Members will be aware that we recently entered into a Confidentiality Letter with Geoff Sheard following which a document was released to us purporting to provide comfort about the funding to enable the 'takeover' deal to proceed. Whilst we are not at liberty to reveal the contents of this document, we concluded that we were in fact no further forward in terms of verification of funds than we had reported to members in the ballot documentation.

However, the document, which was provided as the sole underlying basis for the funding to enable the deal to take place at all, did mention an important timescale for such funds to be available. We were also subsequently advised to expect receipt last week of proof of lodged funds in a German Bank. It is therefore very disappointing to report that the timescale has not been met and the proof of funds has not been received.

Much as we want to play our part in attracting investment into the club, we also have a duty to our members to be realistic and to keep them informed. We have tried at each stage to be open, co-operative and communicative and our members demonstrated through the ballot that Wednesdayite is not an obstacle to anyone who wishes to offer a meaningful solution to the club's problems.

With regard to Geoff Sheard, we have always tried to give him the benefit of the doubt but given his inability to meet our conditions of sale during this protracted period, we are left to conclude that there is little if any prospect of any deal being completed and in these circumstances the Wednesdayite Board has today decided to withdraw our offer to sell our shareholding to him/his consortium. This does not prevent him from obtaining his stated aim of a 29.9% shareholding in SWFC through the 3 other major shareholders and it is a matter for them to make their own decisions in this regard. Should Mr Sheard be able to prove funds to the satisfaction of our legal advisers in the future, we would be happy to revisit the situation. However any such approach would require a determination by way of a fresh member ballot given the intervening developments and in the meantime we feel it is important that ongoing efforts to secure fresh investment are not otherwise hampered.

We feel it is necessary to provide this honest, if disappointing assessment based on the facts as we know them and we hope members and the wider fan base will understand our decision in that every opportunity has been afforded to Mr Sheard to complete the purchase of our shares. We are nevertheless still committed to our shareholding playing its part in a better future for the club and we have been active in trying to explore alternative potential solutions. In this respect, we will be writing to the club's Board this week with a constructive proposal, seeking their agreement to involve the wider SWFC business community and fanbase in an alternative structure which, if supported, might provide the catalyst for a better future for SWFC.