Preferred bidder pulls out of Sheffield Wednesday takeover days after relegation confirmed

A consortium led by James Bord has pulled out of a potential takeover of Sheffield Wednesday, casting fresh doubts over the future of the club.

The club were relegated by their city rivals Sheffield United on Sunday, and have only 1 win in a season where they have been docked 18 points and been unable to make significant additions to the playing squad barring loans and free agents.

Having entered administration under former owner Dejphon Chansiri last year, administrators named Bord along with Felix Romer and Alsharif Faisal Bin Jamil as preferred bidders in December.

The consortium paid a non-refundable £2.5m deposit and have covered the running costs of the club since to retain preferred bidder status.

This week however they released a statement which said  "To all the long-suffering fans of this great club, it is with the greatest regret that we have decided not to pursue our bid to become your new custodians," said a statement released by the consortium on Wednesday.

"The historic mishandling of the club and pattern of catastrophic underinvestment means our sizeable binding bid can no longer be justified.

"We have spent over £4m to help run the club over the last two months and, after much consideration, have decided that we can no longer continue to do so.

"We know this will be a bitter disappointment to many – who hoped the ownership saga would soon be over – and for this we can only apologise wholeheartedly.

"We know the rest of your season is going to be challenging, as will the next, but you will rise again to your former glory and when you do, we will be cheering your success."

In response the joint administrators released their own statement reassuring fans that there are still a number of other interested parties.

"The withdrawal of this bidder does not mean we are returning to the beginning of the process.

"We have already been contacted by other parties who previously participated in the sales process and who have reiterated their interest in acquiring the club.

"We are therefore moving immediately to re-engage with those bidders under a new expedited timetable."