The former Newcastle owner Mike Ashley is preparing a bid of about £10m for Sheffield Wednesday in the hope of securing a quick deal. The sale of the Championship club is being managed by the administrator Begbies Traynor, which was appointed last month to run Wednesday by the owner, Dejphon Chansiri, as an alternative to liquidation after he failed to pay players and staff on time in five of the past seven months.

In documentation circulated to potential buyers last week, Begbies Traynor demanded they demonstrate access to £50m in proof of funds in order to be considered, but the sale itself is an open auction with the ultimate price determined by the level of the bids. Ashley is understood to have provided sufficient proof of funding to enter the process, enabling him to begin conducting due diligence and giving him access to Wednesday’s accounts and data room.

The 61-year-old has the advantage of being known to the English Football League meaning, if a sale price is agreed by Begbies Traynor, it would likely approve the transaction quickly as there are no questions over the source and sufficiency of his funding.

Ashley has not been directly involved in football...