Sheffield Wednesday's chief executive Nick Parker has revealed the club is making steady progress in its bid to attract major new investment from the USA.

The Owls have been forced to clear up "a technical matter" relating to Geoff Sheard's ill-fated takeover bid last year with a statement to the Stock Exchange and Parker has assured fans the business plan implemented by himself and chairman Lee Strafford in January is the best way forward.

Parker said: "Since Lee and I joined the board we've been working on an investment strategy that focuses on bringing the maximum amount of cash directly into the club.

"We believe the best way to do this is through the placing of new shares and not by buying the existing ones.

"The Co-Operative Bank has been extremely supportive in discussions about how the club's debt could be restructured following investment to ensure the success of the business plan and maintain financial stability going forward.

"We continue to work with Inner Circle Sports in America and progress continues with a number of possible investors. All interested parties, including the bank are keen to ensure that funds raised are invested in the club so as to accelerate the published business plan that we have developed."