[goldenHuddlestone]

Sheffield Wednesday chairman Dave Allen has blamed a supporters' group for the collapse of a potential takeover by former Everton director Paul Gregg.

Allen has announced that Gregg withdrew his offer for the club last week over concerns about the group's 10% share in the club.

The Hillsborough board hold just 32% of the club's shares and the group in question, called 'Wednesdayite' and formerly the 'Owls Trust', will not sell their share without attaching conditions.

Allen said: "I would suggest the majority of fans get together and sort the minority out."


Allen claimed that a letter from Gregg's solicitors proved the shares held by Wednesdayite were a major stumbling block.



He said: "The board have only got 30% of the club and that is a major problem.



"We've been talking to Paul Gregg since January. He's been looking to invest in a club and he was particularly interested in Wednesday.



"He's got connections in the area and his son's a fan.



"We had a lot of meetings with him and he completed due diligence but the bottom line is this..."



Allen then read a copy of the letter received from Gregg's solicitors.



It said: "Our client has unfortunately decided to withdraw from the opportunity to purchase initially the shares of the club.



"This decision was made reluctantly after much discussion.



"Our client had completed satisfactorily due financial diligence but one of the crucial reasons why our client decided to withdraw was the recognition that the acquisition of only 30% of the club could be delivered with any definitive certainty.



"However we felt that control was a necessity for our client.



"In addition the potential blocking ability of the supporters' trust who are 10% shareholders was a clear detraction from making an offer."



Allen has offered to put £500,000 of his own money into the club in exchange for Wednesdayite giving up their shares but has refused to talk to the group.

Wednesdayite have responded to Allen's remarks by insisting they are not responsible for the collapse of the deal.



A statement read: "The suggestion that inward investment has not been possible because of Wednesdayite's shareholding is very sad.



"Whatever the pros and cons of any deal which was on the table, there is absolutely no reason for the shareholding to have been an obstacle.



"If any of the participants believed there to be a problem, they have had plenty of time to take us up on our offer of dialogue.



"We have repeated over and over, that if a deal would ensure the club's debts were reduced, that investment in the football squad could be made and a proper dialogue process established with what is the second largest shareholder and a loyal fans' group, then our members have indicated that they would reconsider their opposition to parting with the shares.



"Surely, if the issue of the Wednesdayite shares was a deal-breaker, someone would have thought that it was important enough to talk directly to Wednesdayite about it.



"We at Wednesdayite have become used to being portrayed in a negative way by those who look backwards instead of forwards.



"Are we really the stumbling block to progress? Progress requires movement. We have moved - some would say a long way already - and we are willing to discuss further movement. We are not preventing progress.



"It is those who will not move from their entrenched positions who are the real stumbling block. Constant repetition of 'It's Wednesdayite's fault' may be easy and may even convince some, but at the end of the day, it is not a way to achieve progress."