Sheffield Wednesday fans group Wednesdayite have confirmed they have received a formal offer for their club shares from the consortium headed by Geoff Sheard.

Sheard has already agreed to buy former chairman Dave Allen's shares and pay off his loans and the completion of similar deals with director Geoff Hulley and former board member Keith Addy are understood to be imminent.

A Wednesdayite statement read: "We have received a formal written bid for our shareholding from Geoff Sheard representing a Swiss-based trust.

"We had earlier met with our legal advisers and the letter was immediately referred to them for their advice. We will act in accordance with any advice given with the full intention of proceeding to a member ballot on this issue."

The statement added: "Should the legal advice confirm that a member ballot can proceed as hoped, then at least 14 days' notice must be given to members after we have ensured that we have prepared all the necessary paperwork.

"We estimate that the preparation will take around seven working days."