John Textor Joins Forces With Football Financier In Sheffield Wednesday Takeover Bid

‎John Textor has joined forces with football financier Keith Harris in a bid to acquire Sheffield Wednesday.

‎Harris, a former investment banker, has helped orchestrate deals for clubs such as West Ham, Manchester City, and Aston Villa, and last year assembled a consortium to purchase Everton, though that bid did not succeed.

‎Textor was granted exclusive rights to negotiate the purchase of Everton via his investment firm, Eagle Football, but failed to close the deal.

‎He was not working directly with Harris during this process. The two met through Harris’s involvement with Sportsbank, which earlier this year offered Textor £230 million for a 45% stake in 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 consortium of investors from the United Arab Emirates and the United States, led by Zechariah Janjua and Navshir Jaffer, did not complete the deal, as Textor chose instead to float Eagle on the New York Stock Exchange.

‎The group is not part of the bid for Wednesday. Harris is now working with Textor to secure funding from other sources.

‎Wednesday is in a perilous financial situation. The owner, Dejphon Chansiri, has held talks with several potential buyers this summer and said in June that 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 collect their £460,000 central distribution from the EFL this week.

‎However, short-term issues remain at the club. The North Stand at Hillsborough lacks a safety certificate, so supporters will have to be relocated for Saturday’s home game against Stoke unless the required work is finished 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 rationed for the rest of the season, with day trips from Sheffield likely the norm when practical.

‎Textor confirmed his interest in Wednesday last week.

‎Harris has previously served as chair of the Football League, sat on the board of Wembley Stadium, and held a director’s role at Everton.