Mike Ashley 'In Talks' To Buy English Club Four Years After Newcastle Sale

Former Newcastle owner Mike Ashley is in talks to buy Sheffield Wednesday, it has been claimed.

As per the Guardian, Ashley is preparing a £10m for Wednesday, whose sale is being managed by the administrator Begbies Traynor.

Last week, Begbies Traynor demanded that every interested party demonstrate access to £50m in proof of funds to be considered, though the sale itself is an open auction.

The Guardian report claims Ashley has provided sufficient proof of funding, meaning he can begin conducting due diligence and be provided access to Wednesday’s accounts and data room.

Ashley spent 14 tumultuous years as Newcastle owner, during which the club were relegated twice from the Premier League, appointed Joe Kinnear as manager twice, renamed St James’ Park after Sports Direct, sacked Chris Hughton and allowed for the departure of the much admired Rafa Benitez.

Ashley is likely to face competition for the purchase of Sheffield Wednesday with Kris Wigfield of Begbies Traynor saying this week: “There are already four or five interested parties that look like the real deal.”

Wigfield told the BBC: "As always, you get a lot of interested parties that probably aren't going to meet the criteria, but within the numerous inquiries we've had, we certainly think that there are already four or five interested parties that look like the real deal.

"There are two criteria that new owners basically need to satisfy to then open dialogue and there to be an opportunity where they can make an offer.

Mike Ashley spent 14 years as Newcastle United owner (Getty)

"The first thing is they need to show the administrators that they could make the football club viable. So they've got to show that they've got sufficient funds to be able to fund it for the next few years.

"And secondly, we have to be satisfied that they will pass the EFL fit and proper persons test, and if they can satisfy both of those, then we'll start talking to them seriously."

Wednesday appear destined for League One, having already been docked 12 points by the EFL for entering administration. Further sporting sanctions are expected due to former owner Dehphon Chansiri’s mismanagement of the club.