Summary
Mike Ashley, former owner of Newcastle United, is one of two final bidders looking to buy Sheffield Wednesday. The club is in administration and needs new ownership to improve its financial situation. If Ashley or the other American bidders are successful, one of them will take control of Sheffield Wednesday soon.
Key Facts
- Mike Ashley is a leading candidate to buy Sheffield Wednesday after owning Newcastle United from 2007 to 2021.
- Sheffield Wednesday went into administration in October, ending Dejphon Chansiri's ten-year ownership.
- The club needs new ownership to meet financial obligations, including paying about £35 million to creditors.
- The English Football League (EFL) requires that creditors be paid a minimum of 25% to avoid a 15-point penalty.
- The club's current points deduction makes an immediate return to the Championship difficult if further penalties occur.
- Ashley's return to football would require EFL approval.
- Ashley has been linked with other clubs and helped Coventry City by buying its ground.
