Source: PA
Owls quash investment talk
Sheffield Wednesday will not be considering a new investment offer from American group Sports Club 9, which has been backed by boxing promoter Dennis Hobson.
Sports Club 9 had a £2million investment offer turned down earlier this summer and with Sheffield-born entrepreneur Hobson now keen to aid the bid on a consultancy basis, this has been increased to £3million, but the club remain unimpressed.
A source close to Wednesday said: "If anybody looks at how Club 9 have acted in the past few months then you have to question whether they are the right custodians for the club.
"Even if they were to get control, which they will not, then how will they fund the changes that need to be made? Our focus is on talking to serious, long-term investors."
Chicago-based Club 9's initial offer turned down in May included an initial £2million investment, followed by £3million during the course of the 2010-11 season. The new offer is £3million, followed by £2million as needed and no later than the start of the 2010-11 season.
It is understood Sports Club 9 would charge the Owls £420,000 a year in consultancy fees if their bid was accepted.
