John Textor’s Sheffield Wednesday takeover approach hits stumbling block
Crystal Palace’s former majority shareholder John Textor’s move to purchase Sheffield Wednesday has hit a stumbling block.
The Owls are in a desperate position after failing to pay their players and staff on time for the fifth month out of the last seven.
As a result, Sheffield Wednesday are facing the threat of administration, and even if they survive that, a points deduction looks like an inevitability.
Finance expert Dr Dan Plumley told Football Insider previously that the EFL were doing what it could to help Sheffield Wednesday’s players and staff, but the only thing that can really resolve their situation is a takeover.
John Textor opens talks to buy Sheffield Wednesday, but price tag is an issue
John Textor sold his shares in Crystal Palace to Woody Johnson this summer, as his multi-club ownership of Lyon was in violation of UEFA’s rules as both were due to play in the Europa League this season.
Despite agreeing to sell his shares before the two clubs had even begun their continental campaigns, the Eagles were still relegated to the Conference League.
Textor has built his portfolio of clubs, which also includes stakes in Botafogo and Belgian side RWD Molenbeek, by swooping for teams in difficult situations and providing them with a sound financial footing.
According to the Daily Mail, the American businessman has held discussions over a purchase of the Owls, but sources close to the situation revealed that “an agreement currently appears a long way off”.
Owner Dejphon Chansiri is thought to be looking for around £100million, but there may be scope for the price to drop as low as £70m.
The valuation is seen as potentially pricing out interested parties. New owners will inherit a side that sits 23rd in the Championship and is in dire need of a squad overhaul, as well as there being a litany of debts that need dealing with and expensive refurbishments of Hillsborough on the horizon.
English football regulator threat may have forced Dejphon Chansiri to cave
So, what has finally forced the club’s infamous owner to finally soften his stance on selling up?
There’s only one man who can answer that, and he’s asking for £100m for a club seemingly destined for relegation to League One this season.
However, the introduction of England’s football regulator may have prompted Chansiri to consider selling Sheffield Wednesday.
The regulator will have the power to take control of a financially beleaguered club like the Owls before then selling it on the owner’s behalf.
No governing body has previously had the powers for such an invasive approach, and with the regulator due to take action sometime in October, the threat of finally being forced out may have spurred Chansiri into listening to offers for the club.