Wednesday fans approve sale to mystery trust

Sheffield Wednesday supporters group Wednesdayite have voted overwhelmingly in favour of selling their 10% stake in the club to the Geoff Sheard consortium.

Sheard, backed by a mystery Switzerland-based trust, had offered a little over £1million for Wednesdayite's shares and the ballot result opens the way for the Lancashire businessman to complete a £40million takeover at Hillsborough.

Wednesdayite chairman Darryl Keys said: 'We're delighted our members have voted in great numbers on such an important issue and emphatically supported our recommendation.

'I hope this sends a resounding message to the club, its directors and the fanbase at large that Wednesdayite has never been a stumbling block to any investor and that we have always recognised that at the appropriate time our shareholding had to play its part in securing a better and more successful future for the club.'

Former Owls chairman Dave Allen has already agreed to sell his 10% stake and after this morning's agreement with Wednesdayite, Sheard is now hoping current director Geoff Hulley and former board member Keith Addy accept similar offers for their shares.

Following a 14-day voting period, culminating in last night's meeting at the Niagara Club, Wadsley Bridge, 97.4% of Wednesdayite members first voted to change a rule which prevented them from selling their shares, with 92.1% of members voting in favour of Sheard's bid in a 77.7% turnout.

Wednesdayite's board of directors had urged members last month to vote in favour of both resolutions.

Keys added: 'Wednesdayite felt they were unfairly blamed for the collapse of the (Paul) Gregg deal a year ago after they had never been contacted by the bidder or anyone at the club throughout those takeover negotiations.

'Last night's vote suggests Gregg might well have enjoyed similar support if, like Sheard, he had approached Wednesdayite and held discussions as part of his negotiation process.

'The Sheard offer, valuing Wednesdayite's shares at a little over £1million, is over three times that originally offered by former chairman Dave Allen and which was declined by Wednesdayite in early 2006.

'That decision in retrospect now appears to have been an astute one.'