A billionaire candidate who looked at buying the club has reportedly made his decision on completing a takeover of Sheffield Wednesday, as their initial deadline nears.

Sheffield Wednesday near initial deadline

Whether it was optimistic or not, Sheffield Wednesday’s co-administrator Kris Wigfield initially set a soft deadline of December 5 to find a preferred bidder for the club. That is just one day away, however, and it seems unlikely that the Owls will have their answer in the next 24 hours.

Instead, it’s been a frustrating week. The club has been dealt an additional six-point deduction thanks to the lingering consequences of Dejphon Chansiri’s ownership and must already turn their focus towards Championship relegation and a campaign in League One next season.

After a decision that only adds salt to their wounds, Wednesday will hope to see some progression regarding their takeover sooner rather than later.

On that front, several rumours have emerged about a number of interested candidates and one report even claimed earlier this week that some parties may choose to put a joint bid together.

It would be quite the move to match the Owls’ £30m valuation, but whether that move is deemed acceptable by Begbies Traynor remains to be seen.

Meanwhile, reports have also claimed that Mike Ashley has already seen one offer rejected for the club, having fallen below Sheffield Wednesday’s valuation. The former Newcastle United owner is one of interested candidates, albeit one who is yet to match other bidders.

However, the same can’t be said for Anders Holch Povlsen, who has dealt those at Hillsborough a frustrating blow with his latest verdict on buying the club.

Povlsen makes Sheffield Wednesday takeover decision

According to Danish outlet Tipsbladet, as relayed by The Star, Povlsen is not among the final candidates to buy Sheffield Wednesday. The Dane may have taken a look at the club, but has decided against putting his name in the hat ahead of the Owls’ crucial decision.

For those at Hillsborough, his interest would certainly have been welcomed. Povlsen already owns Midtjylland and a Forbes profile claimed his estimated networth was $11.3 billion (£8bn) in 2022.

The 53-year-old inherited a majority stake in ASOS and is reported to be the largest individual private landowner in the UK thanks to his land in the Scottish Highlands. So, to say that money is not an issue would be a major understatement.

Alas, it’s not just his money that made Povlsen an attractive takeover candidate before he decided against a move. The Dane also ticks the box for experience in the world of football – something other rumoured candidates do not have. In many ways, he was the ideal man for the job, but Wednesday must now look elsewhere.

Sheffield Wednesday candidates now considering shock move to complete takeover