successor must pass before being handed the keys to one of their best known members.

James Bord, the professional poker player who previously advised Sheffield United’s board of directors on recruitment, is now in pole position to take charge of The Owls after the group of investors he has assembled received the green light from Wigfield to press ahead and enter into exclusive negotiations.

However, the identities of those backing the American who also has a holding in Dunfermiline remains a closely guarded secret for now - another potential red flag as far as Richards, who made his fortune in the States after leaving South Yorkshire, and his associates are concerned.

Mid-December, John McEvoy and the Storch family were widely viewed as the frontrunners in the takeover race for Sheffield Wednesday, edging ahead of rivals Ashley and Bord due to their financial muscle and sporting expertise, despite negotiations being slowed by the club’s asking price.

CRUMBLE

Given those doubts, Richards is privately getting his affairs in order so he is ready to move quickly should Bord’s offer crumble.

Mike Ashley, the UK retail tycoon who sold Newcastle to Saudi Arabia’s Public Investment Fund, is also convinced BT have over-valued Wednesday given the investment required to upgrade their playing staff, training ground and stadium whilst also bankrolling a side destined to begin next term in League One following a series of points deductions imposed in response to Chansiri’s inability to pay wages and monies owed in transfer fees to EFL rivals.

Together with Richards, whose credentials are known to have impressed senior figures at The Owls, Ashley is prepared to negotiate with the governing body to try and prevent them being hit with further punishments should some debts remain outstanding once BT, whose services come at a price, relinquish authority over Wednesday.

Bord is set to continue discussions aimed at sealing a deal over the coming days. But, even if he convinces Wigfield and his colleagues he has the funding required to take The Owls forward, he must also demonstrate their source to the EFL who are reluctant to give the green light if there is even the slightest chance of further problems in the future.