Ex- Newcastle chief Mike Ashley is one of two favourites to complete a stunning takeover of cash-strapped Sheffield Wednesday. The Owls have been in administration since October after the disastrous ownership of Dejphon Chansiri was finally ended.

The process to find new ownership has been underway since then, with a host of options having come forward. As it stands, three parties are at the centre of talks, having given proof of funds.

But it appears that former Newcastle owner Ashley is one of the frontrunners to complete a deal. According to Mail Online, there are concerns over the funding of one of the groups and there is a view that they could potentially struggle to satisfy the EFL’s Owners and Directors Test.

That would leave Ashley as one of two favourites alongside a consortium made up of Americans John McEvoy and the Storch family. It is further suggested that one of those two could potentially be selected to enter a period of exclusivity, possibly as soon as Friday.

Should Ashley prove successful in his bid to buy the Yorkshire outfit, it would signal his first return to football since selling Newcastle to the Saudi-backed Public Investment Fund in October 2021.

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As it stands, his offer is thought to be the lowest tabled so far but it is not thought that there would be any worries within the EFL about a potential deal. The highest bid is thought to have come from a group led by James Bord, who also earn Dunfermline Athletic and list rivals Sheffield United among their clients.

But there are concerns that such an offer could potentially face hurdles. McEvoy has tabled the second-highest bid and a meeting has been scheduled for Thursday.

A statement from Kris Wigfield earlier this month read: “As outlined previously, the Administrators set a target for naming a preferred bidder by today. That goal was designed to create momentum, and it achieved exactly that. We have received a number of strong, credible offers. That interest is extremely positive for the future of Sheffield Wednesday.

“For various reasons, responsibly narrowing the field to one preferred bidder today has not proven possible. We understand the supporters’ desire for clarity, and we share that urgency, but this stage of the process is critical. We must: maximise returns to creditors; and secure the right long-term owner for Sheffield Wednesday.

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“Rushing this stage would serve neither objective. Discussions with bidders remain active, detailed and constructive, and momentum has not slowed.

“We know this continues to be an incredibly challenging period. We also know that uncertainty breeds anxiety.

“That is why we remain committed to communicating openly, pushing for fairness, and protecting the long-term interests of Sheffield Wednesday at every stage. We will continue to update you as soon as information can be shared clearly and accurately, and in the meantime thank you all for your patience, support and understanding.”

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