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Owls edge closer to takeover
13 Feb 2009 - 16:39:52
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."