The supporters trust at the centre of Sheffield Wednesday's prolonged takeover saga believe a purchase of their shares has moved a step closer.Wednesdayite must wait for a formal written offer to sell their key 10% stake after the Owls' board informed the London Stock Exchange they had received an approach from a consortium which could potentially lead to a takeover.

A club statement read: "The board of Sheffield Wednesday has received an indicative non-binding expression of interest which may or may not lead to an offer being made for some or all of the shares in the Company.

"A further announcement will be made when appropriate."

A sale of supporters' shares could trigger a buyout of the club, which is reportedly saddled with debts of around £26million.

"This changes the game a little," said Wednesdayite chairman Darryl Keys. "In a sense, the proper formal process has now begun.

"We expect to be informed in the next few days whether the sale of shares is to go ahead, or if it will not."

A consortium led by Lancashire businessman Geoff Sheard is known to have approached the club regarding a takeover, and Sheard has communicated with Wednesdayite over acquiring their 10% holding as a first step.

Keys called verbal discussions with Sheard "friendly, cordial, professional and constructive".

Any offer must be backed by a ballot of Wednesdayite members, who could still block the sale.

It has been rumoured that Vladimir Yevtushenkov, a Russian billionaire with a vast telecommunications empire, could be Sheard's principal backer.

"In this highly globalised market, the most successful clubs seem to be run by Russian businessmen," Keys added.

"When there is more certainty and more information, fans are more likely to vote for something. Mr Sheard understands this."

The trust would lose the right to call an extraordinary general meeting or propose resolutions in an annual general meeting if they lost their stake, two powers central to Wednesdayite's mission statement.

"We never looked for a decision-making role, we just wanted the fans' voices to be heard at a high level," Keys insisted.

"We have never called for an EGM under the Wednesdayite banner, and if the right people came in then it would not be necessary to call for one anyway.

"We have achieved a number of fans initiatives, and will strive to continue them."

Former Owls chairman Dave Allen has already promised to sell his 11% stake as long as the sale of Wednesdayite's shares goes through.

A potential buyer could then acquire a controlling stake in the club, with the purchase of the shares belonging to Keith Addy and Geoff Hulley, who hold around 10% each.

"I cannot foresee a situation where Allen, Addy or Hulley would sell to a rival consortium if our sale went through," said Keys.

"We all want the same thing for Wednesday - which is to get back on an even keel."

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