Mike Ashley owned Newcastle United for 14 years before selling the club in October 2021.

Former Newcastle United owner Mike Ashley has stepped up his attempts to return to football club ownership.

Ashley sold the Magpies to the Public Investment Fund of Saudi Arabia-led consortium in October 2021 for £305million, which brought the curtain down on his controversial 14-year reign.

The Sports Direct tycoon has made no secret of his desire to get back into football, previously launching takeover bids for Derby County and Reading, as well as being linked with a move for Coventry City.

Former Newcastle United owner Mike Ashley launches Sheffield Wednesday takeover bid

And now Ashley has turned his attention to Championship club Sheffield Wednesday, who last month were placed into administration to end Dejphon Chansiri's decade-long ownership.

As per Sky Sports News, Ashley is among three parties bidding to take over the Owls, while another two wait in the wings. An opening offer of £20m has been turned down by the administrators, but Ashley could return with an improved bid.

Any interested party has been asked to show proof that they have at least £50m in available funds, not just to buy Wednesday, but to be able to support the club in the future.

It's understood that Ashley has no problem showing proof of available funds to the administrators, who are widely expected to give "preferred bidder" status - and exclusivity to try to complete a deal - to one would-be buyer by the end of next week.

Sheffield Wednesday administrator provides sale update

Providing an update on the sale process last week, administrator Kris Wigfield said: “As for the process of selling the club, we are now entering the next phase where initial interest turns into formal bids.

“There has been much discussion in the press around deadlines. To be clear: the deadline was set to drive momentum, ensure fairness and encourage bidders to move decisively — and many parties have respected that. We are grateful to those who have engaged the process and met the deadline. Some parties have also made it clear they will make offers but require a couple more days to do so and we are thankful for their communication lines.

“While the deadline is described as a ‘soft’ one, it is not without purpose. We will prioritise parties who have acted promptly and professionally, but — in line with our duties — if a substantial and credible bidder submits proof of funds after the deadline, we cannot ignore them. The key objective is to secure the best outcome for Sheffield Wednesday, and that requires both discipline and practicality.

“That said, we have received promising interest. Twelve parties who demonstrated proof of funds have already been granted access to the data room. Several parties have come forward with sensible offers or assured us they will be doing so over the next few days, this is a very strong position for the club and a clear indication of Sheffield Wednesday’s huge potential.

“We will review the offers at the start of next week in the hope that by 5th December we will be able to accept a deposit and grant exclusivity, allowing the EFL’s formal checks to begin.

“Until then, thank you for everything you’ve done, and everything you continue to do.”

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