Mike Ashley Makes Sheffield Wednesday Bid Below £30m Debt Obligation

Former Newcastle United owner Mike Ashley is the ‘sole remaining bidder’ in the race to buy Championship side Sheffield Wednesday, who are reportedly at risk of facing a potential 15-point deduction next season if Ashley’s bid is pushed through.

At the start of this week, the businessman was one of three parties interested in buying the English second-tier outfit, but fresh concerns over the viability of one of the bidders and the failure of the other to come up with the required non-refundable deposit means that Ashley is the only remaining party.

Alongside the former Magpies owner, it was reported over the weekend that a consortium, led by Sheffield United consultant James Bord, remained an option. So did a US-based consortium, figureheaded by US billionaire John McEvoy.

Wednesday went into administration in October 2025 and are yet to comment on the news that 61-year-old Ashley, who owned Newcastle between 2007 and 2021 before selling up to the Saudi Public Investment Fund, is the only remaining party and a deal seems like it will inevitably be struck sooner rather than later.

Ashley Interest in Buying Championship’s Sheffield Wednesday – Club at Risk of 15-Point Deduction

The club, captained by Barry Bannan, went up for sale by their much-maligned former owner, Dejphon Chansiri, who ended his decade-long ownership and left them in a state of financial disarray, in October. Deducted 12 points as a result, the Owls remain under various embargeos amid tax debts, while players and staff remain unpaid in their time of uncertainty.

Ashley’s bid, though, is believed to be less than the club’s ~£30 million debt obligations, which could mean that Wednesday could start the 2026/27 campaign with a 15-point deduction. The cost of paying the creditors and the administrators, according to a recent report from BBC Sport, is expected to be around the £35 million mark.

Yet to comment on the news of Ashley’s interest, there is every chance an announcement on the sale process could be made as early as this weekend. If the new owner, whether that is Ashley or not, pays less than their debts, it will fall below the English Football League (EFL) insolvency threshold. This requires unsecured creditors, those not directly related to football or HMRC, to be paid at least 25p in the pound for their debt.

ITV have reported that Ashley, whose stint at St James’ Park is shrouded in controversy, tabled a bid of £20 million earlier this month, but it was rejected by the Owl’s higher-ups.

Ashley, the founder of Sports Direct, was not a popular figure for many Newcastle supporters as they were relegated to the Championship twice during his tenure. Having run the club within its means, Ashley bought the club when it was valued at £131 million, but he sold it to the Saudi Public Investment Fund for a whopping £305 million.

Barry Bannan: The Squads Needs ‘Boost’ Of A Takeover

As things stand, Sheffield Wednesday remain at the foot of England’s second tier (with just one win to their name all season) and if they are to avoid the prospect of being demoted to League One, a new ownership model – which brings financial stability – is needed. Speaking to BBC Sport, Bannan, a club legend with just short of 500 appearances under his belt, said:

“It’s hard to keep people going when you’re losing games, but this could be the boost that we need,” Airdrie-born Bannan, who has played for Hillsborough outfit since the summer of 2015.

In a statement on Friday, joint administrator Kris Wigfield said: “We understand the frustration caused by limited communication at this stage, but periods of confidentiality are essential to protect the integrity of the process. Work continues behind the scenes as we work toward identifying a preferred bidder and genuine progress is being made.

“Once that stage is reached, the EFL will need to complete its regulatory checks,” Wigfield continued before adding, “We will provide updates as soon as we are able to do so without jeopardising the process.”