Sheffield Wednesday could be in the hands of new owners before the end of this week.

A consortium fronted by Lancashire businessman Geoff Sheard will on Tuesday make a formal offer for the shares of supporters trust Wednesdayite, who hold a 10% stake in the club.

The Sheard group, whose total outlay to pay off existing debts and take control at Hillsborough will be £40million, has already bought former chairman Dave Allen's shares and paid off his loans.

Allen agreed to the sale last week after being shown proof of funds.

The sale of director Geoff Hulley and former board member Keith Addy's shares is imminent and that will give the consortium a 30% stake in the club.

Wednesdayite members are expected to vote overwhelmingly in favour of selling their shares when balloted this week.