Sheffield Wednesday Football Club

• Nickname:The Owls
• Founded:1867
• Manager:Dave Jones

• Ground:Hillsborough
• Capacity:39859

Owls edge closer to takeover

13 Feb 2009 - 16:39:52

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Sheffield Wednesday have moved a step closer to a takeover after reaching an "outline agreement" with the club's bankers.

The Owls are believed to be around £25million in debt but have struck a deal with the Co-Operative Bank which could make the club a more attractive proposition for a buy-out.

"An outline agreement has been reached with the company's bankers, the Co-Operative Bank, concerning the overall indebtedness of the business," read a club statement.

"This agreement is subject to contract and formal sign off by all parties and to new investment.

"Delivering this agreement will result in the club being in a sound financial position.

"In addition, positive discussions with the other major creditors and certain key shareholders are at an advanced stage and are progressing well."