The npower Championship club have been on the look-out for new funds for several months, but their need was heightened last week after being issued with a winding-up order by HMRC in relation to an unpaid £550,000 tax bill.

American company Club 9 Sports LLC have been rumoured to be interested in investing but no firm offer has been forthcoming, leaving Wednesday still looking for much-needed funds.

Their cause was helped last week with the sale of highly-rated goalkeeper Lee Grant to Burnley for an undisclosed fee which is believed to be in the region of £1million, but the club are still searching for a further £5million to help ease their financial woes.

But the Owls insist that any investment must be in the interests of the club, outlining the ability for instant investment as the key condition.

A club statement read: "In our search for new investment, we have set a number of key conditions for potential partners who wish to be part of the club moving forward. Central to these is the ability to invest money into the club straight away.

"We have stated in the past that £5million is the minimum figure that is needed to assist the club on day one. This figure would allow for a major reduction in the debt position of the club and would ultimately give more resources to the manager to invest in the playing squad.

"It is the duty of the board to protect the long-term interests of the football club. We recognise that investment is needed but will not let anybody take control of Sheffield Wednesday, unless they have the ability to meet the club's financial requirements in the short, medium and long term.

"This is a position that is supported by the Co-operative Bank.

"We have been approached by a number of interested parties and it is true to say that we have been made offers that fall short of the conditions that have been set.

"Club 9 Sports LLC is one such party and while they continue to make noise in the media, we focus on negotiations with credible long-term investment partners.

"Out of respect for all parties and to allow for the club to focus on the start of the new season, we will not be making any further comment on the investment process until such time as there is firm news to deliver to our supporters."