Spencer Fearn, the former owner of Scottish club East Stirlingshire, aims to table an offer for Sheffield Wednesday before the end of next month, reports the Yorkshire Post. Fearn, who sold his stake for just one pound in May, is a lifelong Owls supporter whose company now sponsors the South Stand at Hillsborough.

Confirming his interest in the Owls the 35 year old admitted that he was playing the role of 'magnet' for funds rather than being a primary investor.

He has linked up with Sheffield accountant John Roddison and veteran publicist Eric Hall in a bid to raise awareness of the plan and will operate under the banner 'Wednesday Forward'.

Fearn says he has held talks with Owls chief executive Nick Parker and members of the club's board and claims the club's biggest creditors, the Co-Operative Bank, are willing to write of a chunk of the club's £25m debt if his bid is successful.

The Owls, meanwhile, refused to comment.

"We are confident that we can get £5m now and then raise another £5m," Fearn said. "We have been talking to lots of excellent businessmen from Sheffield who are Wednesdayites as well as a number of investors from Europe and Asia.

"These are only 'intentions' at this stage, nothing is 100 per cent," he stressed. "But we are looking to table something in the next three or four weeks which can take the club forward."