Sheffield Wednesday appear to be on the brink of new ownership, with former Newcastle United owner Mike Ashley reportedly one of the two final bidders for the Championship club. Captain Barry Bannan has called for a takeover to inject a much-needed boost into the squad as the Owls battle a challenging season.

Administration Ends Chansiri Era

The club entered administration in October 2025, bringing an end to Dejphon Chansiri’s decade-long ownership. Joint-administrator Kris Wigfield confirmed that “periods of confidentiality are essential” but genuine progress is being made to select a preferred bidder.

Bannan expressed optimism:

“There should be a new owner coming in the next couple of days, hopefully. We’re looking forward to that; we see that the takeover’s close. We definitely need it. We need a boost at the minute because we’ve lost a lot of games.”

The Final Bidders

Initially, around 10 parties were in the running to acquire the Owls. Reports now indicate that only two bids remain: one from Mike Ashley and another from a joint American bid led by billionaire John McEvoy and members of the Storch family.

The cost of clearing the club’s creditors and administration fees is estimated at £35 million. Any offer below this threshold could result in a 15-point deduction, which would severely impact Wednesday’s chances of returning to the Championship if relegated to League One.

Ashley’s Return to Football

If Mike Ashley is confirmed as the preferred bidder, it would mark his return to English football following his ownership of Newcastle United from 2007 to 2021. Ashley’s tenure at Newcastle was polarizing; the club experienced two relegations but remained financially stable under his management.

Ashley, the founder of Sports Direct, sold Newcastle to the Saudi Public Investment Fund for £305 million after originally buying it for £131 million. He has also previously invested in other clubs, including a minority stake in Rangers and managing Coventry City’s stadium purchase via Frasers Group.

On-Field Challenges

Sheffield Wednesday face a tough run in the Championship. Currently bottom of the table, the Owls have suffered 18-point deductions this season: 12 for entering administration and six for financial regulation breaches. With only one win in 20 games, relegation to League One appears almost certain.

Bannan stressed the need for the squad to remain resilient:

“There’s only so much that you can blame administration for and the points deductions. Now we need to start winning games. We’re not happy with our performances. We need to be a lot better. There’s no time for excuses now.”

The squad has been severely weakened by departures, including Josh Windass, Michael Smith, and sales of key players such as Djeidi Gassama and Anthony Musaba. Injuries and international call-ups further stretch resources, with only eight senior players with Championship experience available according to manager Henrik Pedersen.

Temporary Solutions and Hopes for January

To address the depleted squad, Sheffield Wednesday were granted special permission to sign Liam Cooper and Nathan Redmond as free agents. Bannan hopes the takeover will be finalized in time for the January transfer window, which could allow the club to strengthen the squad and begin a push for improved results:

“If we want to do anything this season we need to start winning games, and we’ve not done that recently. Hopefully, a takeover gives us a bit more help with players and we can start to go on a run.”

Looking Ahead

Whoever acquires Sheffield Wednesday will inherit a club in urgent need of financial and structural investment, including upgrades to Hillsborough Stadium and the training ground. The new owner will also face the challenge of navigating a club with a demoralized squad and mounting relegation pressures.

As negotiations conclude, the Championship faithful will be watching closely to see if Mike Ashley or the American consortium will take control and guide Sheffield Wednesday toward stability and future success.