Mike Ashley

Former Newcastle United owner Mike Ashley is reportedly preparing a £10 million bid for Sheffield Wednesday, signaling his intent to return to English football ownership with a swift acquisition of the struggling Championship club.

Ashley, who sold Newcastle to a Saudi-led consortium in 2021 for £305 million after a controversial 14-year tenure, has been scouting opportunities in the lower tiers. Sources close to the deal indicate the Fratton Park-based retail tycoon views Wednesday as a prime target amid their dire financial straits, with the Owls teetering on the brink of administration and staring down a winding-up petition over unpaid HMRC debts.

The bid, expected imminently, would see Ashley assume control through his Sports Direct empire, potentially injecting much-needed funds to stabilize the club. Wednesday, owned by Thai businessman Dejphon Chansiri since 2015, have endured a turbulent spell marked by points deductions, fan protests, and back-to-back relegation battles. Their current 20th-place position in the Championship underscores the urgency for change.

Ashley’s track record at Newcastle—where he slashed costs and clashed with supporters—has left a polarized legacy, but Wednesday fans, desperate for salvation, may welcome the lifeline. If successful, this could mark Ashley’s boldest move yet in the EFL, transforming Hillsborough into his next project.