Shrewsbury Town takeover update as two potential deals fall through with new owner search set to continue

Salop's lengthy search for a new owner began again earlier this year - after a deal with a potential buyer to take ownership of the club from Wycherley fell through.

Fans have been eagerly awaiting an update on the future of the club - and on Monday Wycherley addressed the fans in his latest open letter outlining the current situation.

The Salop chairman stated that the club has received 16 expressions of interest in taking ownership of the club - with four separate offers for the club being accepted.

He explained that two of those prospective owners had progressed to the first stage of the EFL Owners' and Directors' Test but did not go any further.

Wycherley did not explain why those deals did not proceed further than the initial stage of the test - but stated that finding buyers who can produce all the relevant documentation, 'particularly proof of funds', was difficult.

The long-serving Salop chairman also went on to outline that interested parties have been placing bids on hold or reducing valuations due to the current league position, with Michael Appleton's side sitting in the League Two drop zone.

Elsewhere in the update, which will no doubt come as a disappointment to some Salop fans, Wycherley explained how he and the club turned down one offer and claims that the interested party intended to borrow against and mortgage the club.

Wycherley said: "After almost 30 years of building this club carefully and sustainably, I could not, in good conscience, allow that to happen. Such a move would have undone everything we have strived for and would not have been in the long-term best interests of our supporters or community.

"Too often, initial interest turns out not to be as credible as it first appears.

"That is why we must remain thorough in our due diligence. We have to be careful, and we have to find the right buyer for this football club - however challenging or frustrating the process may be.

"When we do find the right buyer, we will move forward quickly. The vast majority of the due diligence has already been completed, much of the legal work with our solicitors is in place, and draft share purchase agreements have already been prepared."

Wycherley later stated that some parties still remain interested in a potential purchase of the club - and if they proceed further then the club will look at a shorter period of exclusivity and will also look to try and reveal the identity of the new buyer if possible.

Wycherley added: "We have learnt from the previous exclusivity period and any new exclusivity agreement will not only be for a shorter time period, but we will also endeavour for our new partner to allow us to reveal their identity at that point if possible. 

"I also want to thank you for your patience and support. I fully understand there is an overwhelming desire from everyone that updates are communicated.

"But when it comes to new owners and investment, NDAs (non-disclosure agreements) and legal processes often restrict what can be said publicly.

"That is why I ask for your understanding as we continue these negotiations.

"We will find the right buyer. However, when we do the EFL process itself will take time. It is not something that can be concluded overnight."