Sheard this week made a formal offer for the shares of supporters' trust Wednesdayite, who hold a 10% stake in the club.

But lawyers on behalf of the fans' group have advised them not to vote on whether to accept the offer until Sheard satisfies their demand for greater transparency.

Sheard has already agreed a deal to buy former chairman Dave Allen's 10% stake and pay off his loans.

Director Geoff Hulley and former board member Keith Addy, who each own 10%, are also understood to be ready to sell on similar terms.

But Wednesdayite's statement read: "We completely share the anxiety of our members and fans in wanting to seek an early resolution to the recent bid for our shareholding in Sheffield Wednesday Plc.

"We and our lawyers have been in regular contact with the bidder and his representatives to try to get confirmation that the bid is a verified offer under UK laws and regulations.

"Both ourselves and the bidder are working in a co-operative manner to satisfy the legal advice we have received in this respect and we will make a further announcement as soon as there have been further developments."

Wednesdayite have clearly raised questions about the Sheard consortium's intentions.

Sheard would require 30% of the club's shares if he wanted to take control at Hillsborough and he would then, under the Takeover Code, be obligated to make an offer for the remaining 70%.

But the Takeover Panel would not allow the Sheard consortium to proceed so far unless it was recognised by a registered financial organisation.

Wednesdayite's statement added: "We have absolutely no desire to delay any ballot - we are fans just like everyone else - but we have no choice other than to act responsibly in terms of the independent legal advice we have received."