Mike Ashley becomes frontrunner for Sheffield Wednesday takeover

New bids for Sheffield Wednesday are anticipated to be submitted to administrators by Friday, with prominent businessmen Mike Ashley and David Storch emerging as leading contenders.

Executive staff from the Frasers Group are reportedly managing the interest of Ashley, the billionaire businessman and former Newcastle United owner, in acquiring the club.

This comes as Sheffield Wednesday’s relegation to Sky Bet League One was confirmed just last week, with the club currently on minus seven points.

American entrepreneur David Storch, who has a background in the aviation sector, is the founder and managing partner of the investment firm Arise Capital Partners. Storch’s group has previously been linked with a potential takeover at Cardiff City.

The club’s administrators are actively seeking new buyers following the recent withdrawal of a consortium led by former professional poker player James Bord.

Bord’s group had previously been designated as the preferred bidder, having tabled an offer of £47.8 million for the club.

However, the consortium announced last Wednesday it had withdrawn, because the scale of its original bid was no longer justifiable and could not be renegotiated. The group had spent more than £4million on running costs during the last two months.

A statement from administrators revealed Bord’s offer would have delivered a full exit from administration, enabling the club to begin the 2026-27 season without a points deduction, but the takeover process would not have to restart from scratch.

The administrators said last week they were working on an “expedited timetable” to identify new buyers.

The club was initially deducted 12 points after entering administration in October, followed by a further six-point penalty in December for late payment of wages.

Despite the turmoil, administrators have assured that the club possesses sufficient funds to complete its 13 remaining fixtures, beginning with an away match against Norwich on Wednesday evening.

Sheffield Wednesday Supporters’ Trust previosuly called for administrators and the English Football League to ensure the club have a suitable new owner in place for the start of next season.

“The minimum expectation of Wednesday fans is that we can put out a team that is competitive in League One next season,” read a statement from the Trust.

“We need our future ownership in place as quickly as possible if we are to have any chance of delivering that.”