Sheffield Wednesday hope the appointment of financial services giants Deloitte Touche to "actively seek" a buyer for the club will expedite their return to the Barclays Premier League.

The Owls announced their decision on Wednesday morning as protracted talks with a consortium headed by Lancashire-based businessman Geoff Sheard have so far failed to lead to an offer. A second consortium, fronted by former Boston chairman Jon Sotnick, have been reported to be ready to make their own bid to purchase the club, but the Owls feel it is time to bring in the professionals.

Chief executive Kavan Walker said: "The board of directors have today started the official process which they hope will enable the club to move to the next level both on and off the field. As a board we have a responsibility to the club's shareholders and wider stakeholders.

"As part of this, we clearly wish to see the club in the hunt for promotion instead of fighting the threat of relegation and recognise that the best way to do this is through continued investment. We have asked our financial advisors, Deloitte, to actively seek a potential buyer who can work with our executive, management, players and fans to take the club back to where we feel it belongs - the Premier League."

Walker said talks with the consortium headed by Sheard would continue, but there was no guarantee an offer would be forthcoming. Walker added: "As a result the board felt the time was right to open and make more transparent the process of seeking new investment.

"We are delighted to have secured our place in the Championship next season, Deloitte will now work with us to actively seek a buyer for the club, which we believe is the right strategy in order to help the club look up the league, rather than down."