Sheffield Wednesday fans group Wednesdayite has withdrawn its offer to sell its 10 per cent stake in the club to the Geoff Sheard consortium.

More Stories

• Sheffield Wednesday team page

Lancashire businessman Sheard, fronting a Swiss-based trust, first approached the Owls about a possible takeover in January and Wednesdayite agreed to sell its shares in August after balloting members, who approved the deal subject to proof of funds.

But Sheard, who had revealed his consortium was willing to invest up to £40million in the club, has been unable to prove he has the financial backing

and after nearly 10 months Wednesdayite has finally run out of patience.

Wednesdayite said in a statement: "With regard to Geoff Sheard, we have always tried to give him the benefit of the doubt, but, given his inability to meet our conditions of sale during this protracted period, we are left to conclude there is little if any prospect of any deal being completed and in these circumstances the Wednesdayite board has today decided to withdraw our offer to sell our shareholding to him/his consortium.

"This does not prevent him from obtaining his stated aim of a 29.9% shareholding in SWFC through the three other major shareholders (former chairman Dave Allen, former board member Keith Addy and director Geoff Hulley) and it is a matter for them to make their own decisions in this regard.

"Should Mr Sheard be able to prove funds to the satisfaction of our legal advisers in the future, we would be happy to revisit the situation. However any such approach would require a...fresh member ballot, given the intervening developments, and in the meantime we feel it is important that ongoing efforts to secure fresh investment are not otherwise hampered."