The Geoff Sheard consortium hope to resolve all issues stalling their proposed £40million takeover of Sheffield Wednesday "within days".

Lancashire-based businessman Sheard, fronting a Swiss-based trust, has also revealed the consortium's plans would benefit the local community if they gained control at Hillsborough.

Sheard, speaking for the first time publicly, confirmed he has agreed in principle to buy the shares of former chairman Dave Allen and Owls supporters group Wednesdayite. But he is still waiting to hear from director Geoff Hulley and former board member Keith Addy. All four parties each own 10% of the club's shares.

Sheard told BBC Radio Sheffield: "We've made a formal bid for the shares of Mr Allen, Mr Addy and Mr Hulley and also made a formal approach to Wednesdayite.

"We've had a conclusion with Dave Allen, who's agreed to sell to us, I'm waiting to hear back from Mr Addy and Mr Hulley has contacted us, but I believe he's now away on holiday. When he returns I don't know, but he has queried the price of the offer, which I clearly need to speak to him about when he returns.

"The offer has been accepted by two of the four parties and we're waiting to hear back from the other two. Mr Allen has accepted and we have an agreement with Wednesdayite which is subject to legal due diligence."