Lancashire businessman Geoff Sheard has agreed a deal in principle to buy a 30% stake in Sheffield Wednesday.

Sheard has already agreed a price with directors Geoff Hulley, Keith Addy and former chairman Dave Allen to buy their shares, BBC Radio Sheffield can reveal.

But the trio are still waiting for a written offer to confirm that deal.

Last week Wednesdayite, the Owls supporters' society, who hold a 10% stake, confirmed that they met Sheard at a Leeds hotel.

Sheard faces competition to buy the club from former Boston chairman Jon Sotnick.

Sotnick is fronting a British-based consortium that wants to take control of Wednesday and are due to make a formal bid this week.