Football
Exclusive: US Tycoon John McEvoy Still in the Frame as Sheffield Wednesday Takeover Race Intensifies
US Billionaire John McEvoy is still in the running to buy financially-stricken Sheffield Wednesday, as bidding war intensifies. Other interested parties include the Storch family and Dave Richards, who believe the £30m price tag is inflated. They aim to prevent current owner Dejphon Chanisiri from being rewarded for mismanagement. prioritizing individual ownership over consortium to ensure long-term stability.
Sheffield Wednesday v Sheffield United - Sky Bet Championship by George Wood | Getty Images
Several bidders who have supposedly withdrawn from the race to buy Sheffield Wednesday actually remain interested in purchasing the financially-stricken club, SportsBoom can exclusively reveal.
John McEvoy, the US entrepreneur and the Storch family, who also hail from North America, have reportedly joined forces to push through a deal after holding talks with administrators Begbies Traynor.
But sources close to Hillsborough last night confirmed that Dave Richards, a Sheffield born businessman who made his fortune Stateside, is still keen on brokering an agreement to seize control.
Rather than removing himself from the process completely, Richards is said to believe that the minimum £30m price tag being demanded is inflated given that Wednesday are destined for relegation following a series of points deductions.
That is a view also shared by Mike Ashley, the British retail tycoon who previously owned Newcastle United and Rangers.
At first glance, Richards’ hardline stance could be interpreted as an attempt to secure Wednesday on the cheap.
But crucially, in a move which will resonate with their fan base, it is actually believed to be motivated by a desire to ensure Dejphon Chanisiri is not rewarded for his controversial and ultimately disastrous stewardship of the historic footballing institution.
FINANICAL PRECIPICE
Despite overseeing Wednesday’s slide over the financial precipice, the Thai has been deemed a creditor, meaning he is set to receive 25p for every pound of the approximately £60m he is owed, or 35p over a three year period.
Under the terms of the process, football creditors such as players and staff are prioritised when debts are repaid. A separate £54m debt relating to the stadium is also covered by Chansiri but, importantly, has not been designated a priority.
So, although the baseline figure set by the administrators is designed to cover priorities, further monies such as this could also be compensated in part if Wednesday are sold for more than £30m. That is not something the likes of Richards or Simon Jordan, previously of Crystal Palace, want to see happen.
Richards is also understood to be adamant that identifying an individual owner would be more beneficial for Wednesday’s long-term good health than a consortium, not least as their arch-rivals Sheffield United have experienced problems among the one which gained control of them 12 months ago.
Neil has been a journalist for longer than he'd care to remember, having written for national newspapers and respected publications for over 25 years. For the last three years he has worked freelance for BBC Sport, working on the production desk as a sub-editor and also as a writer, covering a whole range of sports.