Owls confirm talks with investors

Sheffield Wednesday have confirmed that talks are under way with potential new investors that may lead to a takeover.

The Owls revealed at their annual general meeting on Wednesday that they are in negotiations with a consortium.

The Hillsborough club have set a target of 31 March to conclude talks with the four-man group keen to invest in Wednesday, who are around �25m in debt.

"Significant progress has been made in the search for new investment," said finance director Bob Grierson.

Negotiations are at an early stage with a number of interested parties

Finance director Bob Grierson

The board will make an announcement to the Stock Exchange on Thursday but they did not say whether that would lead to a major cash injection or a complete takeover.

The Owls, who appointed financial services giants Deloitte to seek a possible buyer in May, have stepped up their efforts by hiring London-based advisory company Calimere to help broker a deal.

Grierson added: "The company have developed a long-term business plan for Sheffield Wednesday in order to seek long-term and direct investment.

"At this stage the board can confirm negotiations are at an early stage with a number of interested parties, who have the resources and the desire to invest in and move the club forward."

Two Sheffield-based businessmen are thought to be ready to join the board, which has not replaced former chairman Dave Allen after his decision to quit in November 2007.

Long-serving director Keith Addy left in January, leaving only one shareholding director - Geoff Hulley - on the board.