Source: PA
Wilkinson convinced over investment deal
Sheffield Wednesday chairman Howard Wilkinson is "convinced" a deal will still be finalised with a third party investor to put money into the npower League One club.
Although known to the Owls and the Co-operative Bank, the investor has asked that its identity remain confidential while legal processes are being undertaken. The investor has also confirmed that, as a sign of its commitment to the club, it will immediately advance approximately £2million of its proposed investment to provide working capital which is urgently required to assist the cash flow.
Wilkinson said in a statement: "This week I have held a meeting in London with the most senior official associated with the group who have agreed to advance £2m to Sheffield Wednesday. I have also met with the group's legal advisors who have been dealing with this issue since their first serious approach to the club.
"The meeting was very productive and I left convinced about the desire and capability of the group to finalise the deal. The investors are part of a multi-national company who clearly have the ability to finance the investment, in the short and longer term. In particular, the most senior investor within the group has personally given me written and verbal undertakings as to both the advance payment and his intention to complete the full investment into Sheffield Wednesday.
"As he reminded me it would do his and the company's credibility no good, either in the football or wider business communities, if the deal was not now finalised and on that basis as chairman of Sheffield Wednesday I am placing my trust in him.
"I note some are questioning the deal, asking if the money is in the account yet. I appreciate the recent history of this club might naturally lead many to suspect the worst and I can understand that. But what I do want to reiterate is that having spent time with the key person involved and his legal team, I remain convinced about the group's intentions. In terms of the money, the matter is now being coordinated amongst the various lawyers. However, any business agreement ultimately depends on the integrity of people involved and on that basis, I can only reiterate my trust in their intentions."
