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Milan Mandaric pulls plug on Owls sale

The takeover of Sheffield Wednesday by Hafiz Mammadov looks to be finally off and the club are now threatening legal action against the Azerbaijani businessman.

Milan Mandaric pulls plug on Owls sale Credit: Press Association

In a statement today, current owner Milan Mandaric wrote to the club's supporters saying that he would be looking for alternative investment.

He also said he has "asked my legal advisors to take such legal action as they consider necessary."

Mr Mandaric said the club were committed to sponsorship agreements facilitated by Mr Mammadov's involvement and still retain the ambition of returning Premier League football to Hillsborough.

Unfortunately despite working hard with both Mr Mammadov and his representatives since the agreement was signed he has not been able to meet the obligations set out in the contract for either the purchase of the shares or the sponsorship arrangements.

Our supporters were extremely excited when the takeover was announced, like me they believed that Mr Mammadov offered a great opportunity for the club, in hindsight my desire to please our supporters probably clouded my decision to grant further time for him to complete the process.

During this period I have continued to manage the business and to fund the ongoing financial requirements of the club as I have always done and will continue to do so.

Whilst I hope that Mr Mammadov will very quickly overcome his difficulties in Azerbaijan, I cannot allow this continued speculation to continue and have asked my legal advisors to take such legal action as they consider necessary.

The club as always will attract people who are interested in acquiring a top English football club. Accordingly, I will explore every serious possibility and if I believe that there is someone who can accelerate our plans to return this club to the Premier League then I will do all in my power to welcome them to Sheffield.

– Milan Mandaric