Sheffield Wednesday chairman Milan Mandaric has issued a statement to the clubs official website regarding the takeover of the club.

The statement issued by Mandaric says: "Further to my previous statements, I would like to update supporters on the current status in respect of the proposed takeover of the club by Mr Hafiz Mammadov.

As you are all aware, an agreement was reached between myself and Mr Mammadov at the end of May, this arrangement would see him both take over ownership of the club and with immediate effect become the principal club sponsor. 

Mr Mammadov is a very successful businessman with a passion for football, he currently controls both RC Lens and Baku FC as well as sponsoring a number of European clubs, including the Spanish champions Atletico Madrid. 

His vision for Sheffield Wednesday was very exciting and the main reason why I agreed a deal to hand over ownership of our club, the legacy I leave behind is vitally important to me and I believed Mr Mammadov offered a wonderful future for the supporters of Sheffield Wednesday Football Club. 

Unfortunately despite working hard with both Mr Mammadov and his representatives since the agreement was signed he has not been able to meet the obligations set out in the contract for either the purchase of the shares or the sponsorship arrangements. 

Our supporters were extremely excited when the takeover was announced, like me they believed that Mr Mammadov offered a great opportunity for the club, in hindsight my desire to please our supporters probably clouded my decision to grant further time for him to complete the process. 

During this period I have continued to manage the business and to fund the ongoing financial requirements of the club as I have always done and will continue to do so. 

As supporters will have seen, we have fully committed to the sponsorship agreement, we are proudly wearing our new shirts with the ‘Azerbaijan Land of Fire’ logo and this alongside the other advertising inventory will give worldwide coverage to the country. 

Whilst I hope that Mr Mammadov will very quickly overcome his difficulties in Azerbaijan, I cannot allow this continued speculation to continue and have asked my legal advisors to take such legal action as they consider necessary. 

The club as always will attract people who are interested in acquiring a top English football club. Accordingly, I will explore every serious possibility and if I believe that there is someone who can accelerate our plans to return this club to the Premier League then I will do all in my power to welcome them to Sheffield. 

I believe the legacy I left behind at my previous clubs should give supporters every confidence, if any is needed. 

The team has started the new season extremely well and I am determined not to allow any off the field issues to distract us from giving Stuart and the squad the best possible chance to continue the good form we have shown so far. 

I would like to finish by thanking our supporters for their continued patience and the wonderful backing we have enjoyed so far this season both at Hillsborough and on the road."

So it looks like the propsed takeover of Sheffield Wednesday by Mr Mamadov will be off.