John Textor has teamed up with the football financier Keith Harris in an attempt to buy Sheffield Wednesday.
Harris, a former investment banker, has brokered takeovers at West Ham, Manchester City and Aston Villa, and put together a consortium to buy Everton last year, although that bid was unsuccessful.
Textor was granted exclusivity in his attempt to buy Everton through his investment vehicle, Eagle Football, but also failed to complete. The American was not working with Harris but they got to know each other through the Englishman’s work for Sportsbank, which this year offered Textor £230m to buy 45% of Eagle. The multi-club operation owns Lyon, Botafogo, the Belgian club RWD Molenbeek and was the biggest shareholder at Crystal Palace until selling to Woody Johnson last month.
Sportsbank, a group of investors from the United Arab Emirates and the United States led by Zechariah Janjua and Navshir Jaffer, did not complete that deal, with Textor opting to float Eagle on the New York Stock Exchange. Sportsbank is not involved in the bid for Wednesday, with Harris working with Textor to source funding elsewhere.
Wednesday are in a perilous financial situation. The owner, Dejphon Chansiri, has held talks with several potential buyers this summer, and said in June he had rejected an offer of £40m from an unknown American consortium, which is not connected to Textor. Chansiri’s asking price is thought to be closer to £100m.
The players have been paid late in four of the past five months, but their salaries are up to date after Wednesday last week received a £2.7m solidarity payment from the Premier League. The second instalment is due in January.
Wednesday will this week receive their monthly central distribution of £460,000 from the EFL, but short-term problems remain. The North Stand at Hillsborough has not been granted a safety certificate so fans will have to be moved for their first home game of the season against Stoke on Saturday unless work is carried out in time. Money is so tight that some players paid for their own hotel before Sunday’s 2-1 defeat at Leicester. As things stand, overnight stays will be carefully rationed for the rest of the season, with day trips from Sheffield likely the norm when practical.
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Textor confirmed last week he was “definitely interested” in Wednesday. Harris has been chair of the Football League, a board member of Wembley Stadium and a director at Everton.