Owls look for investment
Sheff Wed have turned to Inner Circle Sports in a bid to secure major investment in the Hillsborough club.
Last Updated: 02/06/09 12:20pm
Sheffield Wednesday have turned to Inner Circle Sports in a bid to secure major investment in the Hillsborough club.
The New York-based investment bank helped broker the takeover of Liverpool by George Gillett and Tom Hicks and also aided the purchase of Sunderland by Texan billionaire Ellis Short.
Wednesday chairman Lee Strafford and chief executive Nick Parker were appointed to the club's board in January to oversee the project.
The duo recently returned from a trip to the US where they spoke with several interested parties before appointing Inner Circle Sports and are confident a deal could soon be struck.
A club statement read: "At these meetings it became very apparent that genuine interest in the company can be converted into future investment, especially if the right conditions exist.
"To this end, the board announces the appointment of Inner Circle Sports LLC, a specialist sports-focused investment bank, based in New York, as advisors on the investment process.
"This bank and its directors have great experience in co-ordinating and executing transactions, both in the USA and in Europe, having been involved in many of the largest sports investment processes in recent years.
"Prior to agreeing to undertake the assignment, Inner Circle Sports have undertaken initial due diligence to assess the extent to which a transaction can be completed and have satisfied themselves that the longer term opportunity for an investing syndicate is compelling."
Meanwhile, Owls defender Richards Hinds has signed a new two-year deal with the club which will keep him in South Yorkshire until 2011.
Hinds suffered a broken leg at Wolves in August but battled his way back to full fitness to help Brian Laws' side finish in the top half of the Championship.
Laws told the club's official website: "Richard showed tremendous character and determination to come back from serious injury last season ahead of schedule to play a key role in our defence towards the end of the season.
"He has now fully recovered from his broken leg and will be striving to make up for lost time next season."
Hinds added: "The club certainly seems to be heading in the right direction and I believe we can compete higher up the Championship next season so I am really looking forward to that challenge."