Mike Ashley is believed to have made a cut-price offer for Sheffield Wednesday as he looks to tie up a quick deal for the stricken club.

Former Newcastle United owner Ashley has been out of football since selling the Magpies to a Saudi-led consortium in 2021 for £305million. The controversial businessman has since held control of Coventry City's stadium, but sold that back to the Sky Blues for £40m this summer, more than double the purchase price.

Now he hopes to purchase another Championship outfit in Sheffield Wednesday, who went into administration last week. Ashley, who has an open strategy of looking to buy stricken sporting assets, is said to be one of a number of parties interested in the Owls.

Sheff Wed owner Dejphon Chansiri has struggled to run the club from a financial perspective with late payments on staff and player wages.

Administration was seen as an alternative to liquidation after he failed to pay players and staff on time in five of the past seven months. They are also believed to have a £1m tax bill to...