Source: PA
Owls upbeat over new investment
Sheffield Wednesday are still on course to complete a major new investment deal in time to stave off the threat of administration, club sources insist.
The npower League One club, which has debts of around £26million, had been hoping a Dubai-based consortium would complete a takeover in time to settle outstanding tax debts, reported to be in the region of £1million.
But with a winding-up petition due to be heard in the High Court on November 17, the businessman leading the consortium hoping to save the Owls has withdrawn his interest.
A senior club source told Press Association Sport: "Today's developments are being painted in certain quarters as a major blow for the club.
"But the reality is that we are in same position as we were two weeks ago, namely that a number of parties are in detailed talks with the Co-operative Bank over a long-term investment plan for Sheffield Wednesday.
"Everybody involved in this process wants to see a successful conclusion that ultimately leads to the end of the club's financial worries."
