Bates in talks with Owls

Sheffield Wednesday today agreed to negotiate with Ken Bates over his plans for a takeover.

The former Chelsea chairman Bates was initially rebuffed by Wednesday when he announced his plans to invest in the Owls.

But talks will now take place after lawyers for both parties exchanged confidentiality agreements, which will prevent either side from leaking details of the discussions. In a statement the club said: "As is usual in these types of negotiations, the agreement contains clauses which restrict disclosure of the details of any proposals and which protect the confidentiality of information exchanged.

"Announcements will be made as soon as the outcome of these negotiations has been reached. Meanwhile, the discussions will be carried out privately."