Sheffield Wednesday's administrators will meet with a representative of Mike Ashley on Thursday after the preferred bidder, a James Bord-led consortium, pulled out of a proposed £47.8million takeover. The consortium, which spent more than £4m on running costs during the last two months, announced its withdrawal on Wednesday morning, citing the scale of its original bid as no longer justifiable. Mike Ashley, the former Newcastle owner, is now exploring a deal to buy the club. The collapse of the previous takeover bid comes three days after the Owls' relegation from the Sky Bet Championship was mathematically confirmed. According to administrators, the club have sufficient funds to complete their 13 remaining fixtures, starting away to Norwich on Wednesday evening. The administrators reaffirmed their aims to secure the best achievable outcome for creditors, protect the club's long-term future, and to exit administration in a responsible manner. In an open letter to fans, the consortium pointed to the 'historic mishandling' of the club under previous owner Dejphon Chansiri. The consortium spokesperson said they had 'fondly watched Wednesday from afar for many years' and believed the club deserved better. Sheffield Wednesday Supporters' Trust called for administrators and the English Football League to ensure the club have a suitable new owner in place for the start of next season. The Trust stated that the minimum expectation of Wednesday fans is that the team can be competitive in League One next season. The club's future remains uncertain as the administrators move to re-engage with other bidders under a new expedited timetable. The Owls were deducted 12 points after entering administration in October and were hit with a further six-point penalty in December for late payment of wages. The club's administrators are working to secure a new owner and exit administration in a responsible manner. Mike Ashley's interest in buying the club has raised hopes among fans that a new era could be on the horizon for Sheffield Wednesday.