Former Sheffield Wednesday chairman Dave Allen has told BBC Radio Sheffield he is ready to sell his shares in the club, and bring a takeover closer. Allen holds a stake of almost 11% and said he will sell on condition that fans group Wednesdayite, who own 10%, also sell their stake.
BBC Radio Sheffield understands a verbal deal has been agreed with businessman Geoff Sheard.
Sheard is the front man for a London-based international consortium.
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Lawyers are believed to be putting the finishing touches to the deal before making a full written offer.
Sheard and Wednesday themselves have so far declined to comment but Wednesdayite have revealed that they have already entered discussions with the group and are awaiting a formal offer for their shares, which should arrive this week.
They will then have to ballot their members and vote on a change of rules to allow their stake to be sold.
Meanwhile, the mystery investors who attended Saturday's game against Cardiff are ready to pump millions of pounds into the playing staff, wipe out the club's debt and could even appoint a new manager.
Negotiations have been taking place for several months but it is thought that it could now be a matter of days before the club is under new ownership.
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