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DAVE ALLEN has vowed to increase his own shareholding in Sheffield Wednesday in an attempt to attract fresh investment following the collapse of Paul Gregg's bid to buy his way into Hillsborough.

The Wednesday board had been in talks with the multi-millionaire since January over the possible purchase of the 32 per cent shareholding in the club held by chairman Allen and fellow directors, Keith Addy and Geoff Hully.

However, the Owls chairman revealed yesterday that the deal was now off due to the former boss of Apollo Leisure Gregg's reservations over the club's widespread shareholding and, in particular, the 10 per cent stake held by supporters group, Wednesdayite.

Allen, who has offered to put £500,000 into the club in return for the shares that were gifted to the group formerly known as the Owls Trust four years ago, has now vowed to increase his own shareholding, which stands at a little over 10 per cent.

He said: "Wednesday needs someone with bundles of money to throw at it. We have had two in the Championship this year with Steve Morgan (taking over) at Wolves and Milan Mandaric at Leicester.

"If we want someone with the nature of those two to come in, we have to be able to deliver. I thought the Gregg deal was going to happen.

"I will try and purchase more shares. I can personally get up to 29.9 per cent without having to make a bid for the club. If we can then get Wednesdayite's 10 per cent back, we can go forward. But failing that, we will continue as we are.

"The board is as it was last year. We shall continue to run the club diligently, we shan't spend more than we earn.

"It is not all doom and gloom, we are going for a top six finish."

Allen has been at loggerheads with Wednesdayite since the group were known as the Owls Trust and they backed Ken Bates's bid to wrestle control away from the Owls board in 2004.

To support his belief that Wednesdayite's stake in the club, whose debt stands at £26m, is scuppering any potential investment, he read from a letter written by Gregg's solicitors that stated "the potential blocking ability of the supporters' trust's 10 per cent shareholding in the company was a clear detraction from making a full offer".

On Wednesdayite, Allen added: "I am not going to speak to them at all. Just as these people would not come in and purchase 30 per cent of the shares knowing full well that Wednesdayite can call an EGM at the drop of a hat.

"They have done that twice and I have had to take a load of verbal and written abuse from them – I won't do it any more.

"I shall not put any more money into the club at all. The reason for that is quite simple.

"I will not sit in the directors' box on a matchday with my grandchildren and have so-called fans, the majority of whom revolve around Wednesdayite, shouting 'eff off Allen'. Especially when the club is doing exceptionally well.

"It is embarrassing and it is disgraceful.

They are no good for Sheffield Wednesday at all.

"I put a lot of work in and will continue to do so. But I will not stand for that behaviour. And a few of them can get used to the John Smith's advert, which goes....you're barred! That is what they will be getting."

Allen's comments were instantly condemned by Wednesdayite vice chairman, John Gath. He said: "What has happened really is sad.

"If we have reached that level, it is clearly going to be difficult to talk. We would still be willing to do so, though preferably in a grown up way.

"We are very disappointed Paul Gregg has chosen not to invest.

"As we keep saying, if our shareholding is a deal-breaker you would think people would have the common sense to talk to us.

"We were outside Hillsborough on Friday afternoon but, apparently, Mr Allen doesn't want to speak to us."