Sheffield Wednesday denies financial difficulties

Sheffield Wednesday are being taken over. Photo: PA

Sheffield Wednesday's incoming owner Hafiz Mammadov has strenously denied allegations that he had recently been detained by the Azerbaijan authorities due to financial difficulties.

It had been reported that Mammadov, founder and chairman of Azerbaijan-based Baghlan Group, which specializes in oil, gas, construction and transportation, had been jailed amid continuing speculation he was experiencing financial hardship.

Mammadov, who also owns Azerbaijan club FC Baku and newly-promoted French club Lens, completed his £40million takeover of Sky Bet Championship club Wednesday on June 10.

A statement released by Mammadov on Wednesday's official website read: "Certain unfounded rumours have been spread in the press over my supposed arrest and imprisonment in Azerbaijan, which I obviously strongly deny, and which was immediately denied by State Border Guards.

"It seems (on Wednesday) that false and malicious speculation over my situation is being used with the aim to create confusion and doubt over my financial holdings and commitments.

"There are no grounds for the allegations made by the press, and I will take all necessary legal actions against whoever has initiated these false rumours with the aim to harm my family and me."

Lens' promotion to the French top flight was recently suspended because of a delay in the payment of £8million due to the club by Mammadov.

The delayed payment cast doubt over Mammadov's takeover of Wednesday, which is currently awaiting Football League ratification.

But Lens president Gervais Martez has since confirmed the French club had received the money and that ratification of their promotion was now a formality.