Simon Jordan urges Crystal Palace owner John Textor to pounce on "huge opportunity" at Sheffield Wednesday | OneFootball

Simon Jordan has revealed that he has spoken to Crystal Palace co-owner John Textor about a possible takeover of Sheffield Wednesday.

Former Crystal Palace owner and talkSPORT pundit Simon Jordan has revealed that he has urged John Textor to consider making a bid to buy Sheffield Wednesday if he sells his stake in the Eagles.

After a disappointing second half of the campaign, Wednesday finished 12th in the Championship last season, and it has been a nightmare start to the summer for the South Yorkshire outfit amid a host of off-field issues.

After failing to pay the wages of players and staff on time for the second time in three months in May, both the Owls and owner Dejphon Chansiri have been charged by the EFL for a breach of the league's regulations, while it was confirmed on Wednesday morning that the club have also been hit with a three-window ban on paying transfer fees, which they are planning to appeal.

As concern over Wednesday's financial situation grows, Adam Shaw, who is part of a US-based consortium attempting to buy the club, revealed this week that his group have had two bids worth $65 million and $75 million rejected by Chansiri.

On Tuesday night, former owner Milan Mandaric revealed that he is flying to the UK next week to explore a potential takeover that would help to "rescue" the Owls, and the 86-year-old warned Chansiri that he will "destroy the club unless he lets new people like me get involved".

Simon Jordan reveals John Textor, Sheffield Wednesday takeover discussions

Textor currently owns around 45% of Crystal Palace, but he is also the majority shareholder of French side Lyon, and with both teams qualifying for next season's Europa League, the American businessman is looking to sell his stake in the Eagles to allow them to compete in the tournament, with New York Jets owner Woody Johnson believed to have made a £109 million bid to buy him out last week.

Jordan has previously encouraged Saudi billionaire Turki Alalshikh to purchase Wednesday, and he revealed that he has recently had similar conversations with Textor, insisting that the Owls represent a big opportunity for any prospective owner.

"They need to appeal it and find a better solution to it than ultimately being stopped from being able to buy players," Jordan said on talkSPORT.

"They can sell players, of course, and I'm sure if they put their best foot forward and present a plan to the EFL which shows that they can meet all their obligations and trade and use some of the money to buy players that can advance the club, then they might find their way around it.

"This is a club that I think has huge opportunity, which is the reason why I was trying to get the Saudis to buy it.

"I was talking to John Textor the other day, and if he comes out of Palace, I was saying to him that is the football club you should be buying if you want to buy another English club."

When asked why he is urging potential investors to buy Wednesday, Jordan replied: "Because I think it's a club that you can buy and get huge momentum behind.

"They are knee-deep in trouble because the owner is running it in a certain way.

"I've been on the receiving end of challenges, and, ironically, would you get the same sanction if you put the club into administration and everything was up for grabs?

"He's paying players late, it's not ideal, but the players are being paid.

"I know it's not right, and the reason why they sanction clubs is because it commercially advances you.

"If every other club is paying their wages on time and you're not, then you're gaining a competitive advantage economically against people who are meeting their obligations.

"There is no doubt in my mind that a properly run Sheffield Wednesday with proper energy, proper momentum, proper policies, proper disciplines and proper focus on what it was doing should be a football club that is operating at the top of the Championship and looking at the Premier League.

"There was a time when this club was a significant force in the Premier League.

"Around the time when Trevor Francis was there, they got to an FA Cup final and a League Cup final and was punching its weight, but it has been asleep for 23 years."

John Textor's previous Everton and Watford interest could offer Sheffield Wednesday hope

With Textor's time at Crystal Palace looking set to come to an end, the 59-year-old could soon be on the hunt for a new English football investment.

In addition to holding shares in Palace and Lyon, Textor is also the owner of Brazilian side Botafogo and Belgian outfit RWD Molenbeek, but he has been linked with takeovers of Everton and Watford in recent years, suggesting that he is keen to add another English club to his network.

A takeover by Textor would not come without risks for Wednesday as Lyon were provisionally relegated from Ligue 1 in November amid debts of £422 million, and they could still face the threat of dropping into the second tier despite selling a number of players in the winter transfer window, but he has also proven to be a successful owner at other clubs, so it will be intriguing to see if he acts on Jordan's advice.