Former Newcastle owner Mike Ashley is said to be considering a takeover bid for troubled Sheffield Wednesday. The Owls entered administration last week after failing to settle a £1million debt to HMRC, triggering a scramble to identify fresh ownership.

Thai businessman Dejphon Chansiri faces removal, with administrators targeting completion of a sale before the year concludes.

Wednesday languish at the foot of the Championship table, sitting 16 points adrift of safety following a 12-point penalty imposed by the EFL for multiple financial breaches.

This suggests any potential buyer would likely be acquiring a future League One outfit, reports the Mirror.

Despite this, interest remains strong, with joint administrator Kris Wigfield confirming on Monday that "four or five" genuine contenders have emerged.

Prospective purchasers must demonstrate sufficient financial backing to ensure the club's sustainability whilst satisfying the EFL's ownership criteria.

The Daily Mail suggests Ashley is evaluating his options after learning of the acquisition opportunity at Hillsborough.

The 61-year-old entrepreneur owned Newcastle from 2007 to 2021 and has a track record of purchasing struggling...