Mike Ashley is frontrunner as fresh Sheffield Wednesday bids expected by Friday

Fresh bids for Sheffield Wednesday are expected to be submitted to administrators by Friday, with billionaire businessmen Mike Ashley and David Storch seen as the frontrunners.

Executive staff from the Frasers Group are understood to be handling former Newcastle owner Ashley’s interest in purchasing the club, whose relegation to Sky Bet League One was confirmed last week.

American businessman Storch, who has worked in the aviation industry, is the founder and managing partner of investment firm Arise Capital Partners. The Storch group has been linked with a takeover at Cardiff in the past.

The club’s administrators are looking for new buyers after the withdrawal last week of a consortium featuring former professional poker player James Bord.

The Bord group had been the preferred bidder, having offered £47.8million for the club.

However, the consortium announced last Wednesday it had withdrawn, because the scale of its original bid was no longer justifiable and could not be renegotiated. The group had spent more than £4million on running costs during the last two months.

The administrators said last week they were working on an “expedited timetable” to identify new buyers.

Wednesday were deducted 12 points after entering administration in October before being hit with a further six-point penalty in December for late payment of wages.