Businessman Mike Ashley is the last remaining bidder in the running to take over troubled Sheffield Wednesday, ITV News understands.
The former Newcastle United owner was one of three parties reportedly still vying to buy the Hillsborough club at the start of the week.
But it is thought concerns around the viability of one of the potential bidders and the failure of the other to come up with the required non-refundable deposit have left Ashley as the solitary option.
However, his bid is believed to be less than the club’s £30 million debt obligations, meaning Wednesday would face a potential 15-point deduction next season.
The club, who went into administration in October, have yet to comment on the news, but an announcement on the sale process could be made as early as this weekend.
Joint administrator Kris Wigfield said: “We understand the frustration caused by limited communication at this stage, but periods of confidentiality are essential to protect the integrity of the process.
“Work continues behind the scenes as we work toward identifying a preferred bidder and genuine progress is being made. Once that stage is reached, the EFL will need to complete its regulatory checks.
“We will provide updates as soon as we are able to do so without jeopardising the process.”
Watch on ITVX: Back from the Brink – a short film charting the turbulent period before and after the departure of Dejphon Chansiri
Wednesday have been up for sale since their much-maligned former owner, Thai businessman Dejphon Chansiri, finally left the club in October following months of financial woes.
The Owls were deducted 12 points following his departure and remain under various embargoes amid tax debts and after failing to pay players and staff on time.
They sit rock bottom of the Championship on -9 points having won just once this season and face almost certain relegation.
Along with Ashley, it was reported over the weekend that a consortium led by Sheffield United consultant James Bord remained an option along with a US consortium headed by US billionaire John McEvoy.
The former is believed to have fallen out of the process following concerns about funding and the challenges of passing EFL tests.
The latter is understood to have been unable to muster the non-refundable deposit.
Ashley is believed to have had an initial offer of £20m rejected last month.
Analysis by sports reporter Arif Ahmed
It’s nearly two months since Sheffield Wednesday’s divisive owner Dejphon Chansiri put the club into administration and walked away after what were described as “increased financial pressures”.
I understand that administrators are very close to naming a preferred buyer and the latest information I have is that Mike Ashley is that man.
That would begin a process that could see him take control subject to various checks – including by the Football League.
Chansiri himself has been largely silent since his departure. But I’ve been making enquiries and have recently received a reply from his verified LinkedIn account.
It addressed the issue of wages – staff and players were either paid late or didn’t receive their wages on time at least five times this year.
According to the information I received, Chansiri accepted he couldn’t put money into the club because of cash flow issues during a difficult global economy. But he said he still tried to do everything he could.
The message went on to say that Chansiri still loves the club and that he did all that he could to keep it afloat for 10 years.
The message told me that he wants to see the best for Sheffield Wednesday and hopes one day people will see the “real story”. He loves the club less than anyone else, he said, and he believes he loves it “more”.
I’ve been speaking to fans for a documentary called “Back from the Brink”. You can watch it on this page.
Chansiri refutes the allegations made by the fans I spoke to.
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