Closing in on investment?

By Alan Biggs

Sheffield Wednesday's quest for financial backing is attracting sustained interest from several potential investment groups.
Delegations from America and Italy were hosted by the club at last week's Hillsborough game with Queens Park Rangers, the Telegraph understands.

Although chairman Lee Strafford declines to identify the source of the interest, he believes the Owls
are closing in on their target as a result of their link-up with United States investment bank Inner Circle Sports. "We've brought it to a point of just before we need to get shareholders involved," said Strafford.

There are unlikely to be firm developments ahead of this month's annual meeting, which is just 12 days away, but the Wednesday chief is encouraged that several parties are maintaining an interest which he still hopes will bear fruit in time to meet his initial target.

"We're aiming for Christmas but if the process is positive and goes beyond that, we don't care," he insisted.

"We've had potential investors at games for the last couple of months. There were two groups at our game last Saturday and we're at the stage of real engagement with people.

"A number of groups from a number of locations are interested, marshalled by ICS. They are all independent of each other and none have gone away."

As a fan of his club, Strafford is sticking to his guns over his preference for a backer who will allow the club to proceed under the protective care of the current board rather than open up to the "wrong sort" of buyer.

Football has tended to become a rich man's playground with all the attendant benefits and risks. But the appeal is diminishing outside the Premier League, where the Owls have plenty of money-chasing competition, and Strafford believes a new trend is emerging.

He added: "There is a dying breed of ego-driven football club owners. It's moving away from that to a growing breed of people who want to run clubs as proper plcs, both professionally and also for a bit of fun. There are no guarantees but we are heading in the right direction."

Having brightened up the shop window with a raft of pricing and community-led initiatives that have brought the club closer to supporters, Strafford is facing a chicken-and-egg scenario amid his disappointment over crowd levels.

Last week's gate dipped under 20,000 and the chairman feels more support is required because backers "invest in the potential of the fan base." On the other hand, crowds are traditionally geared to results and although Wednesday have played entertainingly this season, they are currently adrift of their top ten target.

What is beyond dispute is that there is substantial support on tap for a successful Hillsborough outfit. Strafford believes stayaway fans can hasten a difficult process by buying into the dream.

The Wednesday wrote:I, and most Wednesdayites, will be skeptical until something actually happens.