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Exclusive:Takeover intermediary lifts lid on ‘unrealistic’ Dejphon Chansiri amid Sheffield Wednesday future fear
An intermediary who has spent the last weeks attempting to stimulate a takeover of Sheffield Wednesday has spoken to The Star about his experience of the process – choosing to do so in no small part due to a growing concern for the welfare of the club going forward.
The Star has been in regular contact with the UK-based businessman, with conversations having taken place several times a week over recent months. The intermediary, who has chosen to remain publicly anonymous for privacy reasons, has been involved in a number of high-profile, multi-million pound business acquisitions previously.
He is not a Sheffield Wednesday supporter and has been transparent in describing his motives behind approaching potentially interested parties in an effort to broker a takeover deal; in that it would represent an exciting business opportunity in an industry he takes great interest in. For the purposes of this article, we’ll call him Mr Smith.
Wednesday are in a state of disarray at current with ongoing financial problems continuing to dominate the discourse around the club. A failure to meet its basic monthly salary obligations to employees in a number of sections of the workforce comes just two months on from similar issues, leaving the Owls slapped with EFL sanctions and both club and owner Dejphon Chansiri the subject of charges.
Chansiri’s ownership has come under increasing pressure in recent weeks, with fan unrest having risen to its highest levels to date. Speculation over a proposed takeover has been made public and with many player wages still unpaid as of Friday morning, the clock is ticking on the possibility of notice periods being tendered should two sets of full payments not be fulfilled on their June payday
With further financial obligations to come in the coming weeks and with matchday revenue not forthcoming for several weeks – not to mention uncertainty over the football side of things and further historic issues – it makes for an unsettling future.
The Star has seen evidence to suggest Mr Smith has had discussions with a number of high net-worth individuals and groups with regard to the possible acquisition of Wednesday, with responses believed to have been positive on the basis of what is widely seen to be a fair market value of between £40m and £50m. But on contact with Owls chairman Chansiri, made through an associate, it has become clear to Mr Smith that the likely asking price and proposed method of business does not lend itself to any likelihood of a deal being reached.
Discussions with Chansiri – seen by The Star – have not managed to nail down a specified asking price. But in those discussions the Owls chairman appears to claim to have rejected big-money bids previously; including one as high as £160m. It was also claimed by Mr Chansiri he has received a number of offers in the recent past, some of which were in excess of £100m. In the early stages of the discussion, Mr Smith’s associate was bluntly told ‘not to waste time’ if their approach was not genuine and that the chairman may look to retain a minor share in the club even in the event of a deal being agreed.
“It’s been challenging,” Mr Smith told The Star. “I’m a big believer that the club has a rightful place at the top table and while many clubs in the EFL will think that, I think it’s fair to say Sheffield Wednesday in terms of their history as a top-flight club, with its fanbase, its pull, it should be up there. So the last couple of weeks have been challenging, with a realisation that the powers that be simply aren’t willing to play ball at a realistic valuation.
“What’s been especially difficult is that I’ve had positive conversations with people that at a reasonable valuation would like to proceed. But for whatever reason, the representation from the club – be that the chairman or advisors – have got a figure in their head of double and beyond that realistic number. At this moment in time their valuation is an unrealistic and astronomical figure.
“He (Chansiri) was very responsive and one thing I would say is that in my opinion he absolutely does want to sell the club. I say this genuinely, I do believe he wants to find it a good home. That said, we’ve had exchanges detailing alleged offers that he says have already been put in. Those alleged offers would value Sheffield Wednesday alongside Premier League clubs – if you are inclined to believe the offers exist. We’re talking big, big money.”
