The consortium aiming to take over Sheffield Wednesday has announced they have withdrawn from the process.
The consortium, which includes Dunfermline co-owner James Board, was given exclusive rights by the club’s management in December.
However, the company has now released a statement confirming that interest has ended.
A spokesperson for the consortium said: “Throughout the process of acquiring Sheffield Wednesday Football Club, we have always respected the integrity of the process and worked professionally, constructively and transparently with the administrators, EFL and IFR to provide the necessary details to meet our tests.”
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Highlights of the Sky Bet Championship match between Sheffield United and Sheffield Wednesday.
“We have done this in full compliance with applicable rules, including communicating our engagement, vision and plans for the future, rather than making public comments.
“Unfortunately, we have unfortunately decided that we must withdraw from this process.
“Our initial bid was subject to constraints on our ability to renegotiate. This is significant because the numbers we offered were significantly higher than those justified by the results of our lengthy due diligence process.”
The appointed administrators did not comment when contacted by Sky Sports News.
Wednesday suffered the earliest relegation in EFL history after losing 2-1 to Sheffield United on Sunday. They entered the government in October last year.
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Sheffield Wednesday manager Henrik Pedersen has given his reaction to Sheffield’s quickest relegation in English Football League history.
The spokesperson added: “Our consortium has a strong track record of rebuilding football clubs through financial stability, disciplined management and strong governance.
“We truly believe we can play a positive long-term role as guardians of one of the greatest clubs in English football and wanted to help lead Sheffield Wednesday into an even brighter future.
“While we are disappointed to end this process, our admiration for the club and its supporters remains undiminished and will always hold a special place in our hearts.”
Bold and consortium members Felix Romer and Abdullah Faisal bin Jamil wrote an open letter to fans on Wednesday, explaining that the club’s “historic mishandling” under previous owner Despond Chansiri meant the original bid could not be justified.
“We have watched Wednesday lovingly from afar for many years. This club has had its glory tarnished over the years by poor owners who have forgotten or willfully ignored your passion, history and values. You deserve it and you deserve better,” they wrote.
“When the opportunity arose to be a part of your company’s next chapter, we jumped at the chance and began the purchasing process in good faith.
“Through our excellent team of advisors, we have always worked professionally, transparently and constructively with administrators, the EFL and the IFR.
“Tragically, the club’s historic pattern of mishandling and catastrophic underinvestment means that our highly binding bid can no longer be justified.
“As has been widely reported, we have spent over £4m supporting the club over the past two months, but after consideration we have decided that we cannot continue any further as the exclusive contract we have signed means that only a small amount can be removed from our offer, regardless of the outcome of our analytical work.”
“We know this will be a painful disappointment to many who were hoping for a quick end to the ownership issue. We can only offer our sincere apologies for this. This was a well-considered decision.”
The Supporters Trust has called on administrators to find a suitable new owner by next season.
Statement from Sheffield Wednesday Supporters Trust:
“The Trust notes today’s announcement that the James Bold Consortium has withdrawn from its bid to acquire #SWFC.
“We are now calling on the administrators and relevant regulators to move forward with this process as quickly as possible so that Sheffield Wednesday can secure suitable new owners before the start of the 2026/27 season.
“Our team has declined over the past year and we need a new owner to arrive before the end of the summer transfer window to ensure we have enough time to plan and carry out a significant rebuild.
“The minimum expectation for Wednesday’s fans is that we can field a competitive team in League One next season. If we are to have any chance of achieving that, we need to establish future ownership as soon as possible.”
