Sheffield Wednesday have confirmed they are yet to receive an acceptable takeover offer, with the club estimated to be £27million in debt.The Owls, who only avoided relegation from the Championship on the final day of the season on Sunday, have been seeking investment for some time.

Reiterating their position from last week, Wednesday said in a statement: "The board continues to be open to dialogue with any bona fide offeror and to working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration.

"While certain discussions are still ongoing, there can be no certainty that a formal offer to shareholders will be forthcoming.

"As a result, the board have now requested that its financial adviser, Deloitte & Touche LLP, actively seek a buyer that shares the boards' vision for the long term success of the club."

Wednesday announced they had been approached by an interested party back in February and had been involved in ongoing talks with several parties, including a consortium headed by Lancashire-based businessman Geoff Sheard.

A second consortium, fronted by former Boston chairman Jon Sotnick, have been reported to be ready to make their own bid to purchase the club's shares.

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